A pardon is a legal forgiveness of a crime granted by a high-ranking official, such as a president or king. It does not absolve guilt and can be granted before or after a conviction. Pardons have been controversial, with examples including President Ford’s pardon of Nixon and President Clinton’s controversial choices. Pardons are different from […]
The Mortgage Forgiveness Debt Relief Act of 2007 temporarily suspended income tax on forgiven debt or refinancing of primary residences up to $2 million, to ease the burden on those struggling with debt due to the financial crisis. It only covers certain types of debt and was extended through 2012. The Mortgage Forgiveness Debt Relief […]
Debt forgiveness cancels all or part of a debtor’s outstanding debt to minimize loss incurred by a lender due to defaults. It can also boost a nation’s economy and provide relief for debtors, but may result in tax implications. Debt forgiveness is not an option until all possible solutions are explored. Debt forgiveness is the […]
Debt forgiveness is when a lender forgives all or part of a borrower’s debt, but it is not a simple solution. Borrowers must contact the lender and demonstrate their attempts to meet debt obligations. Lenders may suggest payment plans and have requirements to be met. Borrowers should work with the lender and avoid being aggressive. […]
To obtain credit card debt forgiveness, contact the credit card company and negotiate a one-time cash payment. This is usually offered if the customer has been avoiding payment for an extended period. However, the forgiven amount is taxable and can damage your credit score. To obtain credit card debt forgiveness, you will need to contact […]
The Mortgage Forgiveness Debt Relief Act of 2007 temporarily suspended income tax on forgiven debt from bankruptcy or refinancing for primary residences up to $2 million. It does not cover rental or second homes, and was extended through 2012 due to the financial crisis. The Mortgage Forgiveness Debt Relief Act is a 2007 law passed […]
