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Clear the Confusion

Whether it’s credit card debts, repossessions, the IRS, or any of life’s other circumstances that has placed a financial burden on you, there’s an entire set of laws that can help you.

Choice One: Do nothing and hope for best.

Choice Two: Sell everything you own to pay off the debt. Then your creditors, if not paid in full, still have the opportunity to file a lawsuit against you, allowing collection by freezing your bank accounts and garnishing your wages.

Choice Three: Negotiate with all of your creditors to pay a lump sum to settle your debt. The settlement will be based upon the amount you owe. Any debt settled for an amount less than owed could be taxable to you. The problem: You might not be able to settle with all of your creditors since their participation is voluntary. And your creditors, if not paid in full, will still have the right to file a lawsuit against you, allowing collection by freezing your bank accounts and garnishing your wages.
Choice Four: Negotiate with all of your creditors to reduce the interest rate on your debt and get an agreement BASED ON THE AMOUNT YOU OWE. You’d make one monthly payment to be distributed to all the creditors. However, if a month goes by when you don’t make a full payment, the creditors can void the agreement and continue with collection by filing a lawsuit against you. This can ultimately lead to freezing your bank accounts and garnishing your wages. Also participation is voluntary. Understand that all of your creditors might not cooperate.
The problem I have seen is that many creditors won’t listen to consumers caught in a jam. Countless clients say, “If the credit card company would just lower my interest rate, I could pay. I had a 9 percent rate, now it’s 29 percent. The companies make it impossible for me to dig my way out.”
Choice Five: Create a monthly payment plan BASED ON THE AMOUNT YOU CAN AFFORD —NOT BASED ON THE AMOUNT YOU OWE, without losing any of your assets and without your creditors having the ability to collect from you. Furthermore, there would be no tax implications on any debt that was cancelled. This option is not voluntary. All creditors must abide by the terms of the agreement.
Choice Six: Get an immediate fresh start by eliminating all of your debt without payment, without losing any of your assets, and without your creditors having the ability to collect. In addition, there would be no tax implications on any debt that was cancelled. As with choice five, your creditors must participate.

                          

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