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Im in bad debt and need 2 know who 2 talk to about this?
i need to know who to contact for advice on bankruptcy or just plain old financial advice i tried financial adviser but thats more for people with money??
Is there any point to pay off debts after they are written off as bad debt?
I was a very dumb 18 year old and maxed out my credit cards. Two of them took me to court and the judge ruled in their favor, so I have two judgments on my public record. The other two have written my debt off as bad debt and sold it to credit collection agencies. Its been 6 years later and I'd like to payoff my debt and fix my credit. However, after reading up and asking questions on here, thanks everyone it seems like there's not really much I can do? Paying off the debts wouldn't do ANYTHING to fix my credit from what I've gathered? .SO my question is, does anyone have any advice for me as to what I should do? Am I screwed for the next 10 years, or is there anything I can do to help my cause? ThanksNo the judgments have not been paid, they have not garnished my wages or anything like that though?Should these judgments be the first thing I try to pay off?Is it possible to consolidate all of my debt?And what about the debt that was sold to collection agencies?
If I pay off bad debts will it increase my chance of getting an apartment ?
I was planning on applying for an apartment this month and if I was denied I was going to offer 3 months rent plus a deposit.. I started thinking if I just paid off the 2 negative items and gave it a few months that way it can update to all 3 bureaus as paid could it slightly increase my chances ?
Do you think your credit can be so bad that debt collects don't want to buy your bad debt anymore?
LOL......
If a business writes off a debt as a "bad debt", can they still attempt to collect?
I know writing off a debt is a last resort, but can they still resume collection activities after the debt has been written off for tax purposes?
Should I sell my home to catch up on bad debt?
We lived in our home for 5yrs and needs alot of work ex...new roof, new central air, and rotting wood We want to get a new home, but credit score is not high enough. We need a 620 for a new home and we have a 500. Would it be a good idea to pay off our 10,000 debt in credit cards wait for the score to shoot up then get a new home? We were told it will take about 6months and my husband gets paid well to apply for a new loan when the debts are paid.
Will paying off bad debt increase my chances of getting an apartment ?
I have to bad items on my credit report that pretty much demolished it...One is for 600 the other was for 972 this one was charged off ..If I paid these off completely and made sure my current open accounts were paid on time all of them are ..if I gave it a couple months will I have a better chance of getting approved for the apartment ?BTW They were overdrawn bank accounts
Examples of business that failed due to poor cash flow or bad debt?
Hi, I'm working on a presentation and would like to find some business examples of companies that have failed due to bad cash flow or bad debt.Any examples and any background much appreciated.
Can bad debt affect my ability to get an osap loan?
How do you prepare accounts to record increases and decreases of bad debts?
How will I know when a bad debt is considered income by the IRS?
Is a creditor required to send me notification or a legal form showing the income like an employer is required to send a W 2 ?I previously settled some debts, received no such form, and the IRS came calling for the back taxes a couple years later. I have other debts that, after inability to pay, consideration of credit report limits, and statute of limitations for claim suit, I have decided not to pay. How will I know when this is considered income by the IRS?
I'm Really Bad Debt Would really appreciate advice?
I had to move away from my abusive husband with my children and left him with the car, house and everything else except my precious belongings. I had no many so I over spent on cars and beds and house rent and my bank started refusing my pay outs so I very stupidly started using credit cards and now I'm over 30,000 in debt and the minimum payouts are just to much for me to give my children a nice life, I love them and want them to be happy and I just don't know how to get lower monthly payments, I'm so desperate for my life to just be as happy as I dreamt it would be when I left my husband and I would be so happy if anyone could give me advice as to where to go or who to talk to. Thank you in advance.
Bad debts expense with allowance method with a/r and credit sales?
At December 31 of the current year, a company reported the following Total sales for current year $780,000 includes $160,000 in cash sales.Accounts receivable balance at Dec. 31, current year $190,000Bad debts written off during the current year $6,800Balance of Allowance for Doubtful Accounts at January 1, current year $8,300Prepare the necessary adjusting entries to record bad debts expenses assuming this company's bad debts are estimated to equal a. 1.5 % of credit salesb. 5 % of accounts receivable.Show the calculations, journal entries and resulting T Accounts Record answers in Space Below Debit Cash 160,000Credit Sales 780,000Credit Allowance 8,300Debit A R 190,000Debit A R 780,000Credit A R 160,000Credit A R 6,800So I was getting a total of $794,900 for a r that just doesn t feel right. Can anyone can critique my work?And I know for the credit sales I have to do the current year times 1.5 % and I will get bad debt expenseSo that would be 780,000 times 1.5 % which equals 11,700Dr. Bad Debt Expense 11,700Cr. Allowance 11,700 Alright for A R I did 5 % x 190,000 9,500But since there was a balance of 8,300 before 9,500 8,300 1,200DR. Bad Debt Expense 1,200Cr. Allowance 1,200 Alright does this math seem wrong and I missing something. Y alls help will greatly be apperciated
Bad debts expense with a/r and credit sales?
At December 31 of the current year, a company reported the following Total sales for current year $780,000 includes $160,000 in cash sales.Accounts receivable balance at Dec. 31, current year $190,000Bad debts written off during the current year $6,800Balance of Allowance for Doubtful Accounts at January 1, current year $8,300Prepare the necessary adjusting entries to record bad debts expenses assuming this company's bad debts are estimated to equal a. 1.5 % of credit salesb. 5 % of accounts receivable.Show the calculations, journal entries and resulting T Accounts Record answers in Space Below Debit Cash 160,000Credit Sales 780,000Credit Allowance 8,300Debit A R 190,000Debit A R 780,000Credit A R 160,000Credit A R 6,800So I was getting a total of $794,900 for a r that just doesn t feel right. Can anyone can critique my work?And I know for the credit sales I have to do the current year times 1.5 % and I will get bad debt expenseSo that would be 780,000 times 1.5 % which equals 11,700Dr. Bad Debt Expense 11,700Cr. Allowance 11,700 Alright for A R I did 5 % x 190,000 9,500But since there was a balance of 8,300 before 9,500 8,300 1,200DR. Bad Debt Expense 1,200Cr. Allowance 1,200 Alright does this math seem wrong and I missing something. Y alls help will greatly be apperciated
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