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What else can I help you with?
Can credit card companies submit your debt to the IRS as income and make you pay taxes?
They can, and are actually required, to submit your debt to the IRS. If they have written the debt off, it is essentially income to you. It is as if they gave you the amount of the debt. Which means that you have to pay income tax on that income.
Is debt to income ratio based on gross or net income?
Gross income. It doesn't make sense if it is based on a net income (adjusted for expenses) since it measures how much of debt is paid out of your income.
Is there a IRS debt relief program?
Yes there is a IRS debt relief program. It has been around since 2007. For you to qualify you need to owe the IRS at least 20,000$ in taxes. But there is some exceptions to that rule.
Is it true the amount of debt is less than the income earned?
Whether the amount of debt is less than the income earned depends on the specific individual or entity being considered. For some, their income may exceed their debt, allowing for financial stability, while others may carry debt that surpasses their income, leading to potential financial difficulties. It's important to evaluate financial health by comparing total income to total debt, along with other factors such as expenses and assets.
Is irrecoverable debt a debit or a credit?
Irrecoverable debt, often referred to as bad debt, is treated as a debit. When a company recognizes that a debt will not be collected, it records an expense to reflect the loss, which increases expenses and decreases net income. This is typically recorded in an allowance for doubtful accounts or directly as a bad debt expense in the income statement.
Which companies offer debt relief services?
There are several companies that offer debt relief services, including National Debt Relief, Freedom Debt Relief, and Accredited Debt Relief. These companies specialize in negotiating with creditors to reduce the amount of debt owed and create a manageable repayment plan for their clients. It is important to research each company thoroughly, considering factors such as fees, success rates, and customer reviews before choosing one for debt relief services.
What are some of the companies in the US that provide a debt reduction service?
There are a number of companies in the US that profide debt reduction service. Some of the top companies that have been found are National Debt Relief, CuraDebt, Debtmerica and Freedom Debt Relief.
What is the purpose of debt relief companies?
The purpose of debt relief companies is to help a personal get out of financial debt. The usually pay the company to help them get back on track financially.
What services does the Debt Relief Network provide?
The Debt Relief Network provides services to those families who are in high debt with poor outlooks. They work with the companies that the families are in debt with and negotiate a way to pay, be it loans or additional work, or a change in payments.
Are there professionals available to help with card debt?
Yes, there are many services, companies, and corporations that provide assitance for card debt. I suggest that you consider Hamilton Debt Relief if you are interested.
Where can one find information about a debt relief settlement?
The list of companies offering debt relief settlement assistance is long, and often confusing. Companies such as Freedom Debt Relief, National Debt Relief and CuraDebt are a few such companies. Many attorneys also will help with debt relief settlement plans. No matter which company you choose, make sure to read the fine print, and understand exactly what you sign.
What are debt relief agencies and how do they help me?
Debit relief agency is companies that can asset in the lowering on your interest rate on loans and the negations of balances. These companies take a look at your income and debit ration and work out the best payment plan for your situations.
What are some of the best debt negotiation companies?
There are many good debt negotiation companies. Some of the best debt negotiation companies are Freedom Debt Relief, Credit Care Corporation and Debt Settlement USA.
Do you know any debt settlement companies?
Accredited Debt relief, Freedom Debt Relief,and Eagle One are just three of the debt settlement companies out there. When looking into this be sure to check that they are a reputable company. Check into the pros and cons of taking such action.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
Where can someone get free debt relief?
There are a number of companies which offer help with debt relief. However, free debt relief simply does not exist. Each company takes at least a small profit from the money they save from consolidating your debt.
What are some of the better companies that are able to provide assistance in consolidating one's bills?
There are many companies that are available to provide assistance in consolidating debts. According to the Top 10 Reviews website the best options are DebtWave Credit Counseling, National Debt Relief, Premier Debt Help and InCharge Debt Solutions.
