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[Q=stanleyf5]I mean if he negotiates with his creditors to pay a portion of the debt and the creditors forgive the rest without him filing bankruptcy. If he files bankruptcy there will be no income tax on the forgiven debt. Stan.[/Q] [b]From what I gather he has negotiated with his other creditors and they have worked out a plan .... the only one not willing to work with him is the timeshare resort and the lender (Chicago Title):[/b] mathews121 stated "My reluctance to declare bankruptcy is that the rest of my creditors for other debts have all (even if unwillingly) agreed to negotiate with me and settle reduced payoffs. The only one that doesn't want to seem to compromise is the TS."