Settling with Credit Agencies

[Hopefull1983]

Wait so your saying if what I owe is more than my assets then I won't have to pay tax on the settlement?

I own NOTHING and owe about 60K in unsecured. If I get the creditors to settle on my amounts I would not be held liable for a 1099?

Sorry if this seems like a dumb question or if I misinterpreted what was written above.