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Tag Archives: debt settlement

Is This Really Going to Be My Tax Liability When I Settle My Debt? – Joe

IRS

“Dear Steve, I understand that there may be tax liabilities on a Debt Settlement if you’re not Insolvent at the time. I know you’re not a Tax Man, but can you help me see if my assumptions are correct? $50,000 of Debt increases to $55,000 by settlement Settle at 40% = $22,000 Forgiven Debt Income = $33,000 Wife and I ... Read More »

    I Want to Settle My Debt But Will My Credit Score Drop? – Mariam

    Ready to Collapse

    “Dear Steve, My annual income is 22,000. a year, I have almost 12,000 in debt, i want to debt settlement, because its tooo much Ive been paying my minimum payments and i am current. I want debt relief, on my income I cant pay it back just tooo much, i want to know about how much would they settle, me ... Read More »

      The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line

      scammer-feature

      It’s probably a bad idea to start off with a negative but here it is, people in the debt relief industry are going to hate this article. Even friends of mine in the industry will be bummed. And why, because this article will tell you everything you need to look for when checking out a debt relief company to work ... Read More »

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

        Ready to Collapse

        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 activity. After all, multiple lawsuits ... Read More »

          The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

          Screen Shot 2012-06-22 at 9.09.06 AM

          This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this but what I’ve run into, is a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves but what I have learned has been ... Read More »

            Can I Include My Debt Settlement Company in My Bankruptcy? – Ken

            Ready to Collapse

            “Dear Steve, i have 65000 in credit and installment debt we lost one third of our income in last year signed with debt settlement law firm in april initial fee 2895 they have settled 2 accts. which they receive 20% of money saved we have pd 7195 in 7 months . for one acct. they paid the settlement even though ... Read More »

              Wanna Know a Secret About the Debt Relief Industry?

              Ready to Collapse

              As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just take a broad look at the current state of affairs: Nonprofit Credit Counselors: The credit counseling world is as tied to creditors and ... Read More »

                I’m Going to Get My Creditors to Settle the Debts or Accept Bankruptcy. – George

                Ready to Collapse

                “Dear Steve, I have been separated from my wife nearly one year. According to my legal counsel, I have no responsibility for my wife’s credit card debt (100% of which is in her name alone) which she accumulated unilaterally without my consent after she separated from me. Her new credit card debt amount is $43,923 and she has been living ... Read More »

                  It’s Been A Year Since The TSR – What’s Changed With Debt Settlement?

                  A year ago this month the Federal Trade Commission (FTC) barred debt settlement companies that used telemarketing from accepting up-front fees. Although it’s been an entire year since this change we are still see companies trying sneak in those up-front fees with businesses trying to exploit loopholes. The whole purpose of the Telemarketing Sales Ruling was to help consumers from ... Read More »

                    I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony

                    “Dear Lewis, I am currently enrolled in a debt settlement plan but i am unable to make the payments due to losing one third of my income in the last 10 months. I went with a law firm and they wanted 2875 up front took 3 months to pay that they just settled my ist account for half but i ... Read More »

                      Should I Sign With Fast Track Debt Relief? – Mary

                      “Dear Damon, I am ready to meet with a person on Monday to sign a paper for Fasttrackdebtrelief program. I was researching it..I am scared now.I don’t trust it. I saw your name in reviews about Fast Track.I need advise~~It is Saturday I am overwhelmed with a large amount of debt..I am struggling to pay them.and getting no where. Can ... Read More »

                        In These Poor Economic Times We’d Like to Settle Our Debt. – James

                        “Dear Damon, My wife and i have about 20 k in cc debit. we have the money to pay the the balance in full but in this economic environment we don’t want to release that much cash. How would we go about reaching a settlement with theses company’s or should we even try? James” The Answer Hey James, Well that ... Read More »

                          Consumers Avoiding Debt Reports NY Fed

                          A report out from the New York Federal Reserve shows that the amount of consumer debt has dropped since June 2010. As of June 30, 2011, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion (8.6%) from its peak level at the close of 2008Q3. Consumers’ non-real estate indebtedness now stands at $2.28 trillion, 9.5% below its 2008Q4 ... Read More »

                            Debt Relief industry Trends, June, 2011 – Credit Counseling, Debt Settlement, Bankruptcy

                            Credit Counseling June 2011

                            In what has turned into a regular report from this site, here is the next installment in my forecast for the debt relief industry. The extension of consumer credit remains weak. Delinquencies and defaults are dropping and sometimes, as Discover announced recently, to historic lows. Credit Counseling Demand Sources inside credit counseling are reporting continued declines in new debt management ... Read More »

                              Credit Unions and Debt Settlement. Will My Credit Union Work With Me? – Tim

                              “Dear Damon, I had a car repossessed and the balance after auction is $13,100 Its with A credit Union in IL, I also have a 10,000 credit card with same credit union.. I want to use debt settlement, but heard credit unions are impossible to deal with.. I am recently divorced and was layed off 5 months.. Can you recommend ... Read More »

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