So I need some financial advice.
A few years ago my wife and I fell on some tricky times due to an unsuccessful career change. We've managed to right the ship, but we've got a few collections out there we need to address.
My concerns are:
- If we take collections settlements, how does it affect our credit scores? (We're hoping to buy a home in the next two years)
- If we take the settlements, I know we have to file the remaining difference as income on taxes. How do I determine if I'm going to end up in a new tax bracket thanks to that "extra" income?
I can get more specific if I need to - this may not be clear enough.
Thanks!
Sent from my iPhone using Tapatalk
A few years ago my wife and I fell on some tricky times due to an unsuccessful career change. We've managed to right the ship, but we've got a few collections out there we need to address.
My concerns are:
- If we take collections settlements, how does it affect our credit scores? (We're hoping to buy a home in the next two years)
- If we take the settlements, I know we have to file the remaining difference as income on taxes. How do I determine if I'm going to end up in a new tax bracket thanks to that "extra" income?
I can get more specific if I need to - this may not be clear enough.
Thanks!
Sent from my iPhone using Tapatalk