Giving hope to hopeless since 2007

84% Clients satisfied
In the last 7 years

Watch 363 live reviews
Know why people trust us

100% Refund
When there is no result

We follow FTC
Since we care for you

Debt Settlement in Florida

If you are a resident of Florida facing overwhelming debts, it is time for you to consider some serious debt settlement options. It will not only relieve you from your everyday tensions of debt repayment but also save you from drowning into debts.

Thu Mar, 2014 Review: DC2 saved $517.5
Client satisfaction level:
      

Debt settlement in Florida enables you to reduce your debts and improve your finances. So, if your debt problem is giving you sleepless nights, stop worrying! Your solution at your fingertips!

How Debt Settlement works in Florida

Debt settlement in Florida is the same as debt settlement in every other state. The first thing you need to do is to confirm that the company you are considering for debt settlement is accredited by the Better Business Bureau (BBB). If the accreditation is properly listed you can enroll yourself with the company and discuss your financial situation. The company will offer a customized solution based on your needs and provide you with the help you need.

In Florida, you can negotiate your debts down on your own or through a debt settlement company. In either case you or the company negotiate with your creditors to reduce the amount of debt that you owe. An experienced debt settlement lawyer can negotiate with your creditors to get you the best deal. If the settlement program is successful, you will save a lot of money.

In order to be eligible for a debt settlement program you must be financially unable to make the minimum payments.

Duration of the Settlement process in Florida

In Florida the duration of the settlement process varies according to the client's situation their ability to pay. Most of the time, the case gets resolved in about 15 to 36 months. The more you can pay toward your debt, the faster you will be debt free!

How Debt Settlement in Florida affects your Credit Score

Debt settlement is one of the best options to consider if you have a lump sum debt. However, debt settlement does have some adverse effects on credit ratings, but not as bad as bankruptcy. In some cases, if negotiation fails the creditor may take legal action against the consumer in order to collect the full amount.

Benefits of Debt Settlement:

  1. You repay less than the original debt you owed.
  2. Freedom from late night calls from creditors.
  3. After the settlement is finished you can start saving money.
  4. You are protected from wage garnishment and mortgage foreclosure.

Tax Consequences

In Florida the tax consequences of debt settlement can be confusing. The IRS regards any unpaid amount of debt forgiven by a creditor to be income to the debtor, and requires that they pay taxes on that amount unless they are insolvent.

If you are insolvent (you owe more than you own), you do not have to pay any taxes on the amount of debt forgiven. Florida residents should consult a tax specialist in their state to find out the requirements of their state taxing authority.


Latest Articles

5 Secrets to save money by practicing good habits

It must be difficult for you to choose between a sport kit for your son or monthly payment for your home. Well, everyone will suggest you to make the payment first then give your child what he/she want. But, there is a concept of extra money which are very useful to fulfill your other ...

View more »
Latest answers

Which one is the worst money threat for you ...

Which one is the worst financial threat - credit card debt, payday loan debt or student loan debt ...

View more »
Latest from blog

Oaki's handpicked list of 11 tweets that help you fix debt ...

1. “Debt is nothing more than impatience expressed in money” You can view the entire article at - http://t.co/nh5P9KIKei Oaki says, You know what’s the best part of this tweet? It captures the central idea of the article and expresses it smartly. Impatience will ...

View more »