What Is the Fair Debt Collection Practices Act?

The Fair Debt Collection Practices Act (FDCPA) is a law originally passed in 1978 in order to protect consumers and regulate the tactics that can be used to by debt collectors. If you have had collection agencies hounding you over a debt, it is imperative that you know what you rights are as outlined in…

Debt Validation

Under the FDCPA, you have the right to “debt validation“. This means a consumer can demand that a creditor reporting information to the credit bureaus prove the account is really your responsibility and that the balances are accurate. In addition, a collection agency must also prove they have a legal right to collect the debt.…

How to Get Out of Debt

A Guide to Managing & Getting Out of Debt When controlled properly, debt is a valuable tool. Loans allow us to buy houses, cars, and educations. Lines of credit make spending more convenient. And payment plans save us from having to dealing with major expenses, such as out-of-pocket medical costs. Digging a Hole While debt…

Settling Your Debts – A Guide to Debt Settlement

You might feel like you’re out of options when you’re swimming in debt, but that’s just not the case. Debt settlement is a viable option that helps you negotiate a lower debt amount with your creditors. Instead of paying the full balance, debt collectors might agree to let you bring your balance down to a…

Statutes of Limitation on Debt Collection

Collection agencies and debt collection companies are well known for the way they do business. They’re much more concerned with getting paid than with how they go about collecting the debt. As long as they can get a consumer to pay the debt that is owed they care little about consumer’s rights or even whether…

How to Settle Debt with the Original Creditor

When a debt exists there are two parties involved – the creditor, who is the source of the loan, and the debtor, who is the receiver of the loan. If you are a debtor whose loan or credit card account goes into default, be prepared to face serious repercussions. However, it’s never too late to…

Chapter 7 Bankruptcy: What You Need to Know Before Filing

What is chapter 7 bankruptcy? Chapter 7 bankruptcy releases or “discharges” individual debtors from having to pay certain outstanding debts while allowing them to keep exempt assets so they can get on with their lives. It has strict eligibility criteria and only certain types of debts can be discharged. The main purpose of Chapter 7…

Chapter 13 Bankruptcy – What It Is & How It Works

Who is eligible for chapter 13? Chapter 13 is reserved for individuals and couples, as opposed to corporations and partnerships. You’re most likely eligible assuming you have received credit counseling and possess a regular income sufficient for your living expenses. Additionally, your secured debts must be less than $1,081,400 and your unsecured debts should be…

What You Can Keep in Bankruptcy

Many people have the impression that bankruptcy means giving up everything you own. Quite the opposite is true; bankruptcy is designed to offer you relief from debt without the need to give up basic things that bring stability to your life. That said, a great deal of what you can keep depends on the specifics…

How to Handle Medical Debt

Without or without insurance, medical debt can be a huge burden. Hospital and doctor’s bills can be extremely high and sometimes impossible to pay without a plan. Even if you have an insurance plan, you can quickly get overloaded with co-pays, deductibles, and prescriptions. Unpaid healthcare expenses are easily one of the largest debts that…