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Posted: Fri Sep 26, 2008 4:26 am Subject: while talking with CC lawyer

Hi all
I'm in over 300k of debt had to stop paying min. Have been settleing with most CC between .20 and .40 cents on the dollar. One card has gone to a lawyer and they are filling papers etc. While trying to talk and negotiate a settlement with the lawyers office the lady said, " I have the solution to your problem but you need to ask it I'm not allowed to tell you" what could she be talking about?

I also have been reading a bunch of post and I hope everybody relizes that forginess of debt is consindered income by the IRS. The CC compay will send you a 1099 that you will need to pay income tax.

Thanks

Posted: Fri Sep 26, 2008 9:30 am Subject:

IMHO, she probably was thinking bankruptcy.

1099 will be issued for debt forgiven if the amount is more than $600. If you are insolvent according to the IRS, then you won't have to pay taxes on it.

Posted: Fri Sep 26, 2008 9:41 am Subject:

Bankruptcy was what came to my mind also. You might ask her if that's what she's referring to.

And great job with your settlements!

relax · Posted: Fri Sep 26, 2008 2:53 pm Subject:

Thanks
It didn't seem like that is what she was refering to. She seemed to be trying to give me a hint. Any way bankruptcy is not an option for me. tried and in the long run it wont work.

Posted: Fri Sep 26, 2008 3:20 pm Subject:

Can you give a little more detail about the conversation you were having with her?

relax · Posted: Fri Sep 26, 2008 6:10 pm Subject:

She was not the attornee. Probably one of the collections people in his office. We were talking about a settlement and she said there was no way they could settle at the amount I was offering. I said thats all the money I had and half of it was borrowed. She said she understood and a lot of people are in the same situation even her a little. Then she said there is a way to resovle all this. I said how. she said you would have to ask for it. And I said what? She said she is not allowed to tell me. I said if I knew what to ask her this account could be settled and closed? she said yes.
??????
any ideas????

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