Debt Settlement
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Debt collection blog
The Solo debt collection blog. Find helpful posts on how to resolve your debt lawsuit here.
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Debt Settlement
Do You Have to Pay Taxes on Settled Debt?
Yes, you have to pay taxes on settled debt. The IRS considers forgiven debts part of your ordinary income, and therefore, taxable income.
Debt Settlement
How to Respond to a Settlement Letter From a Law Firm
If you receive a settlement offer from a lawyer or law firm, it is important to respond professionally and cordially. There is no need to be combative.
Debt Settlement
Can You Remove a Settled Account From Your Credit Report?
Settled debts stay on your credit report for seven years, but there are very limited circumstances where you might be able to remove them.
Debt Settlement
How Long Does a Settlement Stay on Your Credit?
Debt settlement stays on your credit report for seven years, but that doesn’t mean you can’t work to rebuild your credit in the meantime.
Debt Settlement
How Debt Settlement Affects Your Credit Report
Settling debt can hurt your credit, but it does less damage than not paying a debt at all. Settle debt will typically stay on your credit for seven years.
Debt Settlement
What if I Miss a Settlement Payment?
If you miss a settlement payment, then the settlement is void. This means that the debt collector can pursue you for the full amount of the debt.
Debt Settlement
Why Law Firms Offer Settlements
Law firms representing debt collectors are more than happy to negotiate settlements because it often saves them time and money.
Debt Settlement
How to Negotiate a Judgment Settlement
Settlements typically become more expensive and challenging after a court judgment, which is why early debt settlement negotiations work better.
Debt Settlement
Can a Judgment Be Removed After Settlement?
Removing, or vacating, a judgment is possible, but it can be difficult to achieve and generally requires proving that the judgment was obtained improperly.
Debt Settlement
Can You Settle Debt After a Judgment?
Yes, you can settle debt after a judgment. At the end of the day, collectors want to recover on the amount owed, even if it's only a percentage of the total.
Debt Settlement
Can I Make Monthly Payments on a Settlement?
Many debt collectors require settlements to be paid as lump sums. However, there’s no harm in asking if the collector would accept a settlement in installments.