How much can a creditor garnish from my wages?
In Colorado, if a creditor has a court-ordered judgment against you, they can garnish up to 25% of your take-home pay. If the judgment is for a guaranteed student loan, the federal government can [...]
Can a creditor garnish my wages or bank account without a court order?
In order for a creditor to garnish your bank account or your wages, they must have a court order granting them the right to do so. That being said, sometimes creditors will tell you that if you [...]
Can a creditor garnish Social Security income?
Social Security income is legally exempt from garnishment, so creditors cannot garnish that income. However, if they have received a court-ordered judgment against you, they may seize your bank [...]
What are the tax implications of debt settlement?
Whether or not your debt settlement will have tax implications is determined by the IRS code. This is a question best left to your CPA, but the general rule is that if you had a positive net [...]
How will debt settlement affect my credit?
When it comes to credit of any kind, the only way to keep your credit rating high is to pay your debts in full, on time, all the time. There is no doubt that your credit rating will be adversely [...]
Income Tax Consequences of Debt Settlement
Before you enter into any debt settlement program, you should make sure you understand the potential tax consequences. The question of what effect debt settlement could have on your income taxes [...]
Don’t let your debt hold you back any longer. Get back on the path to financial well-being by contacting an experienced bankruptcy attorney today to discuss debt settlement and credit card debt negotiation. We typically help our clients settle their debts for $0.50 to $0.60 on the dollar, and truly want our clients to become debt free.