Debt is a common problem and can cause a lot of stress. If you get served with a debt collection lawsuit, do not panic, as help is available. Our expert debt relief lawyers can help you with debt settlements in a compassionate and timely manner. If you need legal advice on foreclosure or are looking to file for bankruptcy, we can help with that too. Indications of excessive credit card debt include:
- Only making minimum monthly payments
- Not making minimum monthly payments
- Borrowing from your retirement savings account to pay credit card debt
- Borrowing against assets to pay credit card debt
- Transferring debt between credit cards
- Postponing necessary monthly expenses to pay credit card debt
- Low credit score
If you are struggling with a lot of debt you might be able to work with creditors and / or debt collectors to make your situation more manageable. This process is known as debt settlement, or debt negotiation. You can negotiate lower payments or potentially reduce the overall amount that you owe if you pay a lump sum up front.
How Collectors Collect Debts
- Property repossession – your property serves as collateral as payment for your debt and your car lender can repossess your car without warning
- Bank levies – if a creditor has a court order against you they have the ability to freeze your bank account or levy funds from your account. Levies are most commonly used by government agencies, however private creditors can sometimes execute a levy.
- Property liens – a property liens is a notice attached to your property and is usually a public record. Liens on real estate are a common method for creditors to collect what they are owed. Liens on vehicles can be effective as well, but are less common.
- Enforcement of child support obligations – both the federal and state governments are involved in enforcing child support orders, and there are several methods of child support collection.
- Automatic income withholding (includes wage garnishment)
- Property seizure
- Jail time
- Property liens
- IRS can take your tax refund
- Wage garnishment – if one of your creditors has a judgment against you / has sued you for nonpayment, they have the right to garnish your wages. Private creditors typically use wage garnishment as a method of debt collection. With wage garnishment, your employer holds back some of your income (the garnished income limit varies by state) and gives those wages directly to the creditor. The creditor will continue to garnish your wages until the debt is paid off in full or until you come to another agreement with the assistance of a lawyer.
- Tax refund offset – tax refund interceptions are allowed for 3 situations, outlined below. Before the IRS can take your money, they are required to notify you.
-You are in default on student loan payments
-You are behind in income taxes
-You are behind in child support payments
Debt Settlement Negotiations
If you have trouble paying your car loan or car lease, it is best practice to try and work something out with the lender. If you have difficulty managing high medical bills or high credit card balances, you may be able to negotiate with debt settlement legal services. However, you need to be wary of debt elimination schemes and debt consolidation scams, which are easy to fall prey to in times of dire stress. Our experienced debt settlement lawyers can help you with both debt reductions and negotiations and start reducing your stress immediately.
Related Posts
Selling a home can bring up a lot of issues and could easily become a maze of processes. To make sure that you get your home’s worth, it would be ...
READ MORE
An LLC or a limited liability company will benefit you in many ways if you decide to buy real estate properties. That's because it will provide plenty of protection in ...
READ MORE
To file tenant eviction case against a tenant, make sure you have served a written notice, especially because it is part of the termination statute of the state. If the ...
READ MORE
While driving your car, you are not allowed to have any alcohol containers, such as bottles and cans, that have been opened, having broken seal, nor had its content partially ...
READ MORE
The primordial rule for business location is to never sign a lease for a business zone or space if you are not yet completely sure that you are legally allowed ...
READ MORE
Dui (DUI) means operating a automobile after consuming liquor or drugs that have affected a person's mental or engine skills. In most declares, a person will be considered "impaired" if ...
READ MORE
Defining how many people can live in a rental unit is one of the biggest problems that some landlords have to face. The legally defined specifics vary per state. This ...
READ MORE
If you're a landlord and you want to protect your real estate investment, you need to have the knowledge that relates to all the state statutory and common laws governing ...
READ MORE
The landlord has the right to evict the tenant especially when the tenant hasn't paid the rent on full and on time. However, the landlord has no right to evict ...
READ MORE
Lawyers are everywhere, each has her or his own expertise or specialised area in the fields of law that vary from civil, criminal or appellate litigation. Finding however a good ...
READ MORELegal help while selling your home
Why buy investment property under an LLC
Rules for landlord while tenant eviction
Open container violation
Zoning laws – Avoid Zoning trouble
Procedures after DUI
Too many people living in single rental unit….what
Basic landlord laws in US
What to do when your tenant doesn’t pay
How to find a good lawyer
