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Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
About 14,000 borrowers were still responsible for spousal debt even after divorce as a result of joint loan consolidation, according to an NPR investigation. But last year, Congress passed the ...
Tax debt forgiveness may have implications for future tax filings, and forgiven debt may be considered taxable income. Engaging with the IRS can be complex and time-consuming.
Corporations exist in part to shield the personal assets of shareholders from personal liability for the debts or actions of a corporation. Unlike a general partnership or sole proprietorship in which the owner could be held responsible for all the debts of the company, a corporation traditionally limited the personal liability of the shareholders.
General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the partnership's debts and obligations.
In this way renunciation of solidarity can be viewed as a middle ground between complete obligation in solidum and from the complete freedom from obligation that debt cancellation results in. For example, assume A, B, C, and D are liable in solido to X for $10,000. This means of course that X can look to any of these four solidary obligors for ...
By the time Cherie Kerr and her ex-husband finally went their separate ways, her ex had run up $89,000 in debt during the divorce proceedings alone. She knew that if she didn't take action fast ...
This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code , the discharge of indebtedness must be included in a taxpayer's gross income . [ 1 ] There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences.