I talked to pursels and associates through care on cred it counseling. I gave them all my information, and spoke with one of their lawyers, its going to cost me $150, but it was worth it.
I originally thought i wanted to do DSP, I have about 58k in unsecured debt over about 14 credit cards. I make close to 4k/month, however I lost my job at the beginning of the year and got behind on my payments for about 4 months.
Prior to talking to careone I talked to the creditors myself and set up hardship plans. Some of them reduced the interest as low as 6%.
I wouldn't qualify for chp 6 bkp. and to me whats the point of chp 13, when I could do that myself.
I'm also wondering whats the point of paying someone to do any of this for me, when i can do it myself?? granted if I decided to try to settle it will be very time consuming, but the lawyer at care one said, with the amount of debt I have they could probably settle most of my accounts at about 50%, (ive definitely heard of lower on here) and I would end up owing persels about $11,000???? are you kidding me????
So, I guess Ive answered my own question, im going to try to settle myself.
I was looking into the irs and 1099 with debt forgiveness, and I'm pretty sure I would be insolvent. Regardless of my income, I dont have any other assets my car is worth about 2k, and I owe about 4k, I have no savings or retirement, so from what I understand if your debts out way your assets you're considered insolvent??
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.