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American Bar Association Young Lawyers Division The 101 Practice Series: Breaking Down the Basics © 2010 American Bar Association. All Rights Reserved. Debt Can Be Forgiven By Some, But It Is Not Forgotten by the IRS By Camron Hoorfar, JD LL.M. When the economy is down and debts begin to pile up, creditors have a few options in order to obtain the amount that is owed to them: (1) send the debt to collections and potentially receive only a partial amount for what they are...

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