Oklahoma Bar Journal Publishes Work Authored by NLLG Attorney: The Insolvency Exclusion that Debt Settlement Clients Need to Know

OKLAHOMA CITY, Nov. 12, 2021 /PRNewswire/ -- In a recent article published by the Oklahoma Bar Journal, Kaylie S. Tucker of National Litigation Law Group (NLLG) discusses the underutilized insolvency exclusion that can help mitigate tax consequences for debt settlement program clients when negotiating debts due to financial hardship.

The Insolvency Exclusion that Debt Settlement Clients Need to Know

In the article, Tucker states, "Fortunately, the IRS has carved out several exclusions that, if applicable, can reduce the amount of canceled debt that would be reported as income." Throughout the article, Tucker discusses the insolvency exclusion, what is required to qualify for the exclusion, and the common pitfalls for debt settlement program clients who are not aware of the exclusion.

"It is my hope that qualified debt settlement program clients will be more likely to take advantage of this insolvency exclusion moving forward and that professionals working for debt settlement companies, or with debt settlement program clients, will be more likely to refer clients to a tax professional during the duration of the client's program enrollment," Tucker commented.

To read the complete Oklahoma Bar Journal article, please click here.

About Kaylie S. Tucker: Kaylie is an assistant director of consumer litigation at National Litigation Law Group in Oklahoma City. She is licensed to practice in Arizona, Iowa, Massachusetts, Montana, Nebraska, Oklahoma, West Virginia, and the United States Tax Court. Ms. Tucker received a LLM in taxation from Georgetown University Law Center in Washington, D.C., after graduating summa cum laude from the Thurgood Marshall School of Law in Houston.

About NLLG: Established in 2014, NLLG represents consumers in debt settlement programs when they are sued by credit card companies. To date, NLLG has helped consumers with over $1.2 billion in claimed credit card debt save over $350 million on those claims. You can learn more about NLLG at www.nationlit.com.

Media Contact: Kaylie Tucker, Ktucker@nationlit.com

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SOURCE National Litigation Law Group