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Can a debt consolidation line of credit be taxed?


Would this be considered income if the bank writes me a check directly?

when i was deep in debt i used this page to compare different options available to me. worked like a charm! Source(s): http://www.debtfreezone.info
Yes it would be considered an income. The best way to get around that is refinance your whole mortgage. Then have the title company pay for your debts at closing. Which means you never see the cash it goes straight to your creditors. Which makes it non taxable.

For more question e-mail me at johntanion@hotmail.com
Senior loan officer in NJ & NY
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