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The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. Always be wary of pressure to settle a debt right away. High pressure to pay or sign something quickly is almost always a bad signal. Even if you think the call may have come from a genuine, licensed debt collector, investigate the collector’s background before handing over any money. You may want to pay off a debt to avoid going to court, to clear your record, or for another reason. However, you should not agree to any payment or payment plan without first getting the terms in writing and proof that the creditor actually owns the debt and this debt collector is legally entitled to collect it. Also check to be sure the creditor will note on your credit report that you have paid off the debt. If the debt is not paid off, but merely reinstated under a pay down plan, make sure that the plan can be met. Gather any evidence you can find to back up your arguments. Decide in advance what you want to say and how you might prove it.

Posted March, 2011 by Admin

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Those people, who choose to file Chapter 7 bankruptcy, will have to release some of their assets, but the plan will help them get out of most all of their liabilities. On the other hand, individuals who choose to file Chapter 13 bankruptcy can maintain most of their assets, paying small payments over an agreed upon time period. Before the year 2005, it was quite easy for people to file Chapter 7 bankruptcy. However, in October 2005, officials passed the Bankruptcy Abuse Prevention Act, which made it a bit more difficult for consumers to opt for this route. Before people can file a Chapter 7, they must first pass a "means test. " If you have any difficulty understanding these new requirements, San Diego bankruptcy Attorney can explain to you all the details about these new laws. For people to pass this test, they must prove that they cannot pay any of their debts, not even a small portion of them. They must provide a recent tax return with their bankruptcy application, and their income must be well below the average income in the state where they reside. Finally, they must obtain some form of credit counseling to determine that they, indeed, are in need of filing bankruptcy. If the customer has credit card debt San Diego Debt Relief attorney will be the best choice for them. After people file for Chapter 7, the courts determine that applicants are not eligible for this plan of bankruptcy; applicants will then need to opt for Chapter 13.

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Hiring a lawyer who’s skilled, sensible and rational is essential when your property is at stake.

The most popular among these are chapter 7 and chapter 13.

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Posted February, 2011 by Admin

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