article thumbnail

Impact of Collection Agency Letters on Debtors

Nexa Collect

They might try to settle the debt for a lesser amount, or establish a payment plan that allows them to pay off the debt over time. Seeking Legal Advice or Help : A collection letter may prompt some debtors to seek advice from a lawyer or a credit counseling service.

article thumbnail

How to File for Bankruptcy

Better Credit Blog

To help you better understand how bankruptcy works, we reached out to financial lawyers who specialize in guiding their clients through the process. Ad See how much you could save by consolidating your debt! “It may be the only resort to get rid of debts when you have insufficient income to repay them.”

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

There are other options including credit counseling, creating a debt management plan, and taking out a debt consolidation loan. Do I Need a Lawyer to File for Bankruptcy? Are There Lawyers Who Can Help with Bankruptcy? A bankruptcy lawyer is who you want for the best outcome. The answer is yes.

article thumbnail

Debt After Death: 9 Things You Need to Know

Credit Corp

If there are no cosigners, student loan debt must be paid by the decedent’s estate—sometimes immediately. Medical Debt. Medical debt can be more difficult to understand than other types of debt. If your family member died with medical debt, you may want to speak with a lawyer to understand what you are responsible for.

article thumbnail

What Is the Difference Between Chapter 7, 11, and 13 Bankruptcies?

Credit Corp

It’s typically a good idea to consult an experienced bankruptcy lawyer before you file a bankruptcy petition. Definitely talk to your bankruptcy lawyer about which property you want to keep and whether it’s possible. So, talk to a lawyer and get the information you need to make the best decision in your case.

article thumbnail

How Often Can I File Bankruptcy?

Debt Free Colorado

Moreover, when filing bankruptcy again after being rejected for a discharge, you should work with an experienced bankruptcy lawyer to check if you can still request a discharge for the debts in your first filing. An automatic stay is a kind of bankruptcy relief that prevents debt creditors from contacting you about the amount you owe.

article thumbnail

Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Recognize the types of debts that are dischargeable under Chapter 13. Secured Debts Consolidated or Eliminated. Even if you have been discharged, unpaid debts may result in foreclosure or repossession. appeared first on Denver Lawyer Clark Daniel Dray. The post Bankruptcy Chapter 7 vs 13: Which Is The Best Option?