If you have Social Security credits in both the United States and Canada, you may be eligible for benefits from one or both countries. If you meet all the basic requirements under one countryâs system, you will get a regular benefit from that country.
Settled accounts are potentially negative and remain for seven years. Settled accounts stay on your credit report for seven years. Settling an account for less than the full balance owed is considered potentially negative because you did not repay the entire debt as agreed under the original contract.
If the cancellation of debt is a large number, and you're not comfortable estimating the tax impact yourself, consider having your accountant do it for you. It's worth the cost to have the best information before you make a decision. Settled debt stays on your credit history for seven years. However, it does the most damage in the first year or two, especially if you can show that you've made a clean start and you never miss a payment from that time forward. If you can pay off your debts without depleting your emergency fund, go ahead and do it. It's a great feeling to pay off debts! If paying off your debts leaves you with nothing -- no backup plan if you become unemployed or have a car repair, for example -- you may be better off settling your debt.