Debt

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

The FDCPA may be circumvented by law firms. Only if a law practice may be regarded to be collecting debts on a “regular basis” is it subject to the FDCPA. Defining “regular” is a matter of opinion. As a matter of prudence, many lawyers will continue to adhere to it even if they don’t believe

or a lawyer who focuses their practice on debt settlement Because of the high cost of hiring an attorney, it’s unlikely that you’ll save more money than you would by resolving the issue yourself. In the event that a lender for your private student loan sues you, an attorney can help you negotiate a settlement.

In states where property is governed by common law, a spouse’s sole ownership interest in property is recognized. In this case, the property would be yours jointly if both of you are listed as owners. It is impossible for you to be held liable for your spouse’s debt if the credit card is completely in

Executors frequently call our office, concerned that they may be held responsible for the debts of their deceased parents or children. In the majority of these cases, the deceased was effectively insolvent because of their debts exceeding their assets. When administering an estate in Alberta, there are three general rules that all executors and administrators

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