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Debt relief, debt adjusting, or debt settlement services are often offered by companies that claim that they can negotiate with your creditors to reduce the amount you owe. Aside from the fact that there are many caveats, it is essential to remember that debt forgiveness may come with certain tax consequences. If the creditor forgives a portion of your debt, it could be counted as taxable income on your federal income taxes.
It is best to seek legal advice before agreeing to work with any debt settlement company with these things in mind. Consider all of your options, including negotiating directly with the debt collector or creditor or filing for bankruptcy instead. A trusted Oregon bankruptcy attorney can explain the pros and cons of your legal options and explain how a forgiven debt can affect your federal income tax.
Debt Relief Solutions
Debt relief solutions are often advertised by companies who claim that they can settle, renegotiate, or in some way change the terms of debt with a creditor or debt collector. Dealing with debt settlement companies is often confused with debt consolidation, but the two have significant differences and risk levels.
The term ‘debt consolidation’ refers to a process of taking out a loan at a relatively low interest rate and using the borrowed funds to pay off debts with high-interest rates. Considering its original meaning, consolidating debts enables a debtor to replace multiple monthly bills with one predictable monthly payment. This can save you money by reducing the interest you pay over time and simplifying your bill-paying and budgeting routines.
Debt consolidation is often preferred over the services offered by debt relief companies. They often make payments to creditors on your behalf through the single monthly payment made to them.
Things to Consider When Looking Into Debt Relief Solutions
It is crucial to exercise due diligence before dealing with debt relief companies that promise unrealistically huge savings by renegotiating debt with creditors. Your credit report is subject to considerable risk in some cases, but you could still face financially unfavorable circumstances. You may consider many options to get your debts under control, but for some people, debt relief services are not advisable.
In general, credit scores are significantly affected when entries in your credit report are new. Most of the time, before debtors consider debt relief, their credit reports have already been negatively affected by late or missed payments. The severity of their impact will depend on the nature and number of negative entries and how high your score was before you began struggling with debt repayment. While your credit score will gradually improve, some of the entries will stay for several years.
Alternatives to Debt Relief Services
While some people are indeed able to reach their goals through debt relief companies, there are other ways of dealing with your secured and unsecured debts.
There is a small number of debt management programs offered by non-profit debt management organizations. Some volunteer credit counselors can help you organize your budget and take control of your debts.
Others may even work with your creditors to develop extended repayment schedules or interest rate reductions that can help you pay your debts in full. These, however, would involve paying off what you owe, and these organizations may be loaded with cases.
Meanwhile, having a balance transfer credit card is a somewhat less risky version of debt consolidation. This involves moving debt from one or more high-interest credit card accounts to a lower interest card account, particularly one with a 0% introductory annual percentage rate (APR) on balance transfers. The catch, however, is that such a card would require good credit, which you might no longer have. Additionally, failure to pay off your balance transfer within the introductory period could lead to unwanted fees and interest charges.
Filing Bankruptcy
In many cases, the best option to deal with overwhelming unsecured and secured debts is to file for bankruptcy. Due to automatic stay, it is a reasonably quick way to get rid of the stress brought about by constant calls and letters from debt collectors. Additionally, while a Chapter 7 bankruptcy petition can remain on your credit report for several years, its negative effect lessens over time. The eventual rebuilding of your credit and borrowing power can be difficult but not impossible.
Seek Legal Help from Hands-on Oregon Bankruptcy Lawyers
Debt settlement can get expensive due to the fees that debt relief companies charge. Additionally, if a settlement company succeeds in having your debt forgiven. In that case, your debt may be treated as income for purposes when calculating your federal income tax. You could end up paying at least a portion of a forgiven debt to the IRS, depending on your earnings, deductions, and tax bracket.
If your income and other financial circumstances make it almost impossible for you to pay even renegotiated debts, filing for bankruptcy may be your only choice. Here, a reliable Portland bankruptcy law firm can help. Consult with a dedicated Oregon bankruptcy lawyer at Northwest Debt Relief Law Firm today.
