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Posts tagged "Creditors' Rights"

What to do when your debtor files for bankruptcy

If you are owed payment by a client, it is likely that your cash flow has suffered as a result of this. Depending on the amount owed, this could be a very stressful situation, and it can be made even worse if you learn that the debtor has filed for bankruptcy.

Common questions about wage garnishment

If you have been avoiding paying certain debts in the state of Washington, you may be concerned about becoming subject to wage garnishment provisions. Many people have misconceptions about wage garnishment, and as a result, they imagine that they will be left without any salary at all, even after they have completed honest work.

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.

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