Hi everyone. I owe the IRS $6K from last year and will owe even more this year (I sold the balance of my assets and the tax is all capital gains). I have been unemployed for 18 months in the past two years and had no way of paying the IRS. I try not to think about this bill (there are so many others). Do I need to disclose on this year's tax return that I owe for last year? How scared should I be?
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.