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Debt Collection
Debt collection is a legal and necessary practice when products or services have already been provided but the consumer has not paid for them. Some companies use collection agencies to pursue payments on debts owed by persons or businesses.
5,393 Questions
Is the surviving spouse responsible for the medical bills in NJ?
In New Jersey, the estate must resolve all debts including medical bills. Until that is done, the spouse cannot inherit anything.
What does it mean when a company writes off a loan and sells your account to some other company?
When a company writes off your loan, from an income and accounting standpoint, they are saying that your loan will not be paid. When this occurs, they will send a transaction line to one or more credit bureaus indicating that they had to charge off your account as a result of non-payment.
When your account is sold to another company, the current organization either believes that they have gotten the most value out of the account or does not believe that it is cost effective to waste any more money working on the account. Either way, companies sell loans to other companies all the time.
When an account is sold off AFTER being charged off, the buyer is usually a distressed debt (collections) organization that specializes in the collection of that type of debt. Usually these buyers pay very little for the loan because the likelihood of collection is quite low.
Does an additional credit card holder have to pay any debt that they accrued with their card?
Yes unfortunately you do. In fact, you have to pay around 2-3 thousand more dollars than the overall cost spent on the credit card.
Who is responsible for marital debt?
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
What practices by a credit card company results in lower interest charges to the cardholder?
The card company allows a grace period before interest is accrued.
Am I required to pay my deceased father's bills?
You do not have to do it out of your pocket. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can jointly owned property be seized after a financial judgment?
Property can be seized by a financial judgement even if it is jointly owned. There are however ways to get around this. There are waiver and judgements that can be put into place to protect a spouse or business partner from incurring loss from a lien or judgement. The laws differ in each state so it is always best to consult an attorney on these matters.
How many garnishments can be taken from your wages?
Garnishments must run consecutively. This means that only one creditor garnishment can be active at the given time. The maximum amount of garnishment is 25% of disposable income that amounts to more then $290 (weekly based). Under federal guidelines the first $217.60 (weekly based) disposable income is exempt from garnishment action. If the state of residency's garnishment laws are less than the federal amount that percentage is used instead.
Please note, child support, tax arrearage and bankruptcy court ordered garnishments can be implemented at the same time a creditor garnishment is in force. Likewise, in some U.S. states spousal maintenance can also be active as a garnishment in conjuction with the aforementioned debts.
The best option for anyone facing possible garnishment action is to consult with a qualified attorney or legal organization. Most attorneys offer free consultations and there are also many who will charge only a minimal fee for a 15-30 minute consult.
The estate has that responsibility. Until the estate is settled, the house ownership and responsibilities have not been transferred.
Can a lawsuit be filed against a bank on a joint savings account if one party takes all the money?
Depends on if the person is the primary on the account, but usually a joint account shares all rights unless otherwise specified.
You would have to review your deposit agreement, but normally money in a joint account can be withdrawn or the account closed by either party.
Can a 14-year-old get a bank account that is not joint with a parent?
No. the legal age to open a bank account that can be operated independently is 18 years. If a 14 year old wants a bank account, he/she can only get it if they have their parents (either of them) as a joint holder of the account.
Why communicate with a third-party if it doesn't help your credit report?
If "third party" indicates a credit repair agency, please be advised. Such agencies cannot do anything that the debtor cannot to for themselves. If the defaulted debt(s) reported to the credit reporting agencies are valid, they cannot be expunged until the required amount of time has passed.
Please do not let representatives of aforementioned agencies pressure you into using their company as a way to "mend" a credit report. It simply is not possible.
Debt consolidation agencies are a different matter. The consumer should approach all such action with caution and only become involved when/if he or she completely understands all the conditions of entering into such a contract. Never agree to a written or verbal contract regarding such (or anything really) that is not completely understood and acceptable.
How soon can you purchase a new home after filing chapter 13 bankruptcy?
You are typically off the market for about 3-4 years. At that point some mortgage companies will begin to look at your overall credit situation again, but you will have to show much credit growth and responsibility.
Can personel property be taken for credit card debt?
yes whatever you bought with the card can be taken until the balance has been met, or you just keep getting further and further in debt
Do all foreclosures have to be listed as public records?
Yes. But some are bought by people who see the property listing before it is listed as a foreclosure.
Can a credit card company sue you if they sold the debt to a collection agency?
NO! They received money for selling the debt and don't care if it ever gets collected. The money only goes to the collections company that is why they bought it. Also, you can't be sued by the collection agency if they don't allow you to resolve the issue in a legal manner set out by the FTC and Fair Debt Collection Practices Act. They have to give you the chance to prove you don't owe the debt or it is the wrong amount or whatever before you can be sued. They can't issue warrants for your arrest. They can't charge you interest. They can't threaten you. They can't pretend the company you originally owed the money to is involved in collecting the debt. They can't harrass you. Complain to the FTC.gov if they are.
What does motion to vacate foreclosure sale mean?
Motion to vacate sale means cancelling the order that confirms the sale of the foreclosed property. The word "vacate" means cancel in this case.
Pennsylvania does not allow wage garnishment for creditor debt. However, the judgment creditor can renew the bank levy and continue to attach the account until the debt is paid or until the judgment levy becomes invalid.
The debtor who has his or her account levied, should research all the state, (and in some cases federal) statutes/ laws concerning the action to determine if the judgment levy is, indeed valid.
Can a creditor garnish wages in the State of Delaware?
Yes, the state allows wage garnishment by judgment creditors.
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How can you make a payment on the national debt?
If you want to help with the economy, don't consider the national debt your debt. While they might divide it by the amount of people and say each citizen would have to pay a certain amount, no one needs to, or in most cases, does pay pure capital for the national debt.
BUY STUFF! Maybe go to a restaurant. Sales tax is one factor. But then there is the business, which uses your money to pay the food manufacturers. That pays the food processing employees, and keeps them employed so they can pay taxes too. Your tip means the waiter or waitress has cash to go buy something, which is taxed. It keeps the business open, and paying income/property taxes. Those taxes feed the institutions that keep the government and the country running.
A variation of trickle-down economics. Sort of.
Actually, sales tax is state legislated not national. Property tax is a county (or parish) tax. Understand that the national debt is money owed by the federal government (such as bonds or treasury bills owned by people and institutions throughout the world).
Do you get your bank card right away when you sign up for a bank account?
In most cases yes. Most Major Banks these days have the technical ability to issue a bank card to any customer who opens an account with them, on the very same day the customer opens his account. Even if due to some difficulty they are unable to issue the bank card, they will post it to your home address within the first 2 weeks of bank account opening.
