Debt

States that apply community property principles instead of the common law when establishing who is responsible for a debt are termed community property states. Any debts that you or your spouse cosign for in community property states or common law states are your responsibility. Community Debts: Both Spouses Are Equally Liable It is also important […]

It signifies that the account has been written off by a lender or creditor, which means that the account is no longer open to new charges. The lender or creditor may send a charge-off account to a collection agency once it has become delinquent. In the event that you’ve missed a payment on one of

The limitation period begins on the date of your last payment, therefore it’s important to know this. If the timer hasn’t run out, you can go back to the original starting place. If you do one of the following: For this reason, debt collectors may often try to get you to make a token payment

Do Debt Collectors Have the Right to Contact People I Know? There’s a lot of room for debate here. To gain your phone number and address, or to authenticate your employment, debt collectors are permitted to contact your family, friends, neighbors, employers, and the like. How many times a day can a debt collector call

Medical invoices should not be subject to interest charges by debt collectors in most situations. In most cases, medical debt does not include an interest rate in the original agreement. Due to the fact that interest is not part of the original contract, a collector cannot apply interest charges. Can medical debt accrue interest? You

. Creditors can, however, collect up to 50 percent if they’re claiming spousal or child support payments. How long before a creditor can garnish wages? Creditors can employ the legal process of garnishment to collect debts that they owe. It’s usually used when a debtor hasn’t made any effort to work out a repayment plan

The location of both the person recording the call and the person making the call affects the answer. These laws are designed to preserve the confidentiality of electronic communications, including phone calls. There will be a difference in rules about whether or not a phone call can be lawfully recorded, as well as whether or

A creditor (the person or business to whom you owe money) may sue you if you fail to make payments on a debt. When it comes to neglecting to pay your creditors, you can’t be jailed (though child support is an exception). An interest-bearing judgment against you can be obtained in court if you are

Although a collection agency has the legal ability to sue you, this does not occur as frequently as they would have you believe. Collection agencies, like any other business, are interested in making a profit, thus they will not go to great lengths to recover your debt. Taking legal action against you would entail further

If you owe a lot of money to creditors and don’t have the means to pay them back immediately, a Debt Management Plan (DMP) may be the best option for you. A Debt Management Plan (DMP) allows you to spread out the repayment of your debts over a period of time rather than paying them