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Re: charge off- impact on taxes?

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Posted by Shamy ( on June 05, 2004 at 17:25:08:

In Reply to: charge off- impact on taxes? posted by anon on June 04, 2004 at 02:55:40:

Don't continue with this "lawyer" if possible. I looked into this also (before finding this board) All they do is get you to quit paying your creditors (which eventually causes the charge-offs, which is when you have more leverage to settle) You send money montly to this "lawyer" & he puts it in your "personal account" until you have enough in there to offer the creditor a settlement. After the settlement, the creditor may send a 1099 for the "forgiven" portion of the debt. You can do all this yourself. This "lawyer" is just making some easy money off you. Cease your relationship with him & read, read, read this board. You will learn alot!

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