Debt cancellation can erase what you owe under certain circumstances, but it's not always as simple as it sounds.

The Ninth Circuit, affirming the Tax Court, recently held that to deduct a nonbusiness bad debt, the debt must be “wholly worthless,” and if the debtor reports cancellation-of-debt (COD) income, the ...

One of the key aims of the bankruptcy process is affording debtors a "fresh start" by granting them a discharge of their debts, However, the Bankruptcy Code has excepted certain debts that are ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. Many people believe they will walk away ...

Twenty years ago, our son declared bankruptcy. As the years passed, he improved his credit rating. Recently, he lost his job ...

The Trump administration reached an agreement with the American Federation of Teachers to approve student debt forgiveness ...

People with private student loans have been struggling during the pandemic. Their loans aren't eligible for the government's penalty-free repayment pause, which is in effect until at least Oct. 1 for ...

Financial struggles can feel overwhelming, especially if you're trying to juggle multiple issues, like mounting tax debt coupled with delinquent credit card bills or unpaid loans. Still, millions of ...