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How to obtain a personalloan: Get a copy of your credit reports (Equifax, Experian, and TransUnion). Apply for a Home Equity Loan or a Home Equity Line of Credit (HELOC). These loans use the difference between your home’s value and your mortgage balance as collateral. Keep a low balance within each month.
Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. Additionally, your creditors will not be allowed to contact you.
Complete protection from creditors – This includes wage garnishment and debt collection. personalloans, personalloans, delinquent income tax obligations, . and the majority of court judgments. Maintain ownership of all property – As long as you comply with the terms of your repayment plan.
Default Judgments in Debt Collection Cases. The survey data showed that more than 70% of debt collection suits ended in default judgments. In Alabama, if a judgment is entered against you, the creditor who got the judgment can do several things as far as trying to collect on the judgment. • That is 20 years!
Enter Sawin & Shea, LLC – a firm with over 50 years of combined experience in bankruptcy services, dedicated to providing compassionate and non-judgmental representation to individuals and families in need. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter 13 bankruptcy options.
Common types of unsecured debts include: Credit cards Student loansPersonalloans Medical debt Back rent Utility bills Child support. Once the lender has obtained a court judgment against you, they can then proceed to use aggressive collection remedies to pay back what you owe. Examples of Unsecured Debts.
The need to manage and recover consumer debts, including credit card debt, personalloans, and medical bills, is expected to contribute to the growth of the debt collection industry. Claims that are being forwarded are more collectible or they are ending up as a judgment.
In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment. If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property.
The types of credit accounts you can expect to see in this section include: Mortgages , home equity loans, and home equity lines of credit. Student Loans. Auto Loans. PersonalLoans or Other Installment Loans. Civil judgments. Garnishments. Credit Cards. Foreclosure. Disputing Credit Errors.
The debt came from high-interest personalloans, payday loans, credit cards, and other sources. Lied about legal action: The companies falsely threatened consumers with legal action, including wage garnishment and seizing property. Together, they purchased defaulted consumer debt for pennies on the dollar.
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