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Copyright 2008 by Last Post Publishing. About the Department of Justice (DOJ) About the U.S. Attorney's Office (USAO) Other . Do Mental Health Issues Cause Clearance Denial? It's all a matter of how you deal with the debt. The applicant had not had effective financial counseling and there are no clear indications that his problems are under control. But since everything seems to be taking so long these days you might not even notice. When facing security clearance concerns, it is crucial that you secure knowledgeable legal representation. Date: Sun, 04/05/2009 13:17 . Report any reportable events that occurred, or fell into, the reporting period. Learn if debt settlement is, or is not not, the best solution to your debt. A security clearance is a precious jewel granted by the federal government, and you have to care for it every day no sloppy missteps. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. In a Nutshell. Mr. Leckie's vigilance, attention to detail, and knowledge were professionally amplified in the court room. They could exhibit poor self-control, lack of good judgement, or just show lack of willingness to follow to rules and regulations. Creditors won't typically settle debts unless they're a few months past due. We have lots of experience defending people whose clearance is threatened when they get sued or pursued to pay money that may or may not be owed. So, if your forgiven debt is $15,000 and you're in the 20% income bracket, you can expect the IRS to bill you for $3,000. Are you working to pay down your debts? I knew if anything involving law enforcement criminal wise or things like that happened I would have to notify but I was unaware of financial reporting. The Holland Law Firm is happy to help. Debt Consolidation Forums Debt Consolidation and Debt Settlement forums Do these programs affect a security clearance? 3 million government employees and 1.5 million contractors, Colorado Bankruptcy: Answers to 28 Common Questions, 10 Mistakes You Dont Want To Make On Your Tax Return, Complete Guide To IRS Offers In Compromise, In 2015, Federal workers and retirees owed, A VeteransPlus 2015 survey found that the average income-to-debt ratio of 20,000 military personnel surveyed was. (5) Financial Problems that are linked to gambling, drug abuse, alcoholism, or other issues of security concern. Failing to properly address financial trouble. The Internal Revenue Service (IRS) treats forgiven debts as income, and you may have to pay income taxes on the forgiven amount. While it is possible that your spouses bad credit score could affect your application, what counts more is whether or not your credit history has been negatively affected by your spouse. Debt settlement is a practice that allows you to pay a lump sum that's typically less than the amount you owe to resolve, or "settle," your debt.