Chapter 7 Bankruptcy, the most prominent form of bankruptcy in the United States, was responsible for placing over 1 million individuals in debt during 2008. This form of debt is characterized by the liquidation of assets, or the redistribution of those assets owned by the individual or business. Continue reading
Bankruptcy & Legal
Couple files FCRA lawsuit against KlearGear
John and Jen Palmer are fighting the mother of all negative credit report records. The couple has decided to file a lawsuit against online retailer KlearGear for violations of the Fair Credit Reporting Act. Continue reading
What is a zombie debt collector?
Zombie debt collectors are not supernatural, but they can still give you a nightmare. These debt collectors specialize in buying the cheapest, most outdated debt on the market. They then use scare tactics to pressure you to repay the debt. Continue reading
How to File FDCPA Lawsuits
A debt collector has the right to pursue collection of an unpaid debt that is in default. A debt collector does not have the right to violate your rights, which are guaranteed by the Fair Debt Collection Practices Act (FDCPA). Continue reading
How to Sue Debt Collectors
Deciding to sue debt collectors can help you assert your rights against an overly-aggressive debt collector. Debt collectors routinely violate debtor rights that are protected by the Fair Debt Collection Practices Act (FDCPA). Sometimes suing them is the only way to enforce your rights, especially if you have been illegally harassed or threatened by a collection agency. Continue reading
6 Tips when Being Sued for Debt
At the back of every debtors mind is the possibility of legal action being taken against them by their creditors. This often comes at a time when things cannot seem to get any worse as individuals are already buried in debt. If you find yourself in this situation do not lose heart, here are three do’s and don’ts of being sued for debt. Continue reading
Debt consolidation vs. bankruptcy: which is the better solution?
Debt consolidation or bankruptcy; which is the better solution to your debt problems? Personally, I would go with debt consolidation because of less detriment to my credit score, but different things suit different people. There may come a time where these are your two best options, and you should have all things considered before deciding which is the right choice for your situation. Continue reading
What is a Debt Collection Judgment?
If you have a long-standing debt, such as failure to pay a credit card bill, eventually you may find yourself being threatened with legal action leading towards your debt going into judgment. This is a last resort option that gives companies the right to sue you for the amount that you owe, once the debt has gone to collection and they have made multiple attempts to collect it in other ways. The company’s attorney will send you a letter giving you a certain amount of time to repay the debt before you are summoned to court. Normally you will have about 30 days to respond. Continue reading
What if you Need Loans After Bankruptcy?
A bankruptcy filing can have significant long-term effects on your credit. Even though you may have cleared all of your debts, you may still not be in your ideal financial situation afterwards. However, if you need loans after bankruptcy, either in the short- or long-term, there are options. Continue reading
Student Loans and Bankruptcy Rarely Mix
Bankruptcy can be used as a last-resort method for clearing overly burdensome debts. However, many people have debts that include many student loans, and bankruptcy is not usually the best course of action in these circumstances. In almost all cases, student loans will not be cleared when bankruptcy is filed, so alternate arrangements must be made. Continue reading
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