Disabled son, had to file bankruptcy to afford medical expenses, how do I recover?
I have steady income, and now a low debt to income ratio, but no family to help or co-sign, where do I start?
I am hopeless
Posts Tagged ‘debt to income ratio’
How can I legally settle credit card debt?
I’m 23 years old, a student, and physically becoming ill due to the amount of stress I have between school and work, in which I still struggle to pay my credit card bills. What is the step by step legal way of settling my credit card debt? I understand the ramifications that my credit report will suffer, but my debt to income ratio is already too high to get any loans or credit anyway (student loans). What is the worst that can happen? Are there any companies that help students in my situation? Thank you.
How does the IRS determine a home value when calculating if tax payer was insolvent after “settling” a debt?
I "settled" with several credit companies for over ,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was "insolvent" at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt to income ratio. It could make a big difference in my tax liability for the past year but was better than filing for bankruptcy or losing my home. This question even seems to stump tax advisors. Any wisdom out there in Yahoo land would be appreciated.