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If you have an account with a creditor that is seriously delinquent, the creditor may agree to a debt settlement to pay off the account in full. You may approach the creditor with an offer yourself, or you may work with a professional debt settlement agency. Both methods have advantages and disadvantages that are worth researching ahead of time. If your creditor accepts the settlement, you only have to pay the agreed-upon percentage of the debt.
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What is an offer in compromise?
An offer in compromise allows a person to settle their debts for less than the amount they owe. A good time to pursue this would be when you owe debts of a substantial amount.
How do you find out debts you owe?
cpassarella debts
What is chapter 13 reorganization?
There is no such thing. Business entities cannot file for chapter 13, only persons. Chapter 11 is for reorganization of business entities, or for persons who owe more than $360,475 in unsecured debts and more than $1,081,400 in secured debts.
How does one recover from tax debts?
You can recover from tax debts by paying up what you owe, requesting a settlement from the IRS or by requesting a payment plan. The worst thing you could possibly do when trying to recover from tax debts is ignoring them.
If you owe Maryland taxes can they take your federal return?
Yes they can! They will offset your federal return if you do not address any debts from that state.
What is an offer in compromise?
An offer in compromise allows a person to settle their debts for less than the amount they owe. A good time to pursue this would be when you owe debts of a substantial amount.
How can one settle on their taxes for less than what they owe?
One can settle on their taxes for less than what they owe by proving to the IRS that the total amount owed is incorrect, making the IRS understand that the chances of paying back the amount owed is quite slim.
How can you make a settlement on your student loan?
No you cannot settle student loan debt for less than what you owe. Student loans are federally backed, and will find that student loan lenders will not settle for less than the principal balance that you owe them. The best they can do is offer a deffered payment plan or a forbearance.
How does an offer in compromise help a person settle tax debt?
An offer in compromise represents the most a person could be expected to pay of what taxes they owe. It allows a person to settle their tax debt with the IRS for less than the full amount they owe.
How do you find out debts you owe?
cpassarella debts
How does money have use in negative and positive numbers?
For example, if I have 100 dollars, I have a positive amount. If I have nothing, but also owe somebody dollars, I might say that I have minus 30 dollars. If you owe somebody money, you are worse off - you have less - than if you have nothing, but no debts.
Can you get out of paying tax due?
No.If you owe back taxes and have the funds to pay it, you will have to pay it plus interest and excessive penalties too!If you CAN NOT pay it and you do not have the ability to pay, then there are options to resolve and settle your back tax debt for possibly less than what you owe.
How can one go about clearing up any debts owed?
One can go about clearing his debts in many ways. A lot of people are able to call the companies that they owe and settle on a certain amount that works for both of them. Others can get loans from banks, etc.
What are my options for debt relief besides filing bankruptcy?
Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.
Is negative 12 less than 11?
Negative numbers are less than zero and less than positive numbers, so that negative 12 is less than positive 11. To put it another way, if you have 11 dollars, but you owe 12 dollars, you will owe one dollar more than you have.
Can a car be reposed if you owe less than 1000?
Car CAN be repo'd even if you owe $1. Whether or not it does get repo'd is up to the lienholder.
I had traffic tickets from 7 yrs ago that were sent to collections C O of the court I filed for Chapter 7 Bankruptcy those debts were discharged under the bankruptcy do I still owe the debts?
If tickets were discharged after filing for bankruptcy then someone would not owe on these debts.
