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This can lead to wage garnishment, bank levies, or liens against your property. Wage Garnishment and Asset Seizure : If a judgment is entered against you, the creditor may be able to garnish your wages, levy your bank accounts, or place liens on your property, depending on the laws in your jurisdiction.
Negative Impact on Credit Score : If the debt is not paid, the debt collector might report the delinquency to credit bureaus, which can have a negative impact on the debtor’s credit score. Loss of Privacy : Frequent calls from debt collectors can feel intrusive and may lead to a sense of loss of privacy.
CreditCounselor. A creditcounselor is certified and trained in consumer credit, money and debt management, and budgeting. Counselors can discuss your entire financial situation with you, and help you develop a plan to solve your money problems. Garnishment. Statute of Limitations.
They are also unable to garnish wages or seize your property without rights to do so. If you have issues paying, you can look into working with a creditcounselor or file for bankruptcy. They are also unable to contact a third party for anything other than your contact information. Get everything in writing.
Meeting with a creditcounselor should be your initial move if you indicated “yes” to a number of the aforementioned inquiries. Do not use credit consolidation businesses that are marketed on television or online. Department of Justice’s list of accredited creditcounselors.
Qualified Instructors: Seek out courses that are led by certified creditcounselors and financial educators, as this will translate to a more tailored and insightful course. There are some key differences between these two types of bankruptcy. Good teachers transform the requirement into a truly valuable learning experience.
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