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Is it legal to pay off debt by using a fundraiser?
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Is it legal to pay off debt by using a fundraiser?

I have 50K in debt and working a job is not helping.This does not include student loans which are 200K.


    




Jeanne R
Rating
As long as EVERYONE knows that the fundraiser is meant to benefit you and not some charitable enterprise it is legal. BUT, you must also declare that money as unearned income on your tax returns.


Charis P
It's not illegal per se but you cannot represent that it is tax deductible or for a charitable cause and probably should disclose those facts to avoid any allegations of fraud. Additionally, unless there is something of value offered in exchange for the contributions it may be subject to gift tax and that may also need to be disclosed to all donors.

You should check with your state attorney general's office as most of them have certain reporting and registration requirements for certain kinds of fundraising events.


Kelly
Rating
IDK but I had a BAD debt problem, and I went to this company called settlementangel.com Idr the number but that is the site. I worked with a person named Anthony.


vincent s
Rating
hey if you need help getting over your debt, dont rely on a fundraiser, theres alot of programs that help you to get out of debt. i havd 20 thousand in debt and i went through this compnay that helped me get a lower monthly payment and they even cut my debt to about 50% wich was amazing. there company is debtfreeleague give them a try.


John
Rating
Hey. I believe it is illegal. I am not 100% sure. Is that 50K in debt unsecured?





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