Contact Durham, North Carolina Attorney for Advice on Bill Consolidation
Some people have a strong desire to avoid bankruptcy at all costs, despite the existence of crushing, overwhelming debt that they cannot repay. Some lenders are likewise willing to compromise with their borrowers for less than the total amount owed in exchange for lump sum payments or reduced payment terms in "debt consolidation plans."
You may want to investigate whether debt consolidation is feasible and in your best interest. Lenders considering a debt settlement plan are often expecting lump sum payoffs that may be beyond the ability of a cash-strapped consumer to pay. Additionally, lenders who accept payment of less than the full amount owed to settle a debt are required to report the amount of forgiven indebtedness to the Internal Revenue Service. The IRS considers voluntarily forgiven indebtedness to be income for tax purposes. This can result in an unwanted surprise when tax forms are mailed the following January. On the other hand, indebtedness discharged pursuant to the Bankruptcy Code is not considered taxable income by the IRS. While it is possible that some consumers may find voluntary debt consolidation plans with their creditors to be a viable solution to their credit problems, Chapter 7 or Chapter 13 bankruptcy provide more certainty and more effective relief. An experienced bankruptcy lawyer can explain your options.
When a potential client contacts me seeking solutions to their debt problems, their appointments and consultations, including the free initial consultation, are with me personally. I do not delegate meeting with, or otherwise advising my clients to legal assistants or paralegals. From the beginning to the end of a Chapter 7 or Chapter 13 bankruptcy case, I am there to see my clients through to real debt relief. — Terry D. Fisher
Free Initial Consultation
Get answers to your questions regarding debt consolidation plans and how they compare to relief available under the United States Bankruptcy Code. Contact Attorney Terry D. Fisher today to set up your free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.
