Debt Garnishment – How To Protect Your Funds From Creditors

debt garnishment

If you’re in debt to the point that creditors are calling and threatening to garnish your wages or other funds, you should know what your options are to keep creditors at bay until you can straighten out your financial situation. Perhaps one of your creditors obtained a judgment from you many years ago and you’ve since forgotten about it. You may think the creditor simply wrote it off as a bad debt. Then you get a letter of Complaint to Enforce Judgment and an application to apply for garnishment of your bank accounts and wages. You do have some options …

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Ways to Deal With Out of Control Debt Collectors and Agents

Unemployed Man Facing Financial Problems

Those harassed by debt collectors often panic from the pestering. Constant phone calls, being abusive on the phone, calling at work or late at night are not acceptable and should not be tolerated. If you have an outstanding bill and are being harassed by debt collectors, you should know your rights. For example, ask for a written notice stating how much you owe, who the creditor is and your rights from the debt collection act if you believe you don’t owe the demanded money. You should receive a written notice within five days. Challenge the debt in writing within thirty …

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Use These Important Steps to Getting Out of Debt Forever

Time to get every plan to get out of debt carried out

Many of us live in the moment when it comes to finances – if the money is there, or the credit is available, spend it or take advantage of it. If you truly want to get out of debt and remain out of debt, there are some steps you can take to make sure you avoid getting back in to the same old rut while you’re paying off present debt. Always remember that when you put that great sale item you found on a credit card, you’re paying much more than it initially cost. Credit cards are so easy to …

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Develop Workable Budget – First Step for Getting Out of Debt

Young black couple planning budget together at home and writing notes

The first and most important step for getting – and staying – out of debt is to create a workable budget. Whether you use a spreadsheet or other form of tracking your spending, you’ll feel more empowered when it comes to your finances and can finally begin to save money for things you want and need when you know exactly where your money is going. First, assess your net income – the money you bring home for expenses. Make sure you don’t use your total salary as your net income, but only what you get to spend after taxes and …

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Do You Have A Good Get Out of Debt Emergency Plan To Live By

Debt emergency plan

Heavy debt can make you feel as if you’re drowning. You may feel like an elephant is sitting on your chest preventing you from breathing, feel out of control and feel panic that keeps you from thinking clearly. Until you formulate a plan for getting out of debt, you’ll keep floundering and the debt situation will only get worse. When you’re finally determined to rectify the situation by doing everything possible to get out of debt – it’s time to formulate a plan. First, carefully assess your debts. You can request a free credit report each year from the three …

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Stay Away From and Avoid At All Cost Get Out of Debt Scams

debt-scam-someone-receiving-bribe-money-from-partner

When you’re desperate to get out of debt, you may be tempted to grab the first offer that comes along to relieve the pressure and chaos that debt can bring into your life. Unfortunately, there are get out of debt scams that can bring even more pressure and chaos into your life. You should avoid them at all costs. These scammers target those with high credit card debt by claiming they will negotiate with the person’s creditors or reduce payments or debt balance. This is a false promise which can cost you an up-front fee and then fail to help …

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Get Started Consolidating Your Debts For A Better Future

Man and woman worried for debt taxes and family budget

When you move to consolidate your outstanding debts, you’ll be obtaining a new loan called a consolidation loan. You’ll pay off the old debts with the new consolidation loan and then have one payment – usually at a lower APR and for a fixed term limit of three to five years. The lender (a bank or credit union) will pay off your existing debts with the loan you secured and you’ll now be responsible to pay off that loan and any other new debts you might incur in the meantime. People usually opt for a consolidation loan when they would …

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Consumer and Non-Consumer Debts – What Is The Difference?

Consumer and non-consumer debt

It’s imperative that you know the difference between consumer and non-consumer debts and how each may affect your credit and your lifestyle. The difference in the two types of debts lies in the manner they’re treated when it comes to taxes, annual percentage rates, terms of agreement and collateral you may offer. A non-consumer debt is usually covered by an asset which is expected to appreciate in value, such as a home. The asset acts as collateral for the loan you receive from a lending institution, meaning if you don’t pay back the loan, the lender can sell the property …

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