Do I Have to Pay Taxes on Canceled Debt?

When debts are canceled or forgiven, the Internal Revenue Service considers those canceled debt as taxable income. So, when the amount of a loan or mortgage is canceled or forgiven, the IRS taxes that amount as if the borrower earned it as income. But, it is important to understand that the law allows exemptions in certain situations. If your canceled…

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Arizona Ranks Seventh Lowest in Student Loan Debt

A new study by LendEDU, an online marketplace for student loan financing, shows that Arizonans are well below the national average when it comes to student debt. According to an article in The State Press, the average college student in Arizona owes about $23,594 compared to a national average of $28,400. To do this study, LendEDU calculated the average student…

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Common Myths about Uninsured and Underinsured Motorist Insurance in Arizona

Auto insurance is a complex issue. Arizona requires all drivers to insure their cars with at least $15,000 per person for bodily injury liability and $30,000 per accident when more than one person suffers injuries. State legislators are working to raise this minimum insurance requirement. In addition to this minimum insurance requirement, motorists also have the option to purchase uninsured…

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Drivers Warned to Secure Their Loads on Arizona Roadways

Arizona Department of Public Safety (DPS) officials are warning all drivers who are transporting anything in their vehicles across the state’s roadways are responsible for securing their loads. According to 12news.com report, DPS troopers say they see a whole lot of debris littering Arizona’s roadways from wheelbarrows and landscaping equipment to furniture and Christmas trees, posing serious injury hazards to…

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Student Loan Forgiveness Program May Be Rescinded Leaving Many Still in Debt

The federal Department of Education has raised the possibility that students’ acceptance into a loan forgiveness program could be rescinded leaving them on the hook to pay back the loans. According to a report in The New York Times, more than 550,000 people have signed up for a federal program that promises to repay their remaining students loans after they…

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Factors to consider when determining if someone qualifies for SSDI or SSI Benefits or not

Supplemental Security Income (SSI) is a program initiated by the United States government and administered by the Social Security Administration that offers stipends to people who have a low-income and are either above 65 years of age, blind, or disabled. The SSI is funded from the Treasury general funds of the US. Social Security Disability Insurance (SSDI) is the program…

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Could Chapter 7 Be the Answer to Your Tax Debt Problems?

Many of us know that filing Chapter 7 bankruptcy can help erase credit card debt and medical bills. However, many Arizonans are still confused regarding how a bankruptcy filing might help discharge debts owed to the IRS or to the state of Arizona. Whether you can discharge tax debts in a Chapter 7 filing could depend on a number of…

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Do you get out of all debts if you declare bankruptcy?

Although bankruptcy can eliminate some debt, it cannot get you out of all kinds of debt. Before filing for bankruptcy, it is important to know which kinds of debt can and cannot be wiped out. For the most part, filing for Chapter 7 and Chapter 13 bankruptcy can get you out of credit card debt. However, that doesn’t stand for…

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