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How much debt has the US forgiven other countries in the last 50 years?
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Can you forget a debt a debt or have a debt forgiven and not have it hurt your credit?
When a debt is forgiven (a forgetadebt as you call it), it will be reported to the credit bureaus. But you will have less debt, which is a positive.
If your car is repossessed in Arizona can they collect any deficiency or is the debt forgiven when they take possession?
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
Is a 1099 a considered debt forgiven?
If a debt is "forgiven," it is income to the debtor, and a 1099 is issued by the mortgagee or the creditor. You may not have to pay it, even if you don't file bankruptcy, if the debt was a mortgage on your residence.
Did Mexico get anything in the treaty?
Only 'forgiven debt'.
What is the public debt?
The public debt is the debt that the United States government owes to other countries.
What does antarctica have that other countries do not have?
no national debt.
What is the difference between IVA and bankruptcy?
IVA stands for Individual Voluntary Arrangement. It is an agreement that one reaches with their creditors. The person in debt agrees to pay a monthly amount for a period of usually five years. If payments are consistently received for the designated period of time, the rest of the debt is forgiven. Bankruptcy, on the other hand, is where one gets immunity from their creditors. One's assets (e.g. car, home, etc) are sold and the proceeds are used to pay back the creditors. If there is any outstanding debt in the end, that debt is forgiven.
How are public debts remitted?
Public debts are typically repaid through a combination of government revenues, such as taxes, and borrowed funds through the issuance of new debt. Governments may also negotiate with creditors to restructure or refinance debt terms. In some cases, public debts may be partially or fully forgiven through debt relief programs by other countries or international organizations.
On a repossion can the IRS collect for the bank?
No. But any debt that is forgiven is taxable as income.
If you have debt in UK will it be recovered in India?
The answer is yes but it will depend on the amount of debt you have. A lot of countries have agreements with each other to make it possible for debt to be recovered
Do you have to pay a debt that has been forgiven?
No. If it was forgiven, you are free of it. If you borrowed from a friend or family member and you now have the money, you should pay it back to be nice, but it isn't required. In the case of creditor debt, whenever it is "forgiven" or cancelled the debtor will receive a 1099-C. The IRS considers cancelled debt taxable income and the debtor must report it on the tax return. The good news is the debtor will no longer be subjected to collectors phone calls, the bad news is a forgiven debt of $5,000 can result in $1,700 taxes owed and the IRS one way or another always gets their money.
What could possibly be forgiven under chapter 7 bankruptcy?
credit card debt
