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How Can You Tell If...


InHugeDebt
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How can you tell whether an account has been sold or assigned to a CA?

If and when you do find out, what steps should you take to resolve either type of account?

I owe about 20k to chase and 30k to citi...both accounts were sent to collections a few months back. I have the funds to settle but I'm not sure where to start exactly. Also, with taxes and everything, am I better off just declaring bankruptcy?

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I would call them to find out if they were sold or assigned.

As for Settling I would try to settle (With the OC if it wasn't sold) for a smaller amount. GET it in writing. I would guess you might get 10-30% off the total balance. If they do write off a large amount you will get a 1099 from them for the amount "forgived" and it would be considered INCOME when you file your taxes. Consider this if you are going to settle this year or if you need to wait till Jan. Could make a difference in a tax bracket.

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