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Yes, you still owe the money regardless of the creditor writing off the debt.
The reason why a business would do this is to balance their accounting books. This is mostly because unpaid, or aging, account receivables is considered an "current asset" and under Generally Accepted Accounting Principles you can not keep it as such after a period of time, especially after a year.
It also a very common practice in businesses at the end of a tax year to do the bulk of the write offs, to reduce their taxable amount. Since the money you owed was not paid, so they should not have to pay taxes on the hope of one day getting paid.
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Can credit card companies submit your debt to the IRS as income and make you pay taxes?
They can, and are actually required, to submit your debt to the IRS. If they have written the debt off, it is essentially income to you. It is as if they gave you the amount of the debt. Which means that you have to pay income tax on that income.
Bank error paid off credit card are you still liable to pay?
Yes. In most cases the bank would find out their error and ask you to pay off your pending debt.
Should you pay off a debt that is already listed on your credit report as charged off?
A debt being designated as a "charge off" does not mean the debt is not valid and collectible. Collection of the debt will still be pursued either through an agency contracted by the original creditor or a third party purchaser. The creditor/collector has the option of filing a lawsuit against the debtor to recover monies owed as well as using common collection practices such as telephone and written correspondence.
You owe back taxes from 2006 and you are currently making monthly payments to repay this debt will you still get your IRS rebate?
No. It will be applied to your 2006 debt (but it means you will pay it off sooner...if that makes you happier...)
If you pay taxes on a charged off account can a debt collector still collect that account?
If a 1099-C form was received then you are required to pay taxes on the amount shown. This is done when a debt is considered cancelled. A cancelled debt cannot be pursued for collection. ALthough there is no guarantee that unethical collectors wouldn't make an attempt to do so.
Did Serbia pay off the WW1 debt?
no it didn't. it still needs to pay 154 millon pounds of debt.
Under UK law should you pay a debt that has been written off by a company?
If the debt has been written off, it no longer exists and therefore does not need to be paid.
If a debt is charged off to you still have to pay it?
Yes. A charge off does not cancel the debt, it is still valid and collectible by whatever means is available to the creditor, including but not limited to a lawsuit.
Can you get out of credit card debt?
Yes, you can. Simply pay the credit card company what they are owed, or have the debt written off.
Can a family member buy the house that is in a reverse mortgage?
Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
If you have little saving for over 1 year but you are in debt for more than your savings do you still have to pay zakath?
No. First pay off the debt and next year, may be, you get enough money to pay Zakat.
How can you keep a collection agency from taking your car?
Pay off your debt.Pay off your debt.Pay off your debt.Pay off your debt.
Can credit card companies submit your debt to the IRS as income and make you pay taxes?
They can, and are actually required, to submit your debt to the IRS. If they have written the debt off, it is essentially income to you. It is as if they gave you the amount of the debt. Which means that you have to pay income tax on that income.
(The Metamorphosis) Gregor works so hard in order to?
Pay off his father's debt
Is the US still in debt to countries that helped fight the revolutionary war?
Partly. We all still have to pay off of what we got and pay taxes normally and some of it still goes toward the revolutionary was
Is it better to settle a credit card debt or pay it off?
Pay it off
