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Considering Bankruptcy? There is an alternative!

Avoid Bankruptcy

Bankruptcy should be your last resort. If your problem is with unsecured debt, there are other ways to resolve these debts without filing bankrupcy.

Unsecured debt includes credit card debt, personal loans, medical bills, judgments on consumer debt, and many other debts not secured by property. Generally the debts that would be discharged in bankruptcy are the same debts that can be resolved with a debt settlement program.

A Debt Settlement is an agreement by the creditors to agree to accept a smaller amount as payment for the debt. Creditors almost always agree to accept settlements on delinquent accounts. The reason they are so willing is that they have learned from experience that if they do not agree to settle these accounts, they will likely not collect anything at all.

The amount they agree to settle the accounts for will vary. A good debt settlement company will have the experience to help determine the appropriate amount that each client should pay on settlements. Settlements can be as low as 15 cents on the dollar.

Generally settlements are between 25 to 55 cents on the dollar. The creditors take the loss and write it off. They will send you a Form 1099 for the amount of the forgiven debt and you will need to file a tax return including the 1099. It is considered taxable income unless you were insolvent at the time the debt was forgiven. Being insolvent means that you did not have sufficient income to cover all of your debts, or your liabilities exceeded your assets. If you were insolvent, you should get professional tax advice and ask the tax person about IRS Form 982. By filing this form, you may not have to pay any taxes on the forgiven debt.

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If you would like a free evaluation, please fill out our request form to be contacted by one of our friendly counselors. You are under NO obligation and any information you provide is held in the strictest confidence.

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