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Creditors' Rights Archives

Can I stop wage garnishment by filing for bankruptcy?

If you have acquired debts that have resulted in wage garnishment, this can be a very demoralizing experience. Being subject to wage garnishment can make you feel as though you are working only to keep your head above water, and it can feel impossible to have a good quality of life with the wages that you are left with.

Can a creditor take my personal assets?

If you're in the midst of a devastating debt situation and you haven't been making your monthly payments, the creditor can actually sue you to collect your unpaid debt. In these cases, the creditor can pursue an enforceable court judgment against you by proving that you have failed to pay a specific amount owed. If the creditor files such a lawsuit, you can fight it in court. If you fail to contest the matter, the judge may automatically rule against you.

American Express sues popstar for $300,000 in credit card debt

Popstar Iggy Azalea is facing a lawsuit from American Express regarding hundreds of thousands of dollars in allegedly unpaid credit card bills. According to American Express, the singer owes a total of $299,148. The creditor further alleges that Azalea has borrowed approximately $250,000 more than her spending limit.

What are creditors' rights with regard to secured debt?

Different types of debt will be treated differently during your Chapter 7 bankruptcy process. For example, secured debt will receive priority treatment compared to unsecured debt. Secured debt would be, for example, a home mortgage, which is secured by the home itself. If you default on your mortgage payments, the bank can take your home and it won't lose all of its investment. Unsecured debt would be, for example, credit cards.

The rights of your creditors in a bankruptcy case

Debtors have rights, and creditors do too. It's the responsibility of the bankruptcy trustee to administer your bankruptcy in a way that ensures that your creditors get paid back as much money as possible for their legitimate claims. This must be achieved before your remaining debts get discharged.

Is a credit card company garnishing your wages?

It's easy for credit card bills to get out of control. It either happens because of an emergency that you can't avoid, or it happens because you charged too many bills on your credit card. If your credit card bills get so bad that you can't pay them anymore, you might get your wages garnished.

Ask and you shall receive: How to save money on credit card fees

There's a great saying, that will take you far in the world of debt management, "It doesn't hurt to ask." Indeed, when it comes to credit card debt, credit card late payment fees, and credit card interest rates, you might be surprised what your credit card company will give you if you merely ask. A new survey shows that a significant percent of people who ask their credit card companies for a lower interest rate or a lower fee will get their requests approved.

Late on your credit card bill? Here's what happens

Nobody plans to pay their credit card bills late. It's just what happens either as a result of forgetfulness, or because you don't have enough money to make the payment. However, if you have a credit card, you should know that late payments can result in serious consequences -- not only for your credit card balance, but also for your credit card rating.

What if I suddenly stop paying my credit card bills?

If you're drowning in credit card debt, the temptation is high simply to stop paying them. Indeed, it will relieve a lot of stress and financial difficulty if you can suddenly free up hundreds of extra dollars each month. However, the consequences of stopping your debt payments will accumulate behind the scenes.

Credit card companies want you to be in debt

Most rational people that loan another person money want to get paid back as quickly as possible -- but not your credit card company. Your credit card company wants you to rack up as much debt as possible and then take as long as possible to pay it off. That way, the debt stays on your back for years as you pay massive amounts of interest.

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