Cancellation of Debt (COD) Definition, How It Works, IRS Tax Form
What Is Cancellation of Debt (COD)? Cancellation of debt (COD) occurs when a creditor relieves a debtor from a debt obligation. Debtors may be able to negotiate with a creditor directly for debt forgiveness. They can also receive debt cancellation through a debt relief program or by filing for bankruptcy. Debts forgiven by a creditor