Creditors can take legal action against you if you default on debt payments. Before the judge makes a ruling, the courts must first issue a court summons. Failure to respond to the summons almost guarantees a judgment in favor of the creditor. With a legal ruling in hand, creditors have the freedom to freeze your…
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Are you receiving calls from an unfamiliar collection company about credit card debt? If so, your debt was likely sold to a third-party collection agency or debt buyer. This occurs when an account becomes 180 days past due and credit card companies charge-off your account. They then reclassify it from a performing to a non-performing…
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The initial debt collection calls you receive will come directly from the bank or credit card company to which you owe the debt. The credit card company will likely charge-off your debts after 180 days if you fail to respond. Many people often mistakenly confuse a “charge-off” as a forgiven debt when in fact the…
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After a long period of ignoring debt collection calls and demand letters from persistent agents, creditors may sue you for an outstanding debt. A court summons is one notice that you should not ignore. Failure to respond to a court order can result in harsher penalties than simply paying off a debt. You should immediately…
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Anyone looking to purchase a home will likely hear the term ‘mortgage broker’ come up a few times throughout the process. Mortgage brokers serve as the liaison between homeowners and the bank or mortgage lender. Their role is simple but necessary. They work directly with the bank to help homeowners qualify for a mortgage. The…
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You may have ignored the unrelenting collection calls for months as you thought of ways to gather the funds to make necessary payments. You may have even acquired a debt collection attorney to negotiate a repayment schedule, but you have yet to make the necessary payments. Such circumstances can result in your debt going into…
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Deciding whether or not to acquire a debt relief attorney may be something you are struggling with. You may understand that your credit card debt has become overwhelming and ignoring it can only lead to severe consequences, but you aren’t too sure if legal representation is necessary. The fact that you are considering a debt…
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An emergency situation may have presented itself leading you to charge a large amount to your credit card. You may have had the intentions of paying it off, but the interest continued to accrue as daily expenses still needed to be afforded. Situations like these can cause your credit card debt to accumulate rapidly. Making…
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Joint bank accounts are accounts shared between two people with both of their names on it. These accounts are usually created by couples looking to combine their income in a way that allows them to collaboratively keep track of spending and finances. While joint bank accounts have their benefits, if a judge rules to garnish…
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Once your debt has gone into collections, the most powerful way a creditor can retrieve the necessary funds is by freezing your bank account. Massive debt collection firms have the ability to find out where you work and bank. Once they have identified your financial institution and received a judgment, they can then send a…
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. Heather Weis | Benveniste Law Offices Call us 847-849-1163