For Credit Card debt settlement, what happens if a single associate is insolvent, though a alternative isnt?
I am perplexing to solve my cards, as well as know about a penury clause. However, if my associate as well as we record joint, how would we alone be means to infer penury by IRS standards?
Not easily. Get IRS publication 4681 and start reading. Keep in mind the IRS will question any attempt to list a joint asset as 50% yours and the associated debt as 100% yours.
The insolvency instructions from the IRS.