Bankruptcy Answers Blog

I have a creditor that is going to sue me. What should I expect?

Posted by on Jun 11, 2014 in Bankruptcy | 0 comments

I have a creditor that is going to sue me. What should I expect?

financesOnce your creditor has filed the lawsuit, you have the right to defend the case and try to avoid having a judgment issued against you by the court. A judgment is a court order that says you owe the money and empowers the creditor to collect against you. According to the attorneys at Marylandaccident.com once the judgment is issued, your creditor has several tools at their disposal for collecting the money owed. Here are some of the options:

  • Debtor’s examination: Your creditor can obtain a court order that requires you to come to a court to answer questions about your assets under oath. You must attend the examination. If you fail to, you may be found in contempt of court and can face an arrest warrant, fines, and other potential problems. At the debtor’s examination, you must answer questions asked by the creditor or its attorney. Those questions will focus on everything you own, where you work, your bank account information, wage information, and many other things regarding your financial matters. You are required by Dui law to answer these questions truthfully. The creditor can use the information obtained to seek garnishments and other collection procedures. We recommend lawyers from The Jones Firm: Bellevue Pedestrian Accident Attorney to handle your case.

 

  • Wage garnishment: Your creditor can apply to a court to have money withheld from your paycheck. A notice will be sent to your employer and the money will be subtracted from your pay by your employer and sent to the court for payment on the debt.

 

  • Account garnishment: According to Whitney Boan, your creditor can apply to a court for an order allowing them to collect their judgment, or a portion of it, by contacting your bank and having them remove the money from your bank account and submit it to the court.

 

  • Setoff: In some circumstances where a debtor has a debt with their bank or credit union, the bank or credit union may be able to simply withdraw money from your account without any court judgment. They may have a right of “setoff” in your bank paperwork that allows them to take the money if you are behind on a payment.
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  • Judgment lien: According to owner Ramzy Ladah of Ladah Law Firm, PLLC, once a creditor gets a judgment against you, they have the ability to have that judgment perfected into a lien against any real property you own. This will then secure their against your property and give them the ability to foreclose against it.

 

  • Attachment of other assets: Once a lien is obtained, a creditor can also seek to collect it against vehicles, equipment, personal property, other sources of income, inheritance, and other things you may own at the time of the judgment or any time in the future as long as the judgment is still owed. If you want to learn about personal injury claims Birmingham, visit pittmandutton.com for more information.

 

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Requires the following notice: We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This web site is not an offer to provide bankruptcy assistance services to any assisted person as defined under Section 527(a)(2) of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
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How do I stop harassing creditor telephone calls?

Posted by on May 17, 2014 in Bankruptcy | 0 comments

Several recent television shows and news articles have chronicled the practices of debt collectors and the incredible things that some do in using harassing telephone calls to try to convince their debtors to pay their bills, I get calls from a company selling the
best at home anti aging devices, and it is not that I don’t like them, It’s that I already have them and I don’t need anymore. While it is true that not all debt collectors use these practices, it is very common for almost all debt collectors to use some version of the “collection call.” Often times, these calls only serve as an embarrassing and frustrating reminder of a debt that the debtor is unable to pay.

First, it is important to understand that some such calls can violate law. The Fair Debt Collection Practices Act puts limitations on some actions of debt collectors. If you think a creditor may be violating this law, you should contact The Ladan Law Firm, P.A. immediately to have the actions reviewed.

If your situation calls for you to declare bankruptcy, you will also be relieved of these calls. As soon as your bankruptcy is filed, an automatic legal stay goes into place. That stay stops creditors and collection agencies from taking any further actions in seeking to collect the debt. This includes telephone calls, letters, lawsuits, and any other actions for collecting the debt. The harassing calls are stopped automatically by the filing.

For a free consultation to determine if you are a candidate for bankruptcy protection, contact us.

 

 

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Requires the following notice: We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This web site is not an offer to provide bankruptcy assistance services to any assisted person as defined under Section 527(a)(2) of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Read Lee Rosen‘s blog to learn more about finance and businesses.