http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/ Just another WordPress weblog Tue, 02 Mar 2010 16:19:03 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/comment-page-1/#comment-9904 Celine Fri, 30 Oct 2009 21:03:30 +0000 http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/#comment-9904 I don't know the costs -- check with a bankruptcy attorney in your area. But here is a site that talks about the process and the different types of bankruptcy. I don’t know the costs — check with a bankruptcy attorney in your area. But here is a site that talks about the process and the different types of bankruptcy.

]]> http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/comment-page-1/#comment-9903 hmmmmmm Fri, 30 Oct 2009 15:29:59 +0000 http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/#comment-9903 I would be careful with settlements, If you settle out $10000 dollars for $1200 you will have to report the total amount as earned income for the following year. Which means you will be screwed by Uncle Sam with taxes, I want to say its 30-35% tax on earned income, which means $3000-$3500. I personally would not do that, bad credit can be wipe away within 7 years or sooner. Read more here http://credit-collection-agency.com I would be careful with settlements, If you settle out $10000 dollars for $1200 you will have to report the total amount as earned income for the following year. Which means you will be screwed by Uncle Sam with taxes, I want to say its 30-35% tax on earned income, which means $3000-$3500.
I personally would not do that, bad credit can be wipe away within 7 years or sooner.
Read more here
http://credit-collection-agency.com

]]> http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/comment-page-1/#comment-9902 Tan D Fri, 30 Oct 2009 11:24:07 +0000 http://www.150loans.com/2009/10/30/credit-cards-and-personal-loans-settlement/#comment-9902 Declaring bankrupt yourself should be the last resort. Bear in mind that Banks will come after you for payment if you lapse any payment, but suing you for bankruptcy petition is also their last resort. Since most banks are trying to avoid that, why should you declare yourself? I used to have over $60,000 credit cards loans before. But i worked two jobs and cleared the debt within 2 years. You should try negotiate with the Banks again. Certain banks (especially foreginer Banks, such as Citi Bank) do offer great discount (up to 50%) for full settlement. Thus you should try to clear off these Banks outstanding first by composite full settlement when you got the fund, such as bonuses. This will help you to ease down on your monthly instalment. Declaring bankrupt yourself should be the last resort. Bear in mind that Banks will come after you for payment if you lapse any payment, but suing you for bankruptcy petition is also their last resort. Since most banks are trying to avoid that, why should you declare yourself?
I used to have over $60,000 credit cards loans before. But i worked two jobs and cleared the debt within 2 years. You should try negotiate with the Banks again. Certain banks (especially foreginer Banks, such as Citi Bank) do offer great discount (up to 50%) for full settlement. Thus you should try to clear off these Banks outstanding first by composite full settlement when you got the fund, such as bonuses. This will help you to ease down on your monthly instalment.

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