Sawin & Shea

SEPTEMBER 29, 2021

Bankruptcy is often a wise choice for those overwhelmed by credit card debt and looking to get back on track and rebuild their finances. With credit card debt specifically, debtors often wonder how the process works and how it will affect their ability to still use current cards or open new ones in the future.

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Titan Consulting

SEPTEMBER 15, 2020

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. You avoid calls because you don’t want to talk to creditors demanding payment on past due bills.

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Payment Savvy

NOVEMBER 5, 2020

Each state gives creditors and collection agencies varying times to file suit on unpaid and delinquent credit card debt. Dependent on the state, debt collectors are allotted a finite timeframe to file suit against consumers with past due credit card balances. State Statutes for Credit Card Debt.

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Titan Consulting

SEPTEMBER 8, 2020

Making just the minimum payment required each month on credit card debt will maximize the amount of interest you pay to creditors. Creditors want you to make minimum payments even though they know it’s terrible for your financial wellbeing. Another credit card bill arrives, and you moan when you see the balance.

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Collection Industry News

MAY 24, 2021

Credit card debt has plunged — but what if you’re still up to your neck? Credit card debt has fallen during the pandemic, with figures from credit bureau Experian showing the average debt dropped from $6,194 in 2019 to $5,313 in 2020. Source: site. Who’s dealing with the heaviest load?

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Troutman Sanders

JANUARY 29, 2024

She listed 45 unsecured creditors in her schedules of assets and liabilities, including the $7,400 credit card debt at issue. However, testimony later showed that the entity listed as holding the debt, Direct Merchants Bank, was not the actual creditor but rather a registered trademark owned by Metris Companies.

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Account Recovery

NOVEMBER 30, 2020

The Court of Appeals for the First Circuit has upheld a lower court’s ruling that the purchaser of a defaulted credit card debt is entitled to the same arbitration opportunity as the original creditor, even though the individual who owed the debt prevailed in a civil suit filed by the purchaser because it could not … The post Appeals Court (..)

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Collection Industry News

DECEMBER 1, 2022

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

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Sawin & Shea

NOVEMBER 8, 2023

Factors like inflation, high interest rates, and economic uncertainty have found more and more Americans relying on credit cards to get by. In fact, Americans are at an all-time high when it comes to credit debt to the tune of $1 Trillion. On average, Americans individually carry about $7,951 in credit card debt.

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Sawin & Shea

JULY 27, 2022

Primarily, it could result in your debt becoming ineligible for discharge, which is often the whole point of filing for bankruptcy. So in many cases, running your credit card debt up is not worth it. Understanding Credit Card Debt and Bankruptcy. Running Up Credit Card Debt Prior to Bankruptcy.

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Credit Corp

MAY 1, 2024

Credit card debt forgiveness, also known as debt settlement, involves negotiating with creditors to reduce the amount owed on your credit card balances. trillion in credit card debt. What Is Debt Forgiveness? What Is Debt Forgiveness?

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. But can you file for bankruptcy on credit cards only ?

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Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

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Credit Corp

JULY 26, 2021

What debts are forgiven at death, for instance? Can your family members’ creditors come after you now? Technically, personal debts aren’t forgiven at death. Credit Card Debt . Joint credit card debt passes straight to the other borrower. Notify Creditors and Credit Bureaus.

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Roths Child Law

MARCH 15, 2023

They may have too much debt to manage Working up a new budget is an important move after losing one's primary stream of income. When they can't find a job that offers comparable pay, they may find themselves unable to pay their bills at all in facing foreclosure, repossession or lawsuits from creditors.

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Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. At the start of the year, U.S.

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Sawin & Shea

JUNE 22, 2022

This is because you will instead agree to a repayment plan for a three to five-year period in which you will make a more affordable payment that will go towards your debts and creditors, so you don’t have to sell off what you own for the money. How much of your debt is medical and credit card debt?

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Sawin & Shea

SEPTEMBER 14, 2022

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. In order to understand the bankruptcy process, here’s what you need to know about consumer debt and non-consumer debt. What is Consumer Debt? What is Consumer Debt? What Does “Primarily” Consumer Debt Mean?

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Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. Indiana’s median income changes from year to year.

