Debt Forgiveness

[HalfPaycut]

I have heard that Obama may make debt forgiveness non-taxable. Any truth to this?

If so, I may negotiate with my creditors rather than file BK13.

Would this be better for my credit rating? Or just as bad?

[floridian]

dont you have to have enough cash to settle? if i had that much cash on hand, i wouldnt be in this boat.. i read in the nolo book that making payments is usually not an option..

[HalfPaycut]

What is NOLO?

[jktrading]

What is NOLO?

http://lmgtfy.com/?q=nolo+book

[Flamingo]

I have heard that Obama may make debt forgiveness non-taxable. Any truth to this?

If so, I may negotiate with my creditors rather than file BK13.

Would this be better for my credit rating? Or just as bad?

Have not heard that rumor but it will still be a bad hit on your credit for any forgiven amount and it would state in the creditor's account on your credit report something like "debt paid back/negotiated for less than original amount" or something along those lines and would be on your credit reports as a negative for seven years (same as a Chapter 13).