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Do the Changing Amounts of a Payment Plan Affect the Debt Ratio?

GetAttachment[1]I have a client. Widowed lady that was left with the taxes and financials of her wealthy husband after his death. She has $600,000 in Tax liens on her report. She has a payment plan set up that she is following and will follow the rest of here life. We both believe the balances to be inaccurate due to the fact they change every month due to her payments. My concerns are: Does this directly affect her debt ratio to where there is no hope even though a payment plan is in place? Should she use her 100 word statement to express this? Is it true that if it’s verified or emains, that an MOV often times gets an item removed because bureaus don’t verify with courthouses?

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  1. Hunt Rose says:

    Thanks Mike for showing us how to give. I am in a number of financial services arenas to include Real Estate, Mortgages, Credit Repair and Life Insurance. I believe that society has made people believe its OK to be in deep debt. Being deep-in-debt has imprisoned us as individuals. My passion is to help people live a freer life without debt. With my background and your example and credit knowledge, I feel I'm becoming better equip'ed to help people for good, their families and their futures. I often imagine if we as a people had less debt, imagine how much more we'd have to give.
    Thanks for everything Mike!

  2. Reeves Burdick says:

    Mike,
    Today’s webinar was very informative, thanks for all the information.
    Thanks again,
    Reeves Burdick
    rburdick@yourbettercredit.com
    Yourbettercredit.com

  3. Gale Miner says:

    Well Mike. today was one of the most informative seminars for us new to the business. I am looking forward to more of the same.

  4. Doug Mitchell says:

    This whole question troubles me. First, I believe that your Income tax liability DIES with you – thus if the deceased husband was the "wealthy" one and died, the debt is no longer collectible. Even if the wife filed joint returns with the deceased husband there is an "innocent spouse" provision in the tax code to protect people in this situation and she should seek professional help to exercise her rights. IRS is very powerful and likely more feared than collection agencies; but, they are on the "other side" and do not volunteer to you your rights and help you avoid liability you think you might have. They are just as aggressive as collection agencies. We have a U S Tax Court and IRS regularly losses cases to citizens who bring claims. This woman needs an experienced knowledgeable tax professional to review her situation.

  5. Keven Mills says:

    Mike,
    Its just bin a few weeks I have bin attending your weekly webinars. Evey topic you cover, the exact question or issues has arose in my own business that very same week. Its like your reading my brain! The one yesterday on compliance was grate.
    I look forward to next weeks.
    Thanks for giving me the tools to help my business grow

    Keven

  6. Mary Johnson says:

    Thank you mike for another great webinar. I'm glad that no matter what I schedule out two hours for you. I would like more information from today's webinar with Roger Salam. I am ready to have a wonderful year.

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