Should I pay off a judgment?

Should I pay off a judgment? If you have a judgment showing on your credit report your credit is probably getting hammered. You need to pay it off it you want to get your credit back in shape. I have seen credit scores jump 150 points or more just by taking one judgment off your credit bureau. For information on how to negotiate a judgment go to

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What types of debt collections practices are prohibited?

What types of debt collections practices are prohibited? A debt collector may not harass, abuse or oppress you or any third parties they contact. They may not use threats of harm or violence, obscene language, repeatedly use the phone to annoy or publish a list of consumers who refuse to pay. The only company that can publish a list of debts is a credit bureau like experian, transunion or equifax. A debt collector may not use any false or misleading statements when collecting a debt. a debt collector may not falsely imply that they are lawyers or work for the government. They may not falsely imply that you have committed a crime. They may not falsely represent that they operate or work for a credit bureau. They may not tell you that papers being sent to you are legal forms when they are not and vice versa. If you have any additional interest in what a debt collector can and can't do, you may want to read the Fair Debt Act.

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Can a debt collector talk to other people about my debt?

If you have an attorney, the debt collector can only contact the attorney and not you. If you do not have a lawyer, a bill collector can contact other people but only to find out where you are. The cannot tell you about the debt and their opinion about you and the debt. Most collectors are usually prohibited from contacting such third parties more than once. Usually the collector may not tell anyone other than you and your lawyer that you owe money. If you have any questions about collections, you should read the Fair Debt Collection Practices Act.

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What is the Fair Debt Act?

What is the statute of limitation on credit card debt?

What is the statute of limitation on credit card debt? The statute of limitation limits the amount of time that a creditor is allowed to collect from you. In most states it is a period of 7 years that a creditor has to collect repayment from you. If the collection account is off of your credit report and the statute of limitation has been full filled, you should be home free. I recommend that you seek legal advice in your state to find out what the rules are. I would also recommend speaking with a lawyer regarding debt settlement and collection law.

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What is debt negotiation?

What is debt negotiation? Debt negotiation is a way for you to negotiate with your creditors and pay pennies on the dollar to settle your debt. Many people look to debt negotiation as a way to avoid filing a bankruptcy. If you are looking at doing a bk, you may want to give debt negotiation a look as an option to get out of debt. Debt negotiation will not have a negative effect on your credit as it is not reportable to the credit bureaus. Doing a bankruptcy can have a negative effect on your credit report for up to 10 years.

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What is debt consoladation?

What is debt consoladation? Debt consolidation will give you one payment instead of many. If you are getting behind on your bills and are experiencing late payments and over the limit fees, debt consolidation may be for you. It is a way to lower payments and possibly even an option to filing bankruptcy. Once you miss a few payments, your creditors are going to jack up your rates and then you are screwed. Debt consoladation is a way to break the cycle of debt. Once you enroll in a program, your interest rates and payments will be lower. Often the debt consolidation company will work out a plan for you to be out of debt in less than 5 years.

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What is bad debt?

What is bad debt? Bad debt to a company that is lending money, is money that is owed and not being collected. People who borrow money for various reason just stop paying. They may have lost a job, divorce or even a death in the family will halt a persons ability to repay a debt. A company when declaring it a bad debt, no longer has to count it as a receivable and they are able to write off the loss on their taxes.

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Will Bankruptcy stop a foreclosure?

Will Bankruptcy stop a foreclosure? Hopefully during the foreclosure process was in motion you tried to get the foreclosure to stop. You could have tried a loan forbearance, deed in lieu of foreclosure or a short sale. If you have tried these with no luck, you may want to consider a bankruptcy. You can either choose a Chapter 7 bankruptcy which is a liquidation bk or a Chapter 13 or wager earner bankruptcy. Once you file, the court should issue an order of relief which should include an automatic stay. With the automatic stay, your creditors must cease any contact with you and collection actions. This includes your mortgage company. This is not a free ride, you will have to act quick to work out something with the bank. Your lender can still ask for a motion to lift the stay so they can proceed with the foreclosure.

Can a bankruptcy stop a foreclosure?


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debt reduction

Feeling like you are starting to get piled on by your mounting bills? You may want to look at where the money is going. It may not be fun to get it debt but doing nothing about it can make a problem even worse. You may not want to hear this but it may be time to start living by your needs and not your wants. That's right, do you really need the premium channels on your cable tv? I don't think so, I don't know anyone that died without having cable tv. Instead of your Starbucks runs, you can make coffee at home. Don't go to the movies, check out movies from the library, they are free. Do you really need a cellphone? There was a time when people actually didn't have a phone with them all the time. It wont kill you. What will kill you is being in debt. Do yourself a favor and get started on something now. Anything would be good.


