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What are Arizona's laws concerning original creditors collection agencies third party collectors lawsuits bankruptcy and SOL?
Wiki User
∙ 19y ago
Wow! I am afraid that would take a considerable length of time to impart all that info. In general original creditors do not have to follow the FDCPA when pursuing collections (but they usually do).All other collection agencies do have to adhere to the FDCPA. Only attorneys can initiate lawsuits. Federal BK statutes apply in Arizona, but there are state exemptions which can also be used (simplified explanation). The SOL is 3 years on credit card debt. You may want to consult www.azleg.state.az.us for more info. Or email me if I can be of any further help.
Wiki User
∙ 19y ago
Arizona's laws generally allow original creditors, collection agencies, and third-party collectors to pursue legal action to collect debts within the statute of limitations, which is typically six years for most debts. Bankruptcy can provide debtors with relief by filing for Chapter 7 or Chapter 13, which may result in the discharge of certain debts. It's advisable to seek legal advice for specific situations related to debt collection and bankruptcy in Arizona.
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Will the bankruptcy court take a lawsuite settlement?
It depends on the specific circumstances of your bankruptcy case and the laws in your jurisdiction. In some cases, lawsuit settlements may be considered part of the bankruptcy estate and subject to distribution to creditors. It's best to consult with a bankruptcy attorney for guidance tailored to your situation.
Limit to how long collectors can legally collect your debt in Ohio?
In Ohio, the statute of limitations for collecting a debt is typically 6 years for written contracts and 4 years for oral contracts. After this time period has passed, creditors cannot sue you to collect the debt, although they can still attempt to collect it. It's important to be aware of your rights under the Fair Debt Collection Practices Act (FDCPA) to ensure collectors are following legal guidelines.
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What are the difference between Chapter 7 vs Chapter 11?
Chapter 7 bankruptcy is a liquidation process where assets are sold to repay creditors, usually resulting in the discharge of most debts for individuals or businesses. Chapter 11 bankruptcy is a reorganization process that allows businesses to continue operating while developing a plan to repay creditors over time. Chapter 7 is typically more straightforward and faster, while Chapter 11 is more complex and costly but allows for more flexibility in restructuring debts.
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You no longer have the protection of the Court or the BK laws, and creditors may oursue collection every legal way.
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The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
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