Question about payment plan

[Thingshappen]

Keep in mind debt settlement is a double edged sword; yes you get a reduction in the amount you owe, however, the IRS considers that forgiven amount "income" and taxes it at your highest fractional rate. Regarding "debt management", I'm not sure what that is.

I agree and creditors dont have to agree to anything. Debt management companies are "no profit organizations" that helps debtors "get out of debt". Based on what I have read, they supposedly negotiate better terms with creditors such as lower interest rates or better terms. It's kind of consolidating to a "lower payment" compared to making minimum payments to credit cards. However, creditors dont have to agree with the terms and they may continue to pursue legal options. Also the "affordable" payment could be for a very long time. So these options are really my last resource. I am really hoping that this CH13 option goes well and my plan gets confirmed in the next few months. I will keep you all posted. thanks Shipo!

[shipo]

I would be very leery of such "Debt Management" companies, other sites have HUGE quantities of horror stories on these outfits; that plus, there is nothing they can do (legally) which you cannot do yourself.

[Thingshappen]

I would be very leery of such "Debt Management" companies, other sites have HUGE quantities of horror stories on these outfits; that plus, there is nothing they can do (legally) which you cannot do yourself.

Agree.