Posted on
January 6, 2010
at
2:40 am
what would be the worst that could happen to me - I'm getting my debt written off ...
Posted on
January 6, 2010
at
3:10 am
Getting Debt Written OffHi, the worst? The collection agency or creditor (some of them are really aggressive) suing you for judgment.
Posted on
January 6, 2010
at
3:12 am
I wonder who gave you that idea - getting debt written off - if it's not a serious matter, I'd say that it's amusing, but I get you. Have you tried looking into debt relief programs though?
Posted on
January 6, 2010
at
3:21 am
What is a judgment?And somebody told me to either wait for 60 days or more so my debt would be written off or just file bankruptcy. I was thinking of either - I'm just researching right now.What's debt relief?
Posted on
January 6, 2010
at
3:24 am
A judgment is any of the following -wage garnishmentproperty lienbank levyRemember though that it goes through the court - meaning, you'd be informed that a legal action such as that is going to be taken against you. There are cases wherein, for some reason, the court notice did not reach you, and as a result you'd get a 'default judgment'. You can challenge that - if you can prove that you really did not know that such an action was going to be taken against you.Don't file bankruptcy if your debts are unsecured.
Posted on
January 6, 2010
at
3:27 am
I agree with the previous post. If your debts are mostly credit card - DEBT RELIEF programs are your best bets to avoid legal action from your creditors.Debt relief, depending on your debt amount and account status, could be:-credit counseling (Debt Management Plan)-debt settlement File bankruptcy, when you're already handed down a judgment - or if your debts are mostly secured and are not considered non-exempt by the court.
Posted on
January 6, 2010
at
3:30 am
I owe over $30k in credit card debt. That's really impossible to clear in my current situation. How do I get my debts written off again? Wait for 60 days ... but what if they tell me that they're suing before the end of that 60 days?
Posted on
January 6, 2010
at
3:37 am
Actually it really depends on who your creditors are - some really sue before they turn over your accounts to a third party collection agency.But don't be rattled just yet, and know that after 60 days (somebody correct me if I'm wrong) the creditors are required by the IRS to write off your debt. So what creditors usually do - to get at least some portion of that debt, is pass on your account to a collector. Suing a debtor would cost them more, unless you owe them a significant amount.So it makes sense for you to actually do debt relief. Let the professionals negotiate your debt for you.
Posted on
January 6, 2010
at
3:40 am
Okay, you mentioned that you owe $30,000. That qualifies for a debt settlement program. The program actually requires you to be past due for them to be able to negotiate that amount to more or less half.The program lasts for 12-36 months.
Posted on
January 6, 2010
at
3:53 am
And how much would that cost me? Is that a sure thing? Can it stop the creditors from suing? How does it affect my credit?
