February

Blog Posts in February, 2015

  • When cancelled debt is treated as taxable income

    An Iowa resident who receives forgiveness for part or all of one or more outstanding debts by a creditor might be surprised when a 1099-C federal tax form arrives. It may be a relief to be rid of the outstanding debts, but forgiven debt can be ...
  • Working with collection agencies for reduced payments

    People in Illinois who have outstanding credit card or other financial obligations may be able to negotiate with debt collectors for a settlement. If asked, many companies will agree to resolve a debt for a reduced lump-sum payment. Although not ...
  • Defending against Illinois foreclosures

    If you are involved in a dispute with your mortgage lender, you may have the specter of foreclosure looming. Alternatively, you may owe far more on your mortgage than your property is actually worth, leaving you with the need to precipitate a ...
  • The National Consumer Law Center has issued a policy paper entitled, "Zombie Debt: What the CFPB Should Do About Attempts To Collect Old Debt." The NCLC's main recommendation is that the CFPB should prohibit the collection of ...
  • Illinois residents who are struggling with credit card debt may be interested in information on the types of personal bankruptcy available to them. Each type has its own particular operation and rules that must be followed in order to gain the debt ...
  • CFPB To Issue New Rules For Payday Lenders

    According to this article in the New York Times, the Consumer Financial Bureau is set to release its first set of rules for payday lenders. Full details of the proposed rules have not yet been released, but it appears that the Bureau will be ...