Q: Can the uplyft capital loan be forgiven
A: It can be forgiven, sure. But it has not been forgiven nor do you give any reasons for why it should be forgiven.
A: Yes. No matter what the name of the loan or lender is, if it is an unsecured loan and not a kind specified as non-dischargeable (under 11 USC 523), it can be discharged. If a lender "forgives" the loan it could raise tax issues (phantom income).
Robert Simonian agrees with this answer
A: "Forgiven" and "discharged" are two different terms. Yes, the debt can be discharged in bankruptcy. If it is a secured loan then you will have to continue making payments to keep the collateral or you can surrender the collateral but either way the debt is discharged. If it is unsecured it can be discharged. If the loan is forgiven then you could have serious tax consequences. Any cancelled or forgiven debt can be considered income to you and reported as such on your taxes.
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