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“Diane is an excellent Bankruptcy Attorney – five stars ” M.W.
Five stars. Diane is an excellent Bankruptcy Attorney. She guided my wife and I through the entire process.
We highly recommend her to anyone who needs to file a bankruptcy. M.W.
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The post She guided us through the entire process – five stars appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.
“You can feel confident in her ability to provide you with any and all answers that may arise. ” D.L.
I can’t say enough about the professionalism for Diane Drain and Jay. She helped me maneuver the process of Bankruptcy through an unusual situation. I highly recommend Diane Drain. You can feel confident in her ability to provide you with any and all answers that may arise. Don’t hesitate to call her. D.L.
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“We highly recommend Diane Drain IF you are looking for the educated, knowledgeable, honest and transparent (and very fairly priced) attorney! ” P.R.
“We had recently relocated to Arizona from the Chicago area when we realized we had to face up to our financial problems, rather than run away from them. Our Chicago attorney was helpful in assisting us in choosing the right bankruptcy attorney – boy did he pick the perfect person!! Diane talked us through every step of the process! Our emotional ups and downs were frequent, and her patience was unwavering! We highly recommend Diane Drain IF you are looking for the educated, knowledgeable, honest and transparent (and very fairly priced) attorney! If you want a flash in the pan, “Bankruptcy for $199″ and get it done in 72 hours” good luck to you! Diane has earned high praises from our other attorney, our accountant and our Chicago attorney, who has her on his referral list for clients moving to Arizona.
Bankruptcy is a big deal and not something to put in the hands of anyone less than the best!” P.R.
.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}
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The New York Post reveals that lawyers have collected a mere $1.4 million for the attendees of Fyre Festival after 4 years of trying to collect funds. After subtracting the funds for the legal team, attendees are to split $300,000. This will leave about 4 cents on the dollar for the ticket holders. Ticket holders claim they are owed $7 million.
In The Know: Fyre Festival was a failed music festival created by entrepreneur Billy McFarland and rapper Ja Rule. Fyre Festival was advertised as a luxury music festival in the Bahamas. Celebrities such as Kendall Jenner and Emily Ratajkowski promoted the festival. Bands such as Blink-182 and Major Lazer were scheduled to perform. Festival attendees spent $1,200 minimum on tickets with additional packages costing up to $100,000. Attendees arrived at the festival expecting luxury accommodations and food. Instead, they found cold cheese sandwiches and FEMA tents to sleep in. All musical acts bailed & the models failed to disclose that they were paid to promote the festival. Attendees were left confused and with no real place to stay.
McFarland is now serving a six-year jail sentence for fraud.
Fyre Festival’s bankruptcy trustee Gregory Messner claims over the last four years he has tried to collect money from the models & bands who benefited from this scheme. Messner claims Kendall Jenner coughed up less than half of the money she was paid for promoting the event. Emily Ratajkowski gave back a measly 10% of the money she earned and Blink-182 gave back more than half of the money. McFarland did nothing to help recover funds and barely kept any books and records that could help track down any additional person who benefited from this disastrous scheme.
Messner is looking into whether documentary footage from Netflix and Hulu is estate property. Otherwise, he aims to earn the court’s approval to close the case as soon as possible.
From the Article:
“Bankruptcy expert Adam Stein-Sapir thinks the burned Fyre Festival creditors who stand to get paid should count themselves lucky, despite the pitiful recovery. ‘The reality is that there were almost no business records to speak of, no paper trail showing exactly how money came in and where it went, so the fact that there was anything left over is a bit of a win,’ Stein-Sapir said.”
.fusion-button.button-1 {border-radius:2px;}Read The Full Article.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1138px) {.fusion-body .fusion-builder-column-0{width:100% !important;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:900px) {.fusion-body .fusion-builder-column-0{width:100% !important;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}
The post Fyre Festival Attendees To Recover Nothing From Bankruptcy appeared first on Allmand Law Firm, PLLC.
