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What else can I help you with?
Does the Federal Consumer Credit Reporting Reform Act keep creditors from refreshing the debt after seven years by selling it to a collection agency?
NO. only the expiration of the SOL. Which is in almost all cases shorter than the seven year CR.
Can creditors legally sell your debt to another party?
Yes, creditors can legally sell your debt to another party, who then has the right to collect the debt from you.
Can they legally keep selling your old debt to other collection agencies to keep the debt active?
YES, but your question is not well thought-out. There may be statutes of limitation in your state of residence when you incurred the debt, regarding a particular type/category of debt -- you would have to check further along that line. If the debt is not of a category having statutes of limitations, then the creditors can continue collection effort or resell the debt to a collection agency (that can then continue the collection effort) pretty much until they decide to quit spending time and resources on the effort. Even your death won't prohibit creditors from pursuing your estate. This is a primary reason for the existence of personal bankruptcy -- to legally terminate some or all debt that you are not capable of paying.
How do stocks and bonds differ?
Bonds are a form of debt when a company sells them to creditors
What was the name for a society where debtors were bound to their creditors in servitude?
That system was called debt bondage or debt servitude, where debtors were forced to work for their creditors until the debt was paid off.
What do firms owe their creditors?
Firms will owe their creditors a debt and usually some type of interest.
Why are debt counselors able to talk with your creditors and get your monthly payments reduced and you can't?
It is the debt counselor's job to notify the creditors that if you choose to sign up for debt management plans and that you are very serious about getting out of debt. They are professionals. They know what compromises creditors will agree to and they know that creditors are likely to accept a partial payment rather than no payment or suing a debtor who has no money. Credit counselors also have contacts and know how to access the right people.
Can joint property be taken by creditors?
Yes, joint property can be taken by creditors, but it depends on the specific circumstances and the nature of the debt. If the debt is solely tied to one co-owner, creditors may only pursue that individual's share of the property. However, if both parties are liable for the debt, creditors can seek to claim the entire property to satisfy the debt. Laws regarding this can vary by jurisdiction, so it's important to consult legal advice for specific situations.
How do debt relief lawyers eliminate your debt?
They often don't. Bankruptcy is the only certain way to "eliminate" your debt, and the only way all creditors are treated the same. Anyone else who claims to be able to eliminate your debt completely is lying. They make what deals they can with the creditors that are willing to negotiate. If you make monthly payments to this debt eliminator, make sure the payments are made to the creditors immediately, or the creditors will sue you and bring the collection to an end. Always check them out with the Better Business Bureau and your state Attorney General or consumer protection office.
Is there a time limit for creditors to collect a debt from a deceased in Pennsylvania?
no there is no limit
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
I am in debt with several small creditors and am on a fixed income I dont want to file for bankrupcy unless i have to then will loose everything What are my options?
If you are in debt with several creditors and don't want to file a bankruptcy you can try to get a consolidated credit repair company to help you to manage the debt.
