Sometimes if you have credit card debt, you can call the company and cut a deal to have them write off some of the debt. If you owe $1,000 and say you could pay $500-$600 now if they would forgive the balance.
One thing about doing this is that you would owe taxes on the amount that they write off.
Also, if you sell your house on a short sale (for less than you owe on it), you may have to pay taxes on the difference and in some cases the bank will come after you for the difference between what it sells for and what you owe on it.
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