| (Note: this is not to be considered legal
| |
| | even if a creditor has sued them in court
|
| advice, and it is dealing with the
| |
| | and won a judgment.
|
| hypothetical “average” elderly
| |
| | Consider the following situation.
|
| and/or disabled person. Each case is
| |
| | Let’s say a creditor has just sued
|
| unique and to determine the legal
| |
| | you and won a judgment in court. They now
|
| ramifications of your individual scenario
| |
| | have to execute the judgment in order to
|
| you should consult an attorney.)
| |
| | actually start collecting the debt. One
|
| Debt settlement, also known as debt
| |
| | way a creditor executes a judgment is
|
| negotiation or debt reduction, is a
| |
| | through wage garnishment. When a creditor
|
| relatively new way for dealing with your
| |
| | garnishes someone’s wages, they
|
| debt problems. In a debt settlement
| |
| | automatically (and legally) withdraw a
|
| program, by negotiating with a creditor, a
| |
| | certain percentage of that person’s
|
| client can reduce their debt by as much as
| |
| | wages every paycheck (25% after taxes in
|
| 50 percent and be debt free in as little
| |
| | most states) until the debt is paid off.
|
| as 12 to 30 months. In order to
| |
| | Fortunately, creditors cannot garnish
|
| accomplish these savings, however, a
| |
| | Social Security, disability, and most
|
| client must voluntarily stop paying their
| |
| | pensions (unless the
|
| creditors. By doing this, a creditor is
| |
| | “creditor” is the mother of
|
| forced to confront the following question:
| |
| | your children and she’s collecting
|
| How can I collect the most money from
| |
| | alimony). This being the case, the
|
| this past due debtor with the least amount
| |
| | creditor would probably look for another
|
| of effort and the least total expense to
| |
| | way to collect the debt. Levying a bank
|
| my company? Typically the answer to this
| |
| | account is another common method for
|
| question in the minds’ of creditors
| |
| | executing a judgment. Again the elderly
|
| is accepting a lump sum settlement for
| |
| | and the disabled are protected, presuming
|
| less than the full balance owed.
| |
| | the bank account’s funds are made up
|
| Although the vast majority of cases work
| |
| | of the deposits from social security,
|
| out according to this framework, as anyone
| |
| | pension, and/or disability benefits.
|
| who has ever read a debt negotiation
| |
| | A creditor is always reserved the right to
|
| contract can tell you---it’s
| |
| | pursue legal action to collect a past due
|
| impossible for a debt settlement company
| |
| | debt, even if the debtor is elderly or
|
| to guarantee that a client won’t be
| |
| | disabled. However, it only makes sense
|
| the target of any legal action by their
| |
| | that they’d prefer to accept a
|
| creditors. After all, creditors are
| |
| | settlement for less than the balance,
|
| always reserved the right to sue debtors
| |
| | especially if the debtor has no assets or
|
| to collect a past due account, regardless
| |
| | lives in a debtor-friendly state like
|
| of whether the consumer is taking any
| |
| | Texas, Florida, Iowa, Pennsylvania,
|
| action to resolve the outstanding debt.
| |
| | Arkansas, or Oklahoma. It is for these
|
| That being said, thanks to highly
| |
| | reasons that credit card debt reduction
|
| favorable state and federal debtor laws,
| |
| | makes a lot of sense for the elderly and
|
| the elderly and the disabled are very
| |
| | the disabled who are struggling to pay
|
| difficult to collect a past due debt from
| |
| | their minimum payments each month.
|
| relative to the average American consumer,
| |
| |
|
