When you fall behind on your credit card payments your creditors may offer you settlements to pay them a lower amount. This may sound like a great idea at the time but what they may not tell you is that they can report this to the IRS as income, you could then be required to pay income taxes on the amount that they write off. If you file for bankruptcy on these debts you will not have to report them as income. In the long run bankruptcy is much better for most people than settling with their creditors. Contact our office today to discuss your individual case, we offer a free consultation, fair fees and monthly payment plans.