Monday, September 9, 2013

Why I Can't Stand "Debt Settlement" Companies for Bucks County Families and Individuals, Part 1 Billion

I was speaking to a Bucks County bankrupty client today who had tried "debt settlement".  I Googled the company's name and included "scam" in the search.  The first result was intriguing.

What is completely buried in the Terms of Agreement with the debt settlement company, which is highly unlikely to be slowly, and exhaustively, explained to the client is that debt settlement is that settled or forgiven debt is taxable.  But, discharged debt in a bankruptcy is not taxable.

So, not only does debt settlement not work, but you get hit with a tax bill at the end.


  1. Thanks for sharing this article, it has been a very helpful read. I've never had the chance to really deal much with bankruptcy lawyers in Omaha NE. I guess we'll just get it all figured out soon enough, I don't really have a choice.

  2. Thank you for sharing such a nice and informative information. I would like to see some more information on this subject.
    Bankruptcy Lawyers In Miami, South Florida

  3. You should really pay attention to the company before you decide to consider them for debt settlement. This is a very complicated issue. It is the reason why I always ask for help from National Debt Relief.

  4. Thanks for the good write-up.Before one year I was just exhausted due to bankrupt and its settlement. But thanks to God one day while surfing internet I found a contact of a company on bankrupt settlement. I contacted them and told them about all my problems through which I had gone. They helped me during the whole process and now everything is fine.