Re: SETTLEMENT??? (LONG, BUT PLEASE HELP!)

Posted by Robert M (12.225.232.116) on July 04, 2002 at 02:48:27:

In Reply to: SETTLEMENT??? (LONG, BUT PLEASE HELP!) posted by Amy on July 03, 2002 at 22:35:36:

Yes by all means settle your debts instead of filing BK. Even if they don't remove the entries from your credit report...you will save yourself 3 years of negative reporting. With 31,000 to cover a 40,000 debt you may want to hire an attorney to negotiate for you. Whatever you do don't tell your creditors that you inherited any money. I know a 1099-c is the form that financial institutions file with the IRS in a bankruptcy case but I'm not sure how it would affect you if they report interest and fees (although I guarantee they do). You should only be concerned with any portion of the debt that is settled for less than you owe that can be reported as income on YOUR taxes.

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