What Percentage of Debt Is Required for a Debt-Relief Government Grant?

Looking for information on government-funded debt relief? Stop wasting your time. There is no government program that provides funding for a borrower who wishes to pay off her debts. However, there is help available for those willing to work to pay it off or suffer the consequences of bankruptcy. Remember, with debt relief, there are no easy answers if you're serious about eliminating debt. Grant Scam The Federal Trade Commission takes the threat of fake grant criminals so seriously that it has issued a warning to consumers. These thieves...

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Can a Company Garnish My Wages in Texas?

Texas is one of the few states that do not allow creditors or debt collectors to garnish a debtor's wages. This protection includes collection for debts covered under the Fair Debt Collection Practices Act, such as credit cards debts, medical bills, and personal, family and household debts. Exceptions apply, including child support payments and federal tax debts. Process Ordinarily, to garnish wages, a creditor has to first file a lawsuit against you. You can contest the suit in court. If the court agrees with the creditor, it grants him...

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The Statute of Limitations for a Written Contract in Louisiana

Louisiana has laws regarding the time frame during which a debtor may be sued for an outstanding debt. The laws stipulate what the state has judged as a reasonable period of time within which creditors may attempt to collect an unpaid debt through the courts. Types The laws establish four types of debt: oral contracts, written contracts, promissory notes and open accounts. Significance Each debt type has a statute of limitations, beyond the expiration of which a creditor may not sue a debtor. Written Contract A written...

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Can I Be Sued for a Debt Before the Debt Is Verified?

Consumers should look at a debt collector who is trying to collect a debt from them with skepticism. As debts are bought and sold by third party debt buyers, errors can be introduced into the process, meaning that people can be targeted for collections who do not owe money. Sometimes, the collections process progresses to a lawsuit against a consumer, when the debt has not been verified to have been accurate. Requesting Verification A consumer can request verification of a debt from a collector who contacts her attempting to collect a debt....

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Can I Avoid Garnishment in Georgia if I am Head of Household?

Garnishment is a collection strategy used by creditors when your account has become severely delinquent -- usually at least six months past due -- and you have made no effort to establish a repayment arrangement. Although some states provide protection against garnishment for heads of household, you are subject to the same garnishment laws as any other debtor in Georgia as the head of your household. Executing a Garnishment Before a private creditor or collector can garnish the wages of any debtor in Georgia, it must file a civil suit in...

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How to Withdraw Money from a Credit Card and Deposit It to a Bank

There are several ways to get cash from your credit card. Explore the options and see which way is the most convenient. Once you have the cash, you can deposit it right into your checking or savings account. Before you get cash from your credit card, make sure you are aware of the fees involved. These types of transactions are cash advances and they can be costly. Instructions 1 Review the ways to get cash from your credit card. If you want cash from your credit card, you can call your credit card company and have the money transferred right...

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What Is the Difference Between a Bank Note & Currency?

There was a time when a "bank note" and "currency" were one and the same. This ended in the 20th century, and the two concepts are today opposed. In 2011, as macroeconomic problems continue to plague most of the world, with no end in sight, the concept of a "bank note" has been revived. Bank Notes and Currency A bank note is a promise. It is a promise from the issuing authority that the note is worth a certain amount of a commodity. The issuing...

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How to Report Past-Due Accounts

Past due accounts can happen to all people, from retailers who fail to make a payment to a vendor for purchased goods to college students who must make loan payments. The academic institution or company follows certain reporting procedures regarding these accounts. Collections departments, either internal or external to the organization, need the reports so that they can institute collection attempts with the debtor. Past due accounts are usually...

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State Garnishment Laws in Michigan

By definition, a garnishment is a court order that allows for a portion of an individual's income or money in a bank account to be taken directly by a creditor to pay off a debt. In Michigan, an individual, organization or private creditor such as a landlord may not garnish a person's wages until the court has issued an order allowing it. As of 2010, federal laws mandate that $154.50 per week is exempt from garnishment. However, up to 25 percent...

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The Fastest Most Efficient Ways to Pay Off Credit Cards

Paying off debt is one thing that people strive for, especially in tough economic times. By paying off debt, you can live on a lower income and not have all the worries that go along with trying to cover expenses each month. While it does take some time, depending on how many credit cards you have, you can pay off your credit cards quickly and efficiently if you work hard. Instructions 1 Call the credit card companies that you owe and explain...

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How to Consolidate Bills

There are many reasons why people get into debt, they may have a lot of medical bills, they may have just been introduced to credit cards and have not mastered the use of the credit cards, they may need a new car. Whatever the reasons your paycheck is being divided into many different payments and if you are just making the minimum payment on a credit card then it will literally take you years upon years to erase that debt. The interest that you are paying on those various credit cards are not tax deductible, it may be wise to consolidate your...

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Questions About Debt Consultation

Your debt may have spiraled out of control if you are seeking help from a credit counselor or debt management consultant. You want answers for solving your debt problems, and the best way to accomplish that is to ask lots of questions. Debt consultation can lead to a fresh start--or make things worse. Sometimes people saddled with debt fall prey to unethical debt counselors who talk a good game but fail to deliver. That's a key reason why you should...

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What Does "Establishment of a Lien" Mean?

