Debt settlement is a widely popular way to get debt relief. Unlike bankruptcy, it helps debtor retain their property and sustain their credit score. One can settle his debt either by himself or by enrolling in debt settlement firm. Debt settlement firm conducts the program and negotiates on behalf of the debtors. With a debt settlement program, one can expect to reduce his total amount of debt by 35% to 40%. If you possess negotiation skill, you can better handle your creditor by yourself and save a lot of bucks. Since you pay less than you owe with debt settlement, you will pay tax on your forgiven amount. IRS considers this amount as your income and imposes tax on it accordingly.

Thursday, 06 October 2011 05:00

Banks Need Your Cash

President Barak Obama and U.S. Treasury Secretary Timothy Geithner devised an economic stress test for America’s 19 largest banks.  Thankfully, each of those banks passed the stress test which measured their ability to weather the current financial storm as well as future potential problems.  However,

The current economic crisis has meant that many Americans who are in deep debt are declaring bankruptcy at an alarming rate.  People can’t see their way out of their financial circumstances, and are collapsing under the weight of their debt as a result.  What most people don’t understand is that bankruptcy has changed greatly over the last ten years, and the consequences of bankruptcy can last for up to a decade.

Right now is not a good time to be a banker in America, or anywhere else for that matter.  Banks are hurting for cash, having borrowed far more than they can payback.  Banks are like the person making $50,000 a year who bought a corvette, a million dollar home and took a European vacation not thinking about the debts being racked up.  Banks are hurting for cash in a very serious way, so much so that even the billions of dollars the federal government gave out hasn’t helped all that much.

The current economic crisis has meant that many Americans who are in deep debt are declaring bankruptcy at an alarming rate.  People can’t see their way out of their financial circumstances, and are collapsing under the weight of their debt as a result.  What most people don’t understand is that bankruptcy has changed greatly over the last ten years, and the consequences of bankruptcy can last for up to a decade.

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