Debt

Creditors in Illinois, like in the rest of the country, can garnish salaries to pay off their debts. 735 ILCS 5/ Code of Civil Procedure of the Consolidated Statutes of Illinois is the Illinois state statute that oversees the wage garnishment process. Can a debt collector garnish your whole paycheck? Creditors, on the other hand, […]

Do you have a past-due obligation and are worried that a collection agency will take your federal tax refund as a result of it? You’ll be relieved to learn that most collection firms are unable to immediately claim your tax refund from the IRS. The federal government will only withhold or pay your tax refund

You are not accountable for the majority of your spouse’s debts accrued prior to marriage if you live in a community property state. The IRS, on the other hand, states that debt incurred after the wedding is automatically shared. Even if your spouse opens a credit card in their name exclusively, you may still be

Creditors are unable to remove money directly from your bank account. A creditor, on the other hand, could get a bank account levy by going to court and receiving a judgment against you, then asking the court to levy your account if you don’t pay the verdict. Even if your account is charged, you are

Losing a loved one is a particularly tough experience. While money is likely the last thing on your mind as you grieve, it’s critical to understand how the assets and obligations left behind will affect you and others. The majority of the time, a person’s debt is not passed on to their spouse or family

A debt collector can generally seize the debtor’s share of a shared bank account’s interest. Even though the joint owner is not accountable for the judgment, the creditor has this power. Furthermore, if the money in the account comes completely from the non-debtor joint owner, the debtor whose name appears in the account title may

In most cases, a person’s debts do not disappear when they pass away. Those debts are owed by and paid from the estate of the deceased person. Family members are usually not required by law to settle a deceased relative’s debts with their own money. If the estate doesn’t have enough money to cover the

Debt collectors can’t withdraw your Social Security or Veterans Administration benefits directly from your bank account or prepaid card, in most cases. This is referred to as a “garnishment.” Banks are required to do so by a rule issued by the US Department of Treasury. There are a few exceptions to this rule, which will

Debt collectors are generally forbidden from calling you at an odd time or place, or at a time or place they know is inconvenient for you, and from contacting you before 8 a.m. or after 9 p.m. Can companies call after 8pm? Many financial firms contact unknown investors to sell stocks and other investments. These

Yes, they are capable. There are no regulations requiring debt collectors to accept a payment plan that works for you. Debt collectors seek to collect the debt as soon as possible, which can imply monthly payments that are prohibitively expensive. Things are just going to get worse. Debt collectors might take legal action against you