Dealing With Debts
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Bankruptcy isn’t the only way you can dig yourself out of debt. Make sure you understand all the options for dealing with outstanding debts, overdue bills, pending foreclosures, car repossessions, and the like. By reviewing all of your options you may find a solution to your debt troubles without filing for bankruptcy. Or you may decide that bankruptcy is indeed the best way to go.
Learn About Your Options
If you are in debt, here are some possible alternatives to declaring bankruptcy.
One good way to deal with overdue or outstanding debts is to negotiate a deal with the creditor or debt collector. Before you start negotiating, figure out exactly what you want – these are your negotiation goals.
Here are some tips that will help you negotiate with your creditors.
Learn about possible defenses to the foreclosure of your home.
Debt verification (sometimes referred to as debt validation) is a powerful tool available to debtors whose debts are sent to collection agencies.
Learn about auto repossessions, your rights and remedies, deficiencies, and charge offs.
There are steps you can take to avoid garnishment of your wages to cover outstanding student loan debt.
If you have an old debt, your creditor cannot try to collect it forever. State laws limit the period of time it has to sue you to recover amount owed -- this is called the statute of limitations.
If a creditor writes off a debt you owed, or if you settle a debt for less than the full amount owed, you may owe taxes on the "income" (that is, the amount written off).
California and federal law are nearly identical when it comes to wage garnishments. This article explains the basic rules.
The federal Fair Debt Collections Act (FDCPA) prohibits debt collectors from engaging in many kinds of abusive or deceptive activities. It pays to learn what collectors cannot do, so that you can protect yourself.
Here are some useful ideas for managing medical bills and avoiding excessive medical debt.
A Texas attorney explains common issues around credit card debt lawsuits and some options, including bankruptcy.
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