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Best legal tips on Debt Settlement San Diego

By Chris Adam Subscribe to RSS | February 9th 2012 | Views:

Once you have faced financial crisis you must follow the advice of proper Debt Settlement San Diego and overcome all issues.

Read below to understand all about the Debt Settlement Los Angeles

Debt cancellation is believed to be taxable income: Often it has been thought that if someone has owed a debt and then cancelled or has forgiven due to any reason, the person will have to pay tax on the amount as it is treated as an income. For example, if anyone owes $10,000 to any credit card company and then mutually settle the account in just $5000, in such a situation the company will issue an IRS, a 1009 form explaining $5000 as income from the cancelled amount. Debt relief in bankruptcy is free from tax charge.

Debt Settlement San Diego plans does not include all creditors: In general the creditors do not have any deal with the financial debt settlement firms. They can easily sue you if the creditor does not agree to the proposal and confiscate your assets. Hence in A chapter 13 reimbursement plan is mandatory on all creditors to protect you from being sued by the creditor.

No debt settlement firm can stand for you in Court: No debt settlement firm is allowed to represent you in court unless it is a law firm too. DO hire an attorney or take legal help to fight the case for you, or else you will face trouble.

Debt relief plans are sometimes more expensive than the lawyer’s fees: In most cases for example the Chapter 13 cases are priced approximately at $3300 as legal fees and an additional $274 as case filing fee. It has been often found that a person with $40,000 in debt often ends up paying more to the attorney for filing bankruptcy and filing fee

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