5 Financial tips for the 4th week of April 2012
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Check out the 5 financial tips for the 4th week of April 2012.

Tip no 1 – If you have settled a debt for less than the actual amount owed, remember to include a 1099c form when you file your taxes.

This tip will come useful whenever you settle your debts with the creditors/collection agency. In debt settlement, you’re able to come out of the debt ditch by paying less than the outstanding balance. For example: you debt amount is $ 20,000. You settle the debt at $ 10,000. This means you are saving $ 10,000. IRS will impose tax on this $ 10,000. Your creditors will send you a 1099C form before the tax season kick starts. Just fill out the form and when you file your income taxes. Be a responsible citizen of the country.

Tip no 2 – Your creditors can’t file a lawsuit against you if the debt is past the state SOL.

Statute of Limitations (SOL) period is the number of years within which the creditors/collectors can register a civil suit against you for a past due debt. However, if the SOL period is over, then the creditors lose their right to file a lawsuit against you. This means they can’t win default judgment against you.

Whenever a creditor/collector asks you to pay a debt, calculate the SOL period in your state……………. continues on Online News Today

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