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Bankruptcy Attorney serving Akron, Canton, Massilin, Dover, New Philidalphia, and throughout Tuscarawas, Summit, and Stark County. 330-409-2876

Sheppard Law Offices

 

Canton, Ohio Bankruptcy Attorney Kenneth L. Sheppard, Jr.

 Bankruptcy attorney serving central Ohio and the Akron-Canton area and throughout Tuscarawas, Summit and Stark County , Sheppard Law Offices Co., L.P.A. BBB Business Review

FREE Debt Relief & Bankruptcy Consultation

(330) 409-2876  or  (877) 505-9455

 

FREE Debt Relief Consultation Call (330) 409-2876 or (877) 505-9455

Sheppard Law Offices

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Attorney for Dealing With Debt in Canton Ohio

TALK TO A BANKRUPTCY ATTORNEY TODAY (330) 409-2876

 

3 Primary Methods of Dealing With High Debt

 

Canton Ohio attorney for debt settlement, bankruptcy, and debt consolidationDebt Settlement

Bankruptcy

Debt Consolidation

 

 

 

 

In your Free Initial Consultation, Canton, Ohio Bankruptcy and debt relief attorney Ken Sheppard, Jr. will discuss the three primary ways to deal with unfordable debts. One method of handling unsecured debt, is negotiating a settlement arrangement with each creditor individually.  This is debt settlement.  The other two primary methods to resolve debt issues include bankruptcy and debt consolidation.  You specific situation can help us to determine which method is the best one for you.

 

Debt Settlement Companies, Be Aware!

You may have seen the frequent television advertisements or heard on the radio debt relief promises that almost seem too good to be true. Debt settlement is a viable alternative to filing for either chapter 7 or chapter 13 bankruptcy relief when it is handled properly. As an attorney with a practice focusing on bankruptcy, debt settlement and tax, Kenneth Sheppard, Jr. can explain to you the advantages and disadvantages of debt settlement and what to expect if you decide to settle your debts as opposed to filing for bankruptcy protection.

 

I would also mention to be leery and hesitant to work with debt settlement companies that immediately rule out filing for bankruptcy or debt consolidation. Canton Ohio Bankruptcy Attorney Ken Sheppard specifically practices in the area of bankruptcy and debt settlement and understands the tax ramifications of choosing each method. Many of the debt settlement companies you see on TV or hear on the radio are not law firms or attorneys and most don't even have a bankruptcy lawyer on staff to, therefore the only option they may present is debt settlement. At Sheppard Law Offices we strive to provide our clients with the debt relief option that will best fit their individual situation and provide the client with the greatest benefit, both short and long term.

 

Debt Settlement

Debt settlement involves working with each creditor on an individual basis to establish a settlement or payment plan, which will reduce the overall amount owed to that creditor. As part of this agreement, the creditor agrees to write off the remaining outstanding debt.  It is important to point out that debt settlement generally pertains to unsecured debts, such as medical bills and credit card bills.

 

An unsecured creditor may be willing to enter into a debt settlement if the debtor can pay a lump sum amount (typically 40% to 60% of the total debt) within a short time period.  Throughout the negotiations the creditor may choose to seek additional information about the debtor's financial situation in order to support its decision.  Based upon these two facts alone, debt settlement is not for everyone. Coming up with a lump sum of money to pay the creditor may not be feasible. Asset and/or income information of the client may also be too significant to warrant a creditor's decision to enter into a debt settlement.

 

Taxes and Debt Settlement Options

As a Federal Tax Attorney Ken Sheppard, Jr. helps his tax clients reach installment agreements, offers in compromise and other payment plan arrangements with taxing authorities and tax collectors such as the IRS, Ohio Department of Taxation and Ohio Attorney General Office.

 

Tax Implications of Debt Settlement

Debt settlement with unsecured creditors may have income tax implications to you.  In a debt settlement, the creditor will most likely charge-off or write-off the remaining unpaid balance of the unsecured debt. Additionally, the creditor may also issue a Form 1099 to you for the amount it charge off. Tax Attorney Ken Sheppard can help you determine if that cancellation of debt by the creditor needs to be included in your taxable income for the tax year the debt was canceled.  It is important to note that just because you receive a Form 1099 for cancellation of debt, it is not always the case that you must include that amount in your  tax filing as taxable income.

 

How We Protect Your Interests

At Sheppard Law Offices, we require that debt settlements be made in writing and signed by an authorized representative of the creditor before any payment is made to that creditor.  This is important to a successful debt settlement since otherwise the creditor may just accept your payment and still attempt to collect the remaining balance of the unsecured debt.  If a creditor would ever seek to attempt to collect a debt where an existing debt settlement agreement has been entered into by, contact Sheppard Law Offices as we can help you to resolve that issue.

Tax Relief, Debt Relief, and Bankruptcy Filing office in Canton, Ohio

Sheppard Law Offices

Canton, Ohio Office

Belden Village Tower, 200

Canton, Ohio 44718

Tel: (330) 409-2876

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Tel: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Tel: (740) 345-7138

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Tel: (740) 392-0404

We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.

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Sheppard Law Offices, LPA is conveniently located and serving chapter 7 and chapter 13 bankruptcy clients in Canton, Ohio. Our office is a short drive from throughout Stark, Tuscarawas, and Summit Counties. We regularly provide debt relief solutions to clients from Akron, Canton, North Canton, Massillon, Dover, New Philadelphia, Alliance, Navarre, Strasburg, Ballivor, Jackson Township, Canal Fulton, Barberton, Greenlawn, Medina, Wooster, Orrville, Dalton, Minerva, Ashland, Wadsworth, Carrollton, Dundee, Millersburg, Hartville, Doylestown, Green, Uniontown, Salem, Columbiana, Uniontown, and throughout Ohio.