What You Should Know About Debt Defense
It is nearly impossible for the average individual to go through life without accruing some type of debt
. Most people do not have a problem with making their monthly payments on their obligations until either sickness strikes or a member of the family loses their job. Either one of these tragedies can play havoc on a family budget. For those who find they cannot meet the monthly bills, it is time to learn a few things about debt defense.
Everyone takes on the debt with full intention of making good on repayment. Sometimes life deals you pay bad hand and the result is you cannot meet your financial responsibilities. Credit cards are the number one reason people run into financial distress. They can be very easy to get but be very difficult to maintain once you have several of them. When this occurs you can bet that debt collectors will be calling you.
If something as happened in your life which has prevented you from paying the monthly bills which arrive just like clockwork, you may find yourself caught up in a legal battle. Sometimes people mistakenly believe this automatically means they are going to go to jail. This is untrue. It usually means you're going to have to show up in court to defend yourself. If you do not show up for a deposition, then there is a possibility you could be held in contempt and put in jail for that.
Many individuals consider representing themselves in court instead of hiring counsel. This is a huge mistake. It is your right to represent yourself, but you will basically be at the mercy of the debt lawyers, who know the laws much better than you. It is highly advised that you retain legal help if you have to go to court.
Immediately a lot of people think of filing bankruptcy when they get behind on their monthly financial possibilities. While this is one option for some, it is not a cure-all for everyone. As a matter of fact it can make your financial situation even worse. The bankruptcy laws have changed recently, and they are not in your favor.
Sometimes debt collectors can really put the pressure on consumers. It is for this reason that the FDCPA laws exist. These laws govern what debt collectors can and cannot do. They also outline your rights as a consumer, so it is best that you become acquainted with them as soon as possible.
The reality of finding yourself in a bad financial quandary is not a great feeling. Most people who have debt problems feel really bad about not being able to make their financial obligations each month. If you are in this situation, then you need to familiarize yourself with proper debt defense so you can protect your rights as a consumer.
debt defenseby: Trudy Edwards
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