DEBT FORGIVENESS
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- Is SBA Debt Forgiveness Taxable?Article that explains why SBA loan forgiveness often results in a taxable event. Recommends that all borrowers consult with their tax professional as part of their settlement due diligence.
- A Debt Forgiveness Workout Requires a Leap of Faith. Leap, We Will Catch YouA Don Todrin article on SBA Debt Forgiveness - Bankruptcy does not work, it will cost you your business and your personal guaranty will require the payoff anyways, so what's the point? There are no other options.
- How Deep Can Debt Forgiveness Go when Working Out a Defaulted SBA Guaranted Loan (or a Non Guaranteed Bank Loan)?A Don Todrin article on SBA Loan Default - This is a very complicated issue with many contributing factors: Some of the issues are net worth, income, spousal income, protected retirement investments, family, basic overhead, secured debt, other assets
- SBA Default: Common Questions from Clients About SBA Debt Forgiveness, Settlements, SBA Guarantees, Foreclosures, and MoreArticle that answers questions that are most frequently asked by borrowers who have defaulted on their SBA guaranteed loan. A good place to start for those seeking professional advice about their situation.
- Disaster Loan is a Disaster, Debt Workout and Debt Forgiveness is Almost ImpossibleA Don Todrin article on SBA Loan Default - It makes little sense, as the SBA has a definite Offer in Compromise program; we initiate it frequently and resolve defaulted loans very effectively.
- Some Small Business Owners Do Not Get the Basic Concept of a Debt Workout. It is Not You Against Them!A Don Todrin article on SBA Loan Default - For many it is a battle, you against them. Them being the bank, lessors, vendors, credit card companies, whomever you owe money to and cannot pay. Your objective is debt forgiveness, not total absolution.
- SBA Debt Forgiveness: Shortfall Liability on a Short SaleA Don Todrin article on SBA Debt Forgiveness - A frequently asked question is what happens to the unpaid debt in a short sale? Is the borrower still liable for what is not paid off in a short sale?
- SBA Default and Debt Forgiveness: Ethics and Legality of on Asset Dump Buy BackArticle that explains the basic workings of an Asset Dump Buy Back, which can result in stripping assets of debt. Weighs in on the legal and ethical questions that borrowers often ask about an Asset Dump Buy Back.
Income Tax on Cancellation of Farming DebtFarmers can exclude the cancellation of qualified farm debt from their federal taxable income if the proceeds were used directly in operating a farming business. The debt cancellation offsets other tax benefits and/or reduces the basis of farm property.- Will International Debt Forgiveness Help Citizens in Developing Countries?The effect of debt relief on developing countries
- SBA Debt Forgiveness: Why Won't Some Lenders Forgive an SBA Loan?Article that discusses possible reasons why some lenders will not negotiate a loan settlement. Offers insights into why some lenders will settle, while others will not.
- Debt Settlement Vs. Bankruptcy: 8 Things You Need to KnowDebt settlement versus filing for bankruptcy: Which makes more sense for you? A lot of my clients consider each to resolve their debt problems and don't know which way to go.
Fear: The Major Barrier Preventing Debt WorkoutsWe speak to small business owners all over the country and we always evaluate what prevents some from participation in our debt workout program. It works extremely well, protects assets and reduces debt dramatically.- Borrowing to Pay Past Due Debt? Don't!Many small businesses are confronted with declining revenues and choking debt service. The economy is in a long-term wind-down so what we have now is what we can all expect for a long while. This is understandable.
- Our Debt Workout Strategies Have Almost Total Success, Every TimeOur track record for success is phenomenal. Almost every one of our clients exits successfully with a reduced personal guaranty averaging 7% of their debt---that's a 93% debt reduction! That works.
Mortgage Debt Relief: The DangersWill the mortgage debt relief offered through the government benefit you? One year into the program, it does not appear to be working for most homeowners applying under the relief provisions. Here are the main reasons why:- SBA Debt Forgiveness - Landlord Release: A Possible BenefitA Don Todrin article on SBA Loan Default - Frequently, the banks require a landlord release to support a loan to be made to the borrower / tenant. Usually landlords resist this, as it is certainly not to their advantage
- SBA Debt Forgiveness: When You Have a Minority Ownership of Real Estate, when in Default of an Unrelated Loan... A Defensive StrategyA Don Todrin article on SBA Loan Default - It happens frequently, you go into default on your primary SBA guaranteed loan, or any secured bank loan, and when the bank examines your financial statement and tax returns
College Cost Reduction and Access Act Stipulates Student Loan Forgiveness for Public Service EmployeesThe College Cost Reduction and Access Act of 2007 has been in effect since October, 2007 but it is its loan forgiveness provision for public service employees that is infusing hope in a shaky economy. Is the hope justified and do you qualify?- Petition to Forgive Student Debt a Bad IdeaThough college tuition prices may be outrageous, even as degrees are worth increasingly less, the proposal to offer a bailout to millions of indebted college students and graduates is a horrible idea. Not only is it unfair, but probably useless.
- How to Negotiate Credit Card DebtMany do not realize it is possible to negotiate the amount you owe on a credit card. Below are a few tips that will help debtors negotiate their credit card balance, interest rate, or both.
- Debt Settlement: What Happens When You Have Your Debts Forgiven or Settled?Whenever you settle your debts there are other factors to consider such as your credit history and your tax situation.
- A Student's Debt SolutionWith tuition costs rising, student loans are becoming harder to paid off.
- Why the U.S. Government Should Forgive Student Loan DebtThe government has spent billions of dollars trying to jump-start our ailing economy. Why not use the same money and forgive student loan debt, allowing America's "educated poor" to use their disposable income to spur economic growth?
How to Achieve Student Loan ForgivenessStudent loan forgiveness is a viable option for those in almost any field of study. If you can't find scholarships and grants to cover your entire tuition, student loan forgiveness is a smart way to get rid of student loan debt.
Forgiveness in the Bible - Matthew 18Where can we look at forgiveness in the Bible? Matthew 18:23-35 is a powerful parable of Jesus on forgiveness. This article explores that parable.
College Debt: How to Pay Back or Have Loan ForgivenessLeft swimming in a sea of college debt. Learn solutions on how to pay it back or have parts of your loan forgiven.- Does Living Debt-Free Mean Living in Poverty?What Living Debt-Free Means, And What It Doesn't.
Student Loan Debt: What Have I Gotten Myself Into?This paper looks at student loan debt and the struggle many college graduates have trying to pay it off. Some have to take public sector jobs, put graduate school on hold, or work in careers that were not their intended major just to make ends meet.- Are You Subject to Income Tax on a Foreclosure?When you lose your home as a result of a foreclosure, you no longer have to report the cancelled debt as taxable income, thanks to the Mortgage Forgiveness Debt Relief Act of 2007. However, you could have a net gain or loss on your home as a result of the foreclosure.
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