The Cost of Settling Debt – Action News Detroit

Here is a news report about the tax consequences of debt settlement. I’m afraid to say the report really glosses over the tax implications of settling debt and makes it seem as if everyone with forgiven debt will pay taxes but that’s not true. It’s more complicated than that. They key point to watch for is if the forgiven debt leaves you solvent.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


Damon Day - Pro Debt Coach

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2 thoughts on “The Cost of Settling Debt – Action News Detroit”

  1. Stop Debt Collection – Help in Stopping Debt Collection

    With the economy the way it is these days, many persons are struggling with their finances. Some have lost their jobs due to layoffs or they may have had to take a salary cut. Others have found that their once profitable businesses were no longer making a profit and they have had to close their business. Still others may be experiencing hardships due to illness or other instances that make it hard for them to make ends meet. When this happens to a person or family, they will find themselves in a difficult situation where they cannot meet their obligations as they once did and this can result in much harassment from one’s creditors and it can be that one needs aid in finding a way to stop debt collection from ruining their everyday life.

    For many people they may think that the only way to solve these types of problems is by filing bankruptcy. This can be a common misconception. Bankruptcy does not stop debt collection. Rather it allows for your assets to be disposed of to pay your creditors. In addition, it can allow for your wages to be garnished and limits your control of the situation.

    Other options such as credit counseling and debt consolidation do not always provide ideal solutions. With these options one does not always retain control of their financial decisions. Companies that help with these situations cannot always stop debt collection or help in avoiding legal actions. Assets may still be in danger. They may not even be able to stop debt collection tactics of creditors. Without these elements one does not have good protection while they try to regain their financial stability. When one is having difficulties with their finances they need someone that is on their side and can help them to safeguard their assets.

    There are many companies who say they can stop debt collection, but when selecting a company one needs to find a company that will work to help them in other ways as well. The company one selects to help assist them should help in decreasing your debt balances, provide protection to your assets and against legal actions. It should also help in eliminating monthly payments while allowing you to stay in control of your finances. When looking for such a company, read through the websites of those who offer these types of services, see how long they have been in business and what others are saying about them, this can help you in making sure you get a company that is reputable.

    Reply
  2. Stop Debt Collection – Help in Stopping Debt Collection

    With the economy the way it is these days, many persons are struggling with their finances. Some have lost their jobs due to layoffs or they may have had to take a salary cut. Others have found that their once profitable businesses were no longer making a profit and they have had to close their business. Still others may be experiencing hardships due to illness or other instances that make it hard for them to make ends meet. When this happens to a person or family, they will find themselves in a difficult situation where they cannot meet their obligations as they once did and this can result in much harassment from one’s creditors and it can be that one needs aid in finding a way to stop debt collection from ruining their everyday life.

    For many people they may think that the only way to solve these types of problems is by filing bankruptcy. This can be a common misconception. Bankruptcy does not stop debt collection. Rather it allows for your assets to be disposed of to pay your creditors. In addition, it can allow for your wages to be garnished and limits your control of the situation.

    Other options such as credit counseling and debt consolidation do not always provide ideal solutions. With these options one does not always retain control of their financial decisions. Companies that help with these situations cannot always stop debt collection or help in avoiding legal actions. Assets may still be in danger. They may not even be able to stop debt collection tactics of creditors. Without these elements one does not have good protection while they try to regain their financial stability. When one is having difficulties with their finances they need someone that is on their side and can help them to safeguard their assets.

    There are many companies who say they can stop debt collection, but when selecting a company one needs to find a company that will work to help them in other ways as well. The company one selects to help assist them should help in decreasing your debt balances, provide protection to your assets and against legal actions. It should also help in eliminating monthly payments while allowing you to stay in control of your finances. When looking for such a company, read through the websites of those who offer these types of services, see how long they have been in business and what others are saying about them, this can help you in making sure you get a company that is reputable.

    Reply

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