The real fun comes later when the US Federal Government taxes us on the forgiven debt as income.

The finance fun noone knows about. I knew someone who did this as revenge. Sent some asshole a fake invoice for US$stupidmoney for a couple of months which said asshole ignored, then sent a certified mail 'I forgive asshole US$stupidmoney', and copied the IRS. IRS went to collect on the unpaid taxes, and if you've never been there, the IRS does not play when it comes to that sort of money. I don't know how it ended, but there were multiple lawyers involved, so it was expensive no matter what.