What to Do If a Creditor Sues Receiving notice you’re being sued by a creditor can be one of the most frightening experiences you’ll ever have. Suddenly those letters and calls you’ve been receiving have some weight behind them and you’ll have no choice but to take action. If you’ve been hiding from or ignoring […]
Reaffirmation of Loans There are a lot of decisions to be made in bankruptcy. One of these decisions is whether you’ll be reaffirming any debt. When you reaffirm a debt you are stating that you will pay what you owe to retain ownership of the property associated with that debt. For instance, if you reaffirm […]
Bankruptcy and Sneaky Debt Collectors Filing for bankruptcy triggers something known as the “automatic stay.” This is a legal term that means creditors and debt collectors are barred from trying to collect a debt against you. If they continue to take collection actions against you it can affect their ability to recover any money in […]
Co-signers and Bankruptcy If you’re considering co-signing a loan for a friend or family member, or you have a loan with a co-signer, it’s important to understand the implications, especially if you or the primary borrower is considering bankruptcy. Co-signed loans are handled differently than individual loans in bankruptcy. The most important thing to realize […]
Creditor Harassment and Bankruptcy Dealing with a significant amount of debt is difficult enough, but when creditors began hounding you for payment the situation can feel as if it has spiraled out of control. Despite the limits placed on debt collectors by law, there are still plenty who harass debtors. In some cases, the actions […]
There are plenty of things debt collectors can do to collect money owed to them, but there are also limitations. Aggressive debt collection is controlled by the law and if a debt collector oversteps his or her boundaries, there are actions you can take. Even if a debt is legitimate and you are behind on […]
Financial problems come in all shapes and sizes, as do the options for resolving those financial problems. For some people the right option is to create a stricter budget and stick to it. For others, bankruptcy is the only feasible way out from under a mountain of debt. And for others still, settling debt might […]
Debt collectors are supposed to adhere to a strict set of rules and regulations when it comes to collecting a debt from you. Unfortunately, unless they are held to those standards by consumers, some tend to push the boundaries and try to get away with more than the law allows. Many are able to do […]
Receiving calls from debt collectors can be so terrifying many people avoid even answering their phones if they know it’s from someone attempting to collect a debt. The majority of these calls are demanding payment, but there are times when debt collectors call to offer you something. Is this too good to be true? Debt […]
It used to be when a person needed a loan, he or she visited the bank, discussed terms, and either received or did not receive the money, based on the discretion of the banker. When people realized there was money in lending, it became big business. This enabled many who were previously unqualified to get […]
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