Often times, debt settlement can be a successful alternative to filing bankruptcy for many individuals. At Debt Solutions, we can negotiate a debt owed to a creditor to a much lesser amount than the balance owed. These payments can be made either under a payment plan or a lump sum payment.
Please be aware that any debts that we may settle will most likely be deemed income to tax purposes. For example, if you owe $10,000 to a bank and we are able to settle the amount down to $2,500, the different of the two amounts, $7,500, will be deemed income and the bank will issue you a 1099-C for cancellation of debt.
Let us help evaluate your situation. Call us today to schedule a free no obligation consultation at (405) 702-7795.
The Debt Solutions Law Center also will pursue claims against creditors who use unfair or unethical collection practices.
The Fair Debt Collection Practices Act (FDCPA) is a federal that was enacted to protect consumers from harmful collection activity. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. The Act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act. It is sometimes used in conjunction with the Fair Credit Reporting Act. In short, the FDCPA forbids collection agencies and creditors from pursuing collections activity in a way that harasses and smears your good name.
If you feel like your creditors are harassing you, contact the Debt Solutions Law Center now.