Re: What now?

Posted by observer (205.188.209.12) on September 16, 2002 at 16:02:14:

In Reply to: What now? posted by Too Stressed on September 16, 2002 at 15:49:24:

Debt settlement has its own problems. First of all, you get a 1099C. That means the difference in what was owed and what was settled is taxable income. Also, in most cases, the cc company will want the settlement in a lump sum or, in 3 or 4 payments. A lot depends on your creditors. MBNA and Citibank are very likely to sue you if you try that approach.
I'd suggest you contact the cc companies directly and see if they have a hardship program. If not, I'd revisit the bk issue.

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