When you owe a creditor money and you hear the term "establishment of a lien" it means that your creditor is putting a claim against some of your personal property. This is done so that it will eventually force you to repay the debt that you owe. Creditors must go through a legal process before a lien can be placed. How Liens Work When a creditor places a lien on your property, it is like putting a claim in on that individual piece of property. You will not be able to sell the property until the debt that you owe the creditor is repaid....

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How to Lose Bill Collectors

If it's been a while since you last paid your bills, you've likely started receiving calls and letters from bill collectors. Creditors often hire collection agencies to corral payment from those that haven't yet paid their bills. As a renter or homeowner, pressure from bill collectors can seem intimidating or overwhelming. Creditors are often relentless, calling your home or place of business at all hours of the day until they've received payment....

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How to Deal Directly With Creditors and Not Credit Collection Agencies

Instead of waiting for a creditor to contact you, or worse, send your account to a collection agency, contact the creditor if you missed or will be missing a payment. Most creditors will work with you, but it's important to have an understanding of your current financial situation. Instructions 1 Contact creditors as soon as you miss a payment or are about to miss a payment. By contacting creditors, you can work with them to lower your monthly payment, create a new payment amount, change the payment due date or make arrangements to repay...

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Can I Get a Credit Card With a Dismissed Bankruptcy?

In order to get a credit card, you have to meet the lending standards of the credit card company. Card companies typically require that you have a minimum credit score in order to qualify for a credit card. However, when you file for bankruptcy, your credit score typically suffers, making it harder for you to get a card. You may still be able to get a credit card after filing for bankruptcy or having your bankruptcy dismissed, but it may be very...

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How to Get a Written Credit Report

A written credit report is a financial history. Typically, it contains information about your previous and current residence, accounts, balances and payment behavior. According to the Federal Trade Commission, a written credit report also indicates whether you have been sued, or arrested, or have filed for bankruptcy. This information is collected by three major credit bureaus (Equifax, Experian and TransUnion), then is sold to creditors, insurers...

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If You Cut a Deal With a Credit Card Company, How Long Is It on Your Credit Report?

Different debt reduction and elimination strategies are available to you at any given time, including debt settlement. In debt settlement, you cut a deal with your credit card company so that you pay less than what you originally owe. In some cases, this can reduce your debt on a credit card by up to 50 percent, with some rare instances producing reductions of up to 80 percent. Unfortunately, settlement goes onto your credit report and doesn't come...

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Money and Credit Advice

Managing money and maintaining credit accounts are major parts of creating financial stability. There are many different professional services that offer advice about managing finances and dealing with credit issues, for a fee, but you can some of that fee money by taking some practical and free money and credit advice. Credit Cards One of the common misconceptions people have about credit cards is that using them can damage your credit....

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How to Manage Your Bills and Get Out of Debt

Having too much credit card debt can induce stress and cause sleepless nights. But there are plenty of fast ways to get rid of debt and improve your credit rating. A good debt elimination strategy will likely call for major sacrifices on your part, and you may have to change your lifestyle and spending habits. But with a little self-discipline, it's possible to eliminate credit card debt. Instructions 1 Increase payments significantly to pay off debt quickly. Forgo entertainment or non-essential shopping until you've eliminated your credit...

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What Do You Do When Your Credit Card Debt Is Turned Over to an Attorney?

Just because a lawyer contacts you about your credit card debt doesn't mean that your case has to go to court. If you hear from an attorney about your credit card debt, don't ignore the communication. You may still be able to negotiate a payment plan or settlement. Learn your rights and, if possible, seek legal advice. Your Rights Credit card companies or their collection agencies might turn your debt over to a lawyer. This usually happens if you haven't responded to other communications and they are considering taking the matter to court....

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Can I Still Use My Credit Cards in Debt Consolidation?

If you're feeling overwhelmed by your credit card debt, you may be tempted to turn towards debt consolidation as a possible solution. While consolidation is a viable option for some consumers, you should understand what consolidation is, and what it involves before committing to a consolidation program. In most consolidation situations, you'll still be able to use your credit cards after you consolidate, but that doesn't mean you should. Debt Consolidation When you consolidate your debts, you basically take out a new loan to pay back some...

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How to Rebuild Your Credit After Chapter 13

Chapter 13 bankruptcies have become more common since 2005 federal laws changed the bankruptcy rules, making it harder to declare Chapter 7. Rebuilding your credit after a Chapter 13 bankruptcy is thus slightly different than rebuilding your credit following a standard bankruptcy. By following these tips, you can get on the right track and bounce back from a Chapter 13 bankruptcy. Instructions 1 Stay on your payment plan. When you declare...

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Are Children Resonsible for Deceased Parents' Credit Card Debt?

Many parents run up large amounts of credit debt in their later years as they struggle on a fixed income, and their children may worry about whether they will be held responsible for the their parents' debt once they die. Although children are not responsible for the credit card debt, the assets in the estate must stand for any debts incurred before the amount is paid out. Credit Card Debt Is Not Transferable Credit card debt cannot be transferred...

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How to Esablish an Excellent Credit Rating

Establishing an excellent credit rating is important for several reasons. When a potential employer checks your credit, your high rating will indicate your sense of responsibility and efficiency. A high credit score can