 TITLE: What Happens with Canceled Debt? CONTENT: If It's Taxable, Be Prepared\n----------------------------\nIf you've taken advantage of a debt forgiveness program, the sooner you find out about the tax implications, the better. Speak with a tax professional to find out whether you qualify for an exception. If you do, you don't need to do anything else.\nIf you don't, however, you may need to start preparing for the tax bill. A tax professional can help you run the numbers based on how much you currently have withheld from your paychecks and which deductions and credits you qualify for. END