Commercial debt forgiveness | Wolters Kluwer

Commercial debt forgiveness is a concept in Australian tax law that addresses the tax consequences when a creditor forgives a debt owed by a debtor. These rules, contained in Div 245 of the Income Tax Assessment Act 1997, aim to prevent duplication of tax benefits that could otherwise arise when a commercial debt is forgiven.…

Should You Use Your 401(k) to Pay Off Debt?

You look at your 401(k) statement and see a solid balance, just sitting there. Then you look at your credit card bill and see the 20-plus percent interest adding up … and up. You might be tempted to think: Why not use some of those savings to wipe the debt slate clean? It’s a question…

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Does the VA have a debt relief program?

The VA offers certain types of debt relief to military members — but it’s both targeted and limited. Patrick Strattner/PS Photography/Getty Images Over the last couple of decades, the federal government has expanded many of the benefits offered to veterans, from healthcare access to bolstering disability claims processing and rolling out new homebuying protections. But…

Can veterans get their credit card debt forgiven?

Veterans have access to debt relief options, but do any of them meaningfully reduce or eliminate what’s owed? Seksan Mongkhonkhamsao/Getty Images The financial challenges that follow military service rarely make headlines. But the numbers tell a sobering story: Not only do veterans use credit cards more often than civilians, but military families also carry higher…

Cook County to continue funding medical debt forgiveness program once funds run out in 2027, IL Gov. JB Pritzker says

CHICAGO (WLS) — Cook County it will continue funding the medical debt forgiveness program next year, once funds run out, Board of Commissioners President Tony Preckwinkle announced Tuesday. ABC7 Chicago is now streaming 24/7. Click here to watch The announcement comes after relieving a total of $1.5 billion for people in Cook County. That represents…