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Before You Pay That Debt Relief Company, Read This
The call sounds convincing: pay us $200 a month, we’ll negotiate your $40,000 in debt down to $15,000, and you’ll be done in three years. Before you sign, run one number they never mention — your tax bill on the forgiven amount. In Florida, that $25,000 they “settled” is likely treated as ordinary income by the IRS unless you’re insolvent, which is exactly what bankruptcy handles automatically. I’ve had this conversation with Florida clients more times than I can count. A couple from Pasco County came to us after paying a debt settlement company $4,800 over 18 months. In that… Read More