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Sawin & Shea

AUGUST 2, 2023

Some people may be overwhelmed with credit card debt, especially those who spend more than 20% of their annual net income on credit card bills, have maxed out limits on several cards, and/or can only afford to pay the minimum on credit card bills.

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Troutman Sanders

JANUARY 27, 2023

In In re Myers , included on the debtors’ chapter 13 scheduled debts was a “disputed” credit card account with an outstanding balance of $7,905.88. The debtors’ counsel sent a written request to the creditor requesting additional documentation required under Nevada law to enforce a credit card debt.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. consumer credit card debt has increased to nearly $1 trillion.

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Sawin & Shea

JULY 8, 2020

Which Debts Can Be Discharged By Chapter 13 Bankruptcy? Your Chapter 13 bankruptcy plan creates an affordable route to satisfying your creditors and starting to rebuild your financial stability. You can also wipe out debts owed to gyms, clubs, and other personal services. It comes with some huge benefits.

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Roths Child Law

JANUARY 31, 2023

If you are struggling to pay your debts, you have a number of options at your disposal. You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.

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Sawin & Shea

MAY 5, 2021

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. Reports have suggested that anywhere from 40% to 62% of bankruptcies are due to medical debts.

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Roths Child Law

JULY 12, 2023

What this means is that people who file for Chapter 7 bankruptcy may have their assets liquidated to appease creditors. Will my credit score be hurt forever? It’s true that filers will see their credit score plummet after filing for bankruptcy. Liquidation bankruptcy is another name for Chapter 7 bankruptcy.

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Albuquerque Law

JUNE 30, 2021

Many people might think that social media has nothing to do with their finances – especially when it comes to debt. Social media plays a role in increasing credit card debt. This expansion has led to several reports that social media has indeed impacted individuals’ credit card debt.

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Credit Corp

MAY 9, 2023

Do you have bill collectors contacting you about unpaid debt? Even if you have debt that’s still unpaid, your creditors only have a certain amount of time to take legal action against you. These statutes vary by state, type of debt and terms of the contract, if there is one. Technically, you still owe the debt.

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Sawin & Shea

JUNE 7, 2023

Cosigner Responsibilities: Bankruptcy and Debt Collection If a primary borrower declares bankruptcy, the co-signer associated with the debt may be responsible to pay back creditors, but this will depend on the type of bankruptcy that the primary debtor filed. Unlike Chapter 7, filing Chapter 13 offers protections for co-signers.

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Sawin & Shea

MARCH 6, 2024

Also, if your credit score is already quite low, you may not be able to qualify for low interest which makes debt consolidation a useful method of debt management. How Does Debt Consolidation Work? Creditors do not have to participate. The issue with these programs is that they are voluntary.

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Sawin & Shea

APRIL 5, 2023

Instead, your child support and alimony will take priority over your other debts. Your court-appointed bankruptcy trustee will sell off your non-exempt assets and distribute the proceeds to creditors according to a predetermined priority scheme, and in this case, your child support payments will take top priority.

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Credit Corp

JUNE 8, 2023

This is where they come into play—things like making loan and credit card payments on time each month and maintaining a good debt usage or a credit utilization rate—the amount of debt, including credit card debt, you have in relation to your overall credit limit—can help you reach the credit score you’re after.

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Credit Corp

OCTOBER 24, 2023

If you’re one of the millions of Americans looking to raise their credit score , you may think not using your credit card will help. After all, many people hurt their credit score by accumulating too much credit card debt.

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Credit Corp

MAY 1, 2024

Account errors: If someone steals your identity, your credit report may list accounts you never opened. Creditors may also make errors when reporting payment dates and payment amounts. You may even see the same debt listed more than once. It’s also possible for the same account to be listed under two different creditors.

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Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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Sawin & Shea

JANUARY 18, 2023

They will work with you to gather your financial records, including all of your debts, expenses, assets, and income streams. You’ll also need to supply the bankruptcy court with a list of creditors, an income statement, and copies of your tax records. Additionally, your creditors will not be allowed to contact you.

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Better Credit Blog

APRIL 1, 2022

To remove Capital One Collections from your credit report, you first need to know who currently owns the debt. In other words, has Capital One sold your unpaid credit card debt to another collection agency, or is the debt still with Capital One? Why would this kind of debt settlement work?

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