< $15000 Consumer Credit Counseling
> $15000
Stop paying the bills, after about 3 months, *MUST BE BEFORE IT GOES TO COLLECTION COMPANY* the CC Company will want to "Settle".
Offer 1/3 what is owed and stick with this amount, the CC Company will say OK.
This means you will have to have 1/3 of what you owe when they agree to "Settle".
Before all the FLAMING this is the last resort, before loosing everything you own. ALSO the Person who has their SS Number on the card will have their CREDIT trashed, which, may be a good thing (They will not get in this trouble again).
This will work with most unsecured dept, any amount, $500 or $100000. But it may not be the best way to go.
Another downside to this is, You WILL have to pay Federal and State income taxes on the dept that was erased.