DD Support Board and Research Team

[OMOLIVES]

Probably little to none. They'll end up just writing it off..balance there of if any. If he was smart...he killed the clock years ago. Only problem is the tax bill from the SEC write off. That will show as income and getting that letter means he's stuck for another ten years(depending when he stops that clock)

So if paid absolutely nothing from the date of action...such would run into the earlier of 2017 or when he gets the charge off letter.

Such would have to recorded as income(charged off amount) in said tax year. He would then have to go ten years from said date of tax due to clear the next hurdle.

So he would be better off to mitigate for relief with said creditor(s) even in a charge off via SEC.