Settlement offered to Silver State students

Dec 29, 2009 Full story: The New Braunfels Herald 64

Some measure of relief could soon be landing in the mailboxes of former students of Silver State Helicopters.

Full Story
Rigginsftw

Fort Worth, TX

#21 Jul 17, 2011
I have, but I don't understand it.
Gettin Shafted

Kansas City, KS

#22 Jul 21, 2011
I have recieced notices. I'm also a former Salem, oregon student.
Clay K

Mesa, AZ

#23 Aug 23, 2011
I haven't received anything, I just looked at Mr. Michael Bergers blog @ http://www.bankruptcypower.blogspot.com/ to keep me updated as I know nothing of what is going on. apparently things are starting to be settled.
Bubba

Desoto, TX

#25 Oct 4, 2011
orale
Brett P

Lady Lake, FL

#26 Oct 24, 2011
From jax, I just received a DUE STATEMENT to the tune of 264.69.....how do the expect to collect on all three disbursements at once? who can afford this now? if anyone has any options please let me know
Nonpilot

Salt Lake City, UT

#27 Nov 3, 2011
I agree that the silver state students got screwed! Now we have a 20yr loan obligation and for what? Absolutely nothing. Even if some certificates were earned they are not doing any bit of good as there is no way to use them. If anyone knows of any way to get out from under the financially crushing burden of the repayment terms-- PLEASE post and let us know.
fastcars69

Saint Peters, MO

#28 Nov 29, 2011
Anyone have any luck beating AES?
ssh chino

Los Angeles, CA

#29 Jan 12, 2012
I received a bill for $34,000 and I did not get any certificate.Does any body know the exact $$$ amount?I think 34T is a large amount If we get 75% foregiveness.
Been burned twice

Carrollton, TX

#30 Mar 23, 2012
Has anyone received a 1099 form on the amount forgiven on your particular loan? It appears that the amount forgiven by your lender is considered income for 2011. Found out that I owe taxes on this amount when I went to have my taxes done.
furious in Houston

Mabank, TX

#31 Mar 29, 2012
My husband also got sucked into the SSH program in Tomball TX,never received any ratings (he was deployed during part of the time,in fact doors closed while he was in wounded warrior program in SA) Now we also are trying to figure out what to do with this 1099C we received. It's like we were handled a guilty verdict after being raped. Has anyone in our area had any luck resolving this?
Future Ruined by a 1099c-

Belgrade, MT

#32 Apr 4, 2012
Bankruptcy Today is a blog written by Michael Berger. He was a lawyer for some of the SSH students. He discusses the 1099c issue and provides information that may help in a dispute with the IRS. I don't know what to do because I do not want to be in trouble with the IRS as that can ruin our future. Keep in mind that the current 1099c is only for a portion of the principal and interest that is being reduced from the original balance. So does that mean we get another one next year? I am trying to get answers from AES as the loan adjustment is "conditional". We have to pay the full amount if a payment is more than 90 days late because the settlement is no longer valid. How in the heck can we have to pay taxes on a pipe dream? Has anyone received advice on the tax issue?
ssh chino

Los Angeles, CA

#33 Apr 5, 2012
Future Ruined by a 1099c- wrote:
Bankruptcy Today is a blog written by Michael Berger. He was a lawyer for some of the SSH students. He discusses the 1099c issue and provides information that may help in a dispute with the IRS. I don't know what to do because I do not want to be in trouble with the IRS as that can ruin our future. Keep in mind that the current 1099c is only for a portion of the principal and interest that is being reduced from the original balance. So does that mean we get another one next year? I am trying to get answers from AES as the loan adjustment is "conditional". We have to pay the full amount if a payment is more than 90 days late because the settlement is no longer valid. How in the heck can we have to pay taxes on a pipe dream? Has anyone received advice on the tax issue?
According to the hollman settlement this cannot be included as a taxable income but you're tax preparer should have given you an insolvency worksheet base on income/debt ratio, just in case the IRS ask questions.
SSH SUX

Powder Springs, GA

#34 Apr 11, 2012
Whats with the 1099-C form from AES? Has anyone recieved this?
rusty barrett

United States

#35 Apr 15, 2012
hi guys now i just got a 1099 form from the irs saying that i have to pay taxes on the money that was forgiven like it was money earned 4500 to the goverment and 2700 to the state and aes wants me to pay them 21000 for a total of 28200 and i only had 30 min of flight time it was my fist and only ride 30 min and a gallon of av gas cost me almost 30 grand
Future Ruined by a 1099c-

Bozeman, MT

#36 Apr 15, 2012
Just had my taxes prepared a week ago with No tax liability regarding the 1099C. Schedule an appointment with an experienced tax preparer that will assist you with the Insolvency Worksheet. You need to document your total debt as of the day "before" the cancellation of debt as well as your assets as of that date. This information needs to be taken to the appointment with you. Our 1099C did not have a date in box 1 with the cancellation date. After reviewing all of the aes documents on-line for the account, I determined May 1st, 2011 is when the credits were made on the 3 loan amounts. Due NOT use TurboTax as the software had the cancellation of debt included as income without any red flags of options. My on-line chat with them resulted in me being told that I was upset about a "choice I had made". I was informed TurboTax is not a tax professional and only calculates the information that is entered. OK, enough on that as it almost cost us an additional $8500 in taxes!
rusty barrett

United States

#37 Apr 15, 2012
so do we have to pay the 1099 or what my tax lady told me yes is anyone else geting ouit of this
rusty barrett

United States

#38 Apr 15, 2012
how did you guys file that are not paying
yourturn2screwth em

Las Vegas, NV

#39 Apr 27, 2012
Paid lawyer for advice.(not Michael J. Berger who hendeled the class action suite,I new where thatone was goin).
Lawyer said: Tom,your balance is 96k. Proposed settlement will bring it down to 45k. Can you pay 45k? I said no.He says, if you cant pay 45k(about $500) why agree to the deal?How much can you pay Tom? About $200.Bank will never agree to that.
Here is what you do Tom. Opt out of the settlement,which could mean that you dont agree with the balance,or that the debt is not even yours, which stops the statue of limitation(SOL) from resetting itself and you will not receive 1099 for debt forgiveness which you cant afford either.Why get into a fight with IRS also?
Do not respond to their mail or phone calls because if you will,that will reset the SOL.Let the SOL expire and if they file a judjment against you,which in todays financial world where it takes 2years to foreclose a house,is very unlikely,Then we will respond acordingly.
My advise?Get a LAWYER .Dont do this on your own.
Let them sue you and sue back.They will realize the cause of legal team and fees to possibly get nothing.Dont be scared.It is just a bank.They screwed you already.It is your turn now.
Just my 2c
ziggy

Wagener, SC

#40 Apr 28, 2012
Dan Matthews wrote:
The only people who think that the settlement is a "good deal" are the ones that don't have to pay it. Former Silver State Helicopter students did nothing wrong but trust in a licenced and approved flight school, but may fail for doing so. When will the little guy be "to big to fail". The lenders loaned money directly to SSH in a manner non condusive to student training or good business.
This is an opportunity for someone to be a true hero by doing what is right not just what is popular. Where are our leaders who "represent us"?
test
ziggy

Wagener, SC

#41 Apr 28, 2012
You say some don't have to pay?? I took only 3 classes when they closed the doors. They want me to pay over $6000.00. Never touched a control or simulated their fly toys.

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