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New bankruptcy law

Filing bk is an important decision to make. The impact of this decision will have great ramifications on the rest of your life. George Bush definitely stuck it to the people when he passed the new bankruptcy law in 2005. The new law was supposedly supposed to cut down on bk fraud and reduce abuse. If was a huge gift to the credit card companies. It made it a lot tougher for people to file for bankruptcy. There is no right way to decide whether you should file bankruptcy or not.

Alternative to Bankruptcy

What is bk?

What is bk? Bk simply means bankruptcy and if you are hungry Burger King. For personal finances you can file a chapter 13 or a chapter 7 bankruptcy. Filing bankruptcy is only for extreme financial circumstances when you debts have put you in a bad financial position. Consult with an attorney when you can no longer make your financial obligations.

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What is a Section 341 meeting?

The section 341 meeting which is also call a meeting of the creditors, is a meeting that a debtor must attend afer a bankruptcy is filed. The meeting is orchestrated by the case trustee or the U.S. trustee. The debtor must go to this meeting and testify about his or her financial condition. The debtor will be asked about this information that has been placed on the bk paperwork. A creditor is allowed to attend the meeting and ask questions about the financial condition of the debtor as well. If the debtor fails to show up to the meeting, the bankruptcy case can be dismissed. Most states allow you to attend the section 341 meeting without an attorney. Massachusettes requires that you have an attorney. You are going to have to pay for this. There is no way around it.

Like all legal matters, consult with an attorney first before making any financial or legal decisions.

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Tips to Negotiate unsecured debt - bankruptcy questions

With the recent changes to the BK laws, it has gotten a lot harder to file for a BK. To file for bankruptcy used to be a piece of cake it is no longer a foregone conclusion. You have to attend classes and attorneys are more stringent on what they will allow to be included and repayment plans are much higher in a lot of cases. What other options are there besides bankruptcy? No too many, but there is the debt negotiation option. Anyone can negotiation their own debt. It just takes time and thick skin. The creditors will be coming after you hard to collect. They collection agencies will use every avenue they can exploit to get you to pay up.

If you don't want to handle it yourself, there are professional debt negotiation companies that can assist you in the process. (10 tips for debt negotiation)

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Debt Settlement, Bankruptcy, Debt Consolidation - Which Solution is Right For You?

There are many ways to get out of debt including: debt negotiation, bankruptcy, and debt consolidation. Each solution has its merit. If you are already behind on your bills you may consider debt settlement. (click for Full Story)

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How Do Debt Negotiation or Debt Settlement Programs Work?

Debt Settlement Companies stand between you and the collectors who keep calling. Debt settlement is all about settling your debt for less than you owe. If you are tired of getting calls at all hours of the day then this information is for you. (click for Full Story)

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How do debt negotiation companies make money?

The dumb answer is debt negotiation companies make money by settling debts. A good firm will make a percentage of what they save you rather than a flat fee. The savings rate percentage can be anywhere from 15-25 percent of what they save you. I like that they have an incentive like this. The more they save you, the more money they make. This way you know that they will do their best to negotiate a good deal for you. Most firms charge you an up front fee which can be paid over a period of a few months. Most companies realize that you are having a hardship, this is the business that they are in. Typically you can be in a program up to 36 months that will have you totally out of debt.

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Can I settle my debt myself or do I need a lawyer?

If you have collections accounts you can settle the debt yourself. You better have a strong stomach, dealing with creditors can be very frustrating if not scary. If you have a fair understanding of the Fair Debt Collections Practices Act you will be in better shape than most. Just remember that it is a process that you need to stick to. The reality is that if you deal with an attorney that does debt negotiation you will probably end up in the same position. They usually deal in bulk and can get deals from the creditors for that. There is no right answer, you do want to check out your options.

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Why would a creditor be willing to settle a debt with me?

I am often asked why a creditor would settle old debt for pennies on the dollar. The answer is simple really, millions of dollars of debt every year go uncollected and probably would never be collected. Something is better than nothing. Often the debt has already been written off and is owned now by a collection agency. They probably bought the debt for pennies, so if they get 25 cents they may be happy. That would be a big profit to them. If they make your an offer, you don't have to take it. You can negotiate with them. See if they would take less. I have been in the debt negotiation business for nearly 9 years. It only seems like they have the power. If you know how to play the game with them you can save yourself thousands. They may threaten you and say that your credit will be ruined. This is not the case. Once you settle the debt with them it will not be reported negatively anymore. Be sure to get documentation form them that the debt has been satisfied. If you notice that your credit bureau has not been updated you will have your documentation to fall back on. If you send it in to the credit repositories they have to change the notation from unpaid to a paid collection. A paid collection mark on your credit is ok. It is actually a positive mark in your credit.


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