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Quote by Jean Chatzky

“No company can promise an end date, but if you have multiple debts, the first one should be settled within a year.”

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Jean Chatzky is a seasoned financial journalist, born on November 7, 1964. She is known for her in-depth research and insightful views on personal finance, having served as an editor and columnist for several prominent media outlets. more

“You need a clear, legitimate excuse for why you're behind [the bankruptcy], such as a layoff, divorce, or medical emergency. Be prepared to back up the circumstances with supporting documents. Anything you have to substantiate your story - including proof that you have, for instance, been actively looking for a new job - will help.”

Needs Helping Stories Jobs Behinds Clear Circumstances Prepared Including Excuse Divorce Proof Medical Instance Documents Be Prepared Emergencies Bankruptcy New Job Layoff

Author:Jean Chatzky

“In most cases, if you've gotten to this point, you've already received a letter or phone message from your creditor with the name and extension of a representative. If you haven't, you can call the toll-free number on your bill, but keep in mind that the person who answers may not have the power to negotiate a settlement. Ask to speak to someone who is either a supervisor or in the settlement department, if the creditor has one (as many do).”

Ifs Mind May Persons Asks Names Speak Answers Numbers Cases Havens Messages Letters Bills Phones Department Representatives Extensions Settlement Tolls Creditors Supervisors

Author:Jean Chatzky

“After explaining why you're in trouble, ask the creditor if the company would be willing to accept a smaller amount. Start negotiations at about 30% of the total amount due, with the end goal of paying 50%.”

Ifs Ends Would Be Asks Goal Company Accepting Trouble Willing Amount Dues Negotiation Explaining Creditors

Author:Jean Chatzky

“Sometimes a creditor is willingto do this as a bargaining point - you give the creditor cash in hand, it gives you a positive listing on your credit report - even though you haven't paid the full amount. Get this agreement in writing.”

Giving Writing Sometimes Hands Havens Amount Paid Credit Reports Agreement Cash Bargaining Creditors

Author:Jean Chatzky

“One thing I want to make clear: You never want to hide from your debts. It doesn't work.”

Want Clear One Thing Debt

Author:Jean Chatzky

“You'll get much better results by being upfront, answering creditors calls, and responding to their letters. Delaying the inevitable only digs a deeper hole.”

Results Letters Deeper Holes Inevitable Responding Creditors

Author:Jean Chatzky

“Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation on your credit report that that account was paid by settlement. That's going to signal to future lenders that you left the last guy hanging. That's why, as with bankruptcy, debt settlement is an extreme option, one you shouldn't take lightly. It's not just an easy, cheap way to eliminate debt.”

Way Lasts Guy Left Easy Company Accounts Paid Extremes Credit Debt Cards Reports Signals Credit Card Settlement Bankruptcy Lenders Debt Settlement

Author:Jean Chatzky

“Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.”

People Ifs Knows Way Looks Sometimes Amount Prove Taxes Responsible Debt Settling Goods Assets Portions Forgiven Liability Irs Goods And Services

Author:Jean Chatzky

“I am Indian, and I'm proud of it. Indian life is mythologically rich and powerful.”

Life Is Powerful Rich Proud Indian

Author:Anish Kapoor

Quote by Jean Chatzky

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