The IRS considers 'debt forgiveness' to be the same as income. Schedule an appointment with one of our certified credit counselors to discuss your situation and develop a customized debt relief plan.The form is complex, and a lot of taxpayers do not know that they need to fill it out. Is credit card debt forgiveness real? Yes, credit card debt forgiveness is real, but not in the sense that your entire debt will be wiped out or forgiven. 'debt forgiveness' to be the same as income. Learn about the debt relief options available for California residents including debt consolidation, debt management programs, and financial assistance. The loan contract is a promissory note (a security that is not legal tender). The bank will purchase this security from you, and then it owes you the money.