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

Posted by Why Chat (209.240.222.130) on July 04, 2002 at 12:16:13:

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

The FIRST thing you should do is pay off the account IN FULL that is in your father's name.
You will not be allowed to file BK with an inheritance that will pay off more than 60% of your debt.
I agree with Robert, have an lawyer negotiate the rest of the accounts.Getting a 1099C on the unpaid balance of your settled accounts is GOOD. It means the balances will not be sold to a collection agency, and since you are "insolvant" you do not have to worry about your tax liability on the money reported to you as income.The LAST thing you need to worry about now is your "credit report" score. Get your father off the hook for your problems, be thankful your aunt thought enough of you to leave you the $$$,and use this opportunity to turn your life around and be responsible for future credit obligations.

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