Risks and Realities of Overdue Debts
Consumers are generally unaware of the risks involved with their unpaid debts. It is possible that creditors could sue you and a judgment could be handed down, potentially allowing creditors to garnish your wages or hire a sheriff to come get your property. However, this occurrence is rare.
Creditors and collection agencies may come across as threatening, but once you make collectors and creditors aware that you know the law, they are more likely to soften their stance or simply leave you alone. Debt collectors will feel that it takes too much time and expense for them to take legal action against a debt. The creditor must first go to court in order to garnish your wages or take possession of your property.
In the worst case scenario if collection agencies decide not to settle your debt and sues you, K&M LAW has the resources you need to fight the lawsuit and win.
In the current economic conditions your debts may start to feel overwhelming and you may feel bankruptcy is your only option. Due to lack of information, consumers get panicky and turn to bankruptcy in this situations. Bankruptcy should NOT be used until after all options are exhausted, including the settlement procedures. In some cases, having your debt go into collections may be a blessing in disguise!
Here are some of the common types of debts we have settled:
Credit Card
2nd Mortgage
HELOC
Tax
Contact K&M Law and consult with a representative to discuss your debt situation.