Originally Posted by WTF
I know this guy originally from mexico
he has run up credit card debt 4 times in the past ten years or so
one was 50 something k, another was in the 30 k range and two in the 20's
they were all forgiven by the credit card issuers
they sent him 1099's since debt forgiveness is taxable but not if you are insolvent and he had the debt to prove it
although hes probably caught on this last credit card and might owe a little tax on it, but then there's always an offer in compromise