About Debt Relief

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Debt relief can come in the form of anyone taking responsibility for someone else's debt, whether it be a private institution, the lender or the government. Understand what debt relief means with advice from a licensed financial planner in this free video on personal finance.

Part of the Video Series: Debt & Debt Consolidation
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Video Transcript

Hi. My name is Bill Rae. I'm with HBW of Florida, and I've been in the finance field for well over twenty years, helping people with planning and debt settlement. The question we're going to talk about today is debt relief. We need to be careful about that term 'debt relief', 'cause it can mean many things to many people. One of the things I want to caution you about debt relief is if you use debt relief as a way to getting out of paying bills, make sure that you don't fall for a lot of the scams out there promising you that you could walk away from debt legally. Be very, very careful. Also, you need to understand when there's any relief, meaning someone else is taking care of your bills or your obligation, there could be a tax consequence. The IRS is keenly aware of this. It is always on the watch. For instance, if you owed five thousand dollars, for instance, on a lease, a business computer lease, for instance, and you couldn't make those payments and you got relief, in other words, they wiped out half your bill, you could be subject to an IRS tax. Make no mistake about it. This, like any other type of maneuver, you should definitely understand what it is that you're doing. Make sure that you, if signing paperwork, you understand what you're signing and what the consequences to that signature on that page will mean. Always seek outside counsel. My name is Bill Rae. I'm with HBW, and we're helping you build wealth.

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