How to Claim the Insolvency Exemption for Canceled Debt Reported on Form 1099-C

It’s that time of year again. Millions of people who settled or had debts forgiven last year are receiving Form 1099-Cs for Cancelation of Debt Income and wondering if they will have to pay taxes on the forgiven amounts. Many people are shocked to learn they might owe taxes on canceled debt balances. But it’s … Read more

Debt Settlement Myth #6: It’s Safe To Take 36-48 Months To Settle My Debts

This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led to believe that it’s safe to take that long. By “safe,” I mean a low risk of lawsuit … Read more

Bank of America Credit Card Debt Settlement Advice and Instructions

If you’re facing a legitimate financial hardship and can’t make the minimum payments on your Bank of America (or FIA Card Services) credit card account then one potential solution is to negotiate a lump-sum settlement for less the balance owed. If you’re unfamiliar with debt settlement, you’re probably wondering how someone who can’t make their … Read more

How to Settle American Express Credit Card Debt

If you’re facing a legitimate financial hardship and can’t make the minimum payments on your American Express credit card one potential solution is to negotiate a lump-sum settlement for less the balance owed. If you’re unfamiliar with debt settlement, you’re probably wondering how someone who can’t make their monthly payments would have the funds needed … Read more

Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs

The debt settlement strategy has generally been limited to negotiating unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess property, … Read more

How Settlement Companies Can Maximize Income and Have Happier Clients by Teaching People How to Settle Their Own Debts

Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation’s largest debt settlement firms, he is the author of the Debt Settlement Success Seminar™, an 8-hour audio-CD course that teaches consumers how to choose between debt program options based on their financial situation. … Read more