Is there any Sol period on a cancelled debt?

Is there any Sol period on a cancelled debt?

2 Answers

Your debt may also be cancelled if you have an agreement with your lender to do it. Apart from that it may also be cancelled if the business policy of your lender prevents collection activities beyond a specific period of time.

There is no Statute Of Limitation period on a cancelled debt. Creditors may cancel a portion of your debt when a) you are unable to make payments on a debt for several months, b) the Sol period on the debt has expired c) you have settled the debt. Creditors will report the cancelled debt amount as their loss to IRS while filing tax return.

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