“We highly recommend Diane Drain IF you are looking for the educated, knowledgeable, honest and transparent (and very fairly priced) attorney! ” P.R.
We had recently relocated to Arizona from the Chicago area when we realized we had to face up to our financial problems, rather than run away from them. Our Chicago attorney was helpful in assisting us in choosing the right bankruptcy attorney – boy did he pick the perfect person!! Diane talked us through every step of the process! Our emotional ups and downs were frequent, and her patience was unwavering! We highly recommend Diane Drain IF you are looking for the educated, knowledgeable, honest and transparent (and very fairly priced) attorney! If you want a flash in the pan, “Bankruptcy for $199″ and get it done in 72 hours” good luck to you! Diane has earned high praises from our other attorney, our accountant and our Chicago attorney, who has her on his referral list for clients moving to Arizona.
Bankruptcy is a big deal and not something to put in the hands of anyone less than the best!” P.R.
.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}
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People thinking about filing for bankruptcy will usually do some research before contacting our experienced Roseville bankruptcy lawyers. One of the first things they will discover is that there are different types of types, or chapters, of bankruptcy filings. This begs the question, “which type is the most beneficial for me?” If you are an […]
The post How Do I Know Which Type of Bankruptcy is Best For Me? appeared first on The Bankruptcy Group, P.C..
People thinking about filing for bankruptcy will usually do some research before contacting our experienced Roseville bankruptcy lawyers. One of the first things they will discover is that there are different types of types, or chapters, of bankruptcy filings. This begs the question, “which type is the most beneficial for me?” If you are an […]
The post How Do I Know Which Type of Bankruptcy is Best For Me? appeared first on The Bankruptcy Group, P.C..
The Hill reports that representatives from both political parties are in favor of discharging student loans in bankruptcy.
Senators Dick Durban (D) and John Cornyn (R) introduced a bill aimed at repairing how student loans work in bankruptcy. Rather than free college, this idea of student loans being dischargeable during bankruptcy earns support from both political sides.
From The Article:
“Over the past 30 years, a series of policy changes have made it more difficult for borrowers to have their student loans discharged in bankruptcy. These policy changes were driven by the idea that investments in education could not be transferred because the borrower would always retain the benefits acquired from their education. This would make sense if degrees paid off uniformly with large dividends, but the reality is that some investments in education fall short of that mark — unpredictably offering little or no value to the borrower.”
After it was made more difficult to discharge student loans in bankruptcy, Congress created income-driven-repayment programs or IDR’s. IDR’s were created to help loan borrowers pay back their student loans. IDR’s take your income into account. Then, they have you commit to paying back these loans at a reasonable pace based on your income. In theory, IDR’s were supposed to counterbalance the financial burdens of student loans. Buty in reality, IDR’s are falling short and needs serious reform. Discharging student loans in bankruptcy can help jumpstart this reform.
Many fear that people will take advantage of this bill and begin to abuse the bankruptcy system. The fear is that borrowers will take out extra student loans to live a lavish lifestyle while going to school and then immediately file bankruptcy so they don’t have to pay off their student loans at all, ensuring them free tuition and living expenses for the past 4+ years. This issue can be resolved through strict restrictions like making sure borrowers are required to be paying back consistently for several years before discharging student loans.
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Dirty Little Secret – medical bills are the highest they have ever been and debtor buyers are paying pennies on the dollar to purchase the debts, but then sue the borrower for the full amount of the debt.
Article Yahoo!Finance, Adriana Belmone, June 21, 2021
“Medical debt is the no. 1 cause of bankruptcy in the United States, which is something that’s obviously a uniquely American problem,” Allison Sesso, executive director of RIP Medical Debt, said on Yahoo Finance Live. “So we’re out there trying to give people relief from this economic burden. We’ve got donors that are excited across the country to do more of this debt relief. That number — 278 million — we’re very proud of that, but we have a lot more debt relief ahead of us.”
Roughly 21 million Americans holding $46 billion of medical debt as of April 2021 face collections — meaning that a third-party debt collector is trying to obtain the money owed — according to Credit Karma data previously provided to Yahoo Finance.
