If you've fallen behind on your mortgage, not in a position to make monthly payments on your credit card, or are facing repossession of your vehicle, filing for bankruptcy can be the most effective strategy to stop creditor harassment. Bankruptcy triggers an automatic stay, which requires cred...
Most debts are discharged under a Chapter 7 bankruptcy. The discharge of debt will release the debtor from any personal liability for payment. Once a deficit is discharged under Chapter 7, the creditor may no longer seek future restitution from the creditor. Obligations relating to alimony, child...
that stops creditors from collecting what you owe them. This order states that a creditor will not bill, garnish, call or sue you for the debt, including the IRS. The IRS will not issue any notices for the tax lien, attach your bank accounts or income or attempt to clear your tax ...
A charge-off occurs when a creditor deems a debt unlikely to be collected and writes it off as a loss. This does not eliminate your responsibility to pay, and it negatively impacts your credit score. Can a debt collector sue me for an old debt? Debt collectors can sue you within the ...
(but not business) debts. It lays out rules intended to protect debtors from harassment by debt collectors and includes guidelines for how, when, and by what means a debt collector is allowed to communicate with a debtor.6If debt collectors violate the rules, debtors can sue them for ...
state, but begins as soon as your payment to the original creditor goes 180 days delinquent. If you make a payment on the debt, however, this restarts the statute of limitations--giving a collection agency the right to file a lawsuit against you even if it did not previously enjoy that ...
For example, if the creditor is actually more than one person (such as a group of surgeons at a hospital) and naming or identifying who the debt is owed to can pose a challenge. In a case where the creditor is a group of people, it might be ideal to name each individual creditor ...
Can I sue a credit collection agency for harassment for continuing to pursue an old debt that is past its statute of limitations? A manager at a "Check Into Cash" business defends his business practice as simply "charging...
This starts with the validation letter, and if you request a verification letter to get more information, they must provide that as well. Collectors must send the validation letter within five days of first contact. It should contain: How much you owe. The name of the creditor seeking ...