Debt Law

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Although an individual can file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, both types involve the same four steps, according to Money Crashers. These steps include providing a financial inventory, receiving credit counseling, attending a creditors' meeting and completing post-bankruptcy credit counseling. Most bankruptcy cases are handled through paperwork rather than court attendance.

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  • What happens to debt when a person moves out of the country?

    Q: What happens to debt when a person moves out of the country?

    A: The results of moving out of the United States and leaving debt behind vary from lawsuits filed on behalf of the debt holder to poor credit for the debtor. Depending on the length of time out of the country, there may be no result.
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  • What happens during bankruptcy?

    Q: What happens during bankruptcy?

    A: Although an individual can file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, both types involve the same four steps, according to Money Crashers. These steps include providing a financial inventory, receiving credit counseling, attending a creditors' meeting and completing post-bankruptcy credit counseling. Most bankruptcy cases are handled through paperwork rather than court attendance.
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  • What is a good bankruptcy score?

    Q: What is a good bankruptcy score?

    A: The lower a bankruptcy risk score, the better. According to Bankrate, bankruptcy risk scores range from negative numbers to 2,000. While these scores are hidden from consumers, businesses use them to decide whether to extend credit to a customer.
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  • What is life like after bankruptcy?

    Q: What is life like after bankruptcy?

    A: Life after bankruptcy includes a new financial beginning and some challenges. Bankruptcy stays on a credit report for 10 years, which limits credit options, according to Bankrate. Lenders sometimes view individuals who filed bankruptcy as too risky because some past debts were written off. As a result, individuals who filed bankruptcy may not be issued a credit card for some time.
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  • Q: What is a motion for default judgement?

    A: A motion for default judgment is a request that the court provide a default judgement when the defendant fails to respond to the complaint within the time allotted by the court. A default judgement is an award ordered in favor of the party who filed the complaint.
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  • Q: How do you file a lien in Colorado?

    A: File a lien in Colorado by gathering documents, consulting with an attorney and then filing a judgement. Once the judgement is granted, collection may be possible.
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  • Q: What are the differences between Chapter 13 and Chapter 7 bankruptcy?

    A: Differences between Chapter 13 and Chapter 7 bankruptcy include the income level of people eligible for each type of bankruptcy and the amount of time it takes to file for each, according to FindLaw. Only people whose income does not exceed a certain level can file for Chapter 7 bankruptcy.
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  • Q: How do you find companies that have filed for bankruptcy in the United States?

    A: Individuals can find companies that have filed for bankruptcy in news and investment publications. Stockbrokers provide insights about insolvent entities, while government sources such as bankruptcy courts and the Securities and Exchange Commission provide useful bankruptcy information, reports FreeAdvice.
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  • Q: Can the American Debt Foundation get consumers out of debt?

    A: The American Debt Foundation cannot get consumers out of debt because the company is already out of business as of 2015, according to the Better Business Bureau. The company was not BBB accredited, and it received a BBB rating of F, which is the lowest rating on the scale.
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  • Q: How do you use a debt pay down calculator?

    A: A debt pay down calculator is used by entering the amount owed, interest rate and monthly payment, notes CNN Money. The monthly interest is added to the total amount owed for the last month. The monthly payment is subtracted for the new owed amount and length of the payoff period.
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  • Q: Can you be jailed if you owe a bank money and do not pay?

    A: On the federal level, the U.S. government made it illegal in the 1800s to imprison someone just because they couldn't repay a debt. However, more and more often, courts in some states are jailing individuals who fail to repay a creditor when they are court ordered to do so.
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  • Q: What is the Mortgage Forgiveness Act of 2015?

    A: The Mortgage Forgiveness Tax Relief Act of 2015 is a pending bill in the U.S. Congress as of July 2015. It seeks to extend to 2016 a similar law that expired in 2014, so that forgiven mortgage debt on a principal residence is not classified as taxable income.
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  • Q: How is a default judgment collected in Texas?

    A: Collecting a default judgment in Texas is possible through a garnishment lawsuit, abstracts of judgment or through the debtor's simple payment, according to the Law Office of Tom M. Thomas II. A debtor with a default judgment in Texas can choose to pay the debt owed immediately to avoid facing other legal actions.
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  • Q: What is the statutes of limitations on debt collection?

    A: State law sets statutes of limitations for debts, which may vary from state to state, according to the Federal Trade Commission. Some states have several statutes of limitations. The applicable law depends on the type of debt involved.
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  • Q: What is the Fair Debt Collection Act?

    A: The Fair Debt Collection Act is a federal law that prohibits debt collectors from using deceptive and unfair practices to collect a debt, explains the Federal Trade Commission. A debt collector is someone who regularly collects debts that are owed by individuals and businesses.
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  • Q: Where does the U.S. federal annual debt rank compared to other nations?

    A: Economists use many different methods to measure national debt, but the method used most often when comparing countries to one another is called debt-to-gdp ratio, according to the Swiss National Debt Office. As of 2013, the United States had the 36th largest debt-to-gdp ratio, according to statistics from the CIA World Fact Book.
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  • Q: What is a conditional waiver of lien?

    A: There are two types of conditional lien waivers: a conditional waiver and release upon progress payment and a conditional waiver and release upon final payment, explains Investopedia. The former prevents action on a mechanic's lien provided payments are kept current; the latter prevents action after final payment with certain provisions.
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  • Q: Can a debt collector enter a debtor's house?

    A: A debt collector does not have the right to go inside a debtor's home without their permission as of 2015, according to CTLawHelp. A debt collector also cannot contact friends, family or neighbors regarding a debtor's debt, however, as noted by the Federal Trade Commission, they can be contacted at least once in an effort to locate a debtor. Threatening a debtor with jail time is also prohibited under the Fair Debt Collection Practices Act.
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  • Q: What are some important laws of bankruptcy?

    A: Important laws of bankruptcy include the ability for an individual to file for a Chapter 7 or Chapter 13 bankruptcy, Money Crashers explains. Both types of bankruptcy involve providing a financial inventory, attending a creditors' meeting, receiving credit counseling during bankruptcy and completing post-bankruptcy credit counseling. The majority of bankruptcy cases are handled through paperwork and don't generally require court attendance. Whether an individual qualifies depends in part on his previous filing history, FindLaw notes.
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  • Q: Where can you find answers to common questions about bankruptcy?

    A: As of June 2015, answers to common questions about bankruptcy are the website of the U.S. Bankruptcy Court Southern District of New York. The site's Filing Without an Attorney page has a link to a PDF from the New York City Bankruptcy Assistance Project.
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  • Q: Where can you find a sample of a 30-day notice?

    A: A sample 30-day notice for a landlord to serve to a tenant is available on the Rocket Lawyer website. The notices can be customized to meet state laws and requirements.
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