How the Debt Collection Agency Business Works,
Investopedia, article by Amy Fontinelle, updated August 21, 2021.
Debt collectors often work for debt-collection agencies, though some operate independently. Some are also attorneys. Sometimes these agencies act as middlemen, collecting customers’ delinquent debts—debts that are at least 60 days past due—and remitting them to the original creditor. The creditor pays the collector a percentage, typically between 25% to 50% of the amount collected. Debt collection agencies collect delinquent debts of all types: credit cards, medical, automobile loans, personal loans, business, student loans, and even unpaid utility and cell phone bills.
Collection agencies tend to specialize in the types of debt they collect. For example, an agency might collect only delinquent debts of at least $200 less than two years old. A reputable agency will also limit its work to collecting debts within the statute of limitations, which varies by state. Being within the statute of limitations means that the debt is not too old, and the creditor can still pursue it legally.
Agencies That Buy Debt
When the original creditor determines that it is unlikely to collect, it will cut its losses by selling that debt to a debt buyer. Creditors package numerous accounts together with similar features and sell them as a group. Debt buyers can choose from packages that:
- Are relatively new, with no other third-party collection activity
- Very old accounts that other collectors have failed to collect on
- Accounts that fall somewhere in between
Debt buyers often purchase these packages through a bidding process, paying on average 4 cents for every $1 of debt face value.1 In other words, a debt buyer might pay $40 to purchase a delinquent account that has a balance owed of $1,000. The older the debt, the less it costs since it is less likely to be collectible.
The type of debt also influences the price. For instance, mortgage debt is worth more, while utility debt is worth significantly less.2 Debt buyers keep everything they collect. Because they took the risk of purchasing the debt from the original creditor (and paying in advance to the original creditor), this debt becomes their own, and any amounts collected are theirs.
Debt collectors get paid when they recover delinquent debt. The more they recover, the more they earn. Old debt that is past the statute of limitations or is otherwise deemed uncollectable is bought for pennies on the dollar, potentially making collectors big profits.
What Debt Collectors Do
Debt collectors use letters and phone calls to contact delinquent borrowers and convince them to repay what they owe. When debt collectors can’t reach the debtor with the contact information provided by the original creditor, they look further, using computer software and private investigators. They can also conduct searches for a debtor’s assets, such as bank and brokerage accounts, to determine their ability to repay. Collectors may report delinquent debts to credit bureaus to encourage consumers to pay since delinquent debts can seriously damage a consumer’s credit score.
.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:980px) {.fusion-title.fusion-title-1{margin-top:15px!important; margin-right:0px!important;margin-bottom:0px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}MUSINGS BY DIANE:
No one wants medical debts, yet that may be the only way you can save your family member who is suffering with a disease or injury. From my own personal experiences I know the scams that the medical system is suffering on us all. If you need health care and have really good insurance (if that is an option) then you will not be faced with choosing between paying your mortgage or the hospital so they will operate to save your life.
Why do I know the truth? Because I have had several knee surgeries (same knee) over a 4 year period. The bill for the first surgery was about $125,000, my co-pay was about $1,000, and the insurance company was billed about $29,000. That means the hospital/doctors over-charged by $95,000. When I asked a hospital administrator about the extra $95,000, I was told that is the amount they would have billed anyone who did not have good insurance (they were talking about my clients who can barely afford to feed their families). My husband went to the emergency room for fractured ribs. We were there for 8 hours, he had a cat scan. The final bill was $12,689, our co-pay was $231, and our insurance was billed $300.
This is wrong. No one should have to delay necessary medical treatment because they cannot afford it. No, I am not a socialist, but I am a pragmatist. Greed should not be part of our medical system.
@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important; margin-right:0px!important;margin-bottom:6px!important;margin-left:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important; margin-right:0px!important;margin-bottom:10px!important; margin-left:0px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-1 {border-radius:10px;}.fusion-button.button-1.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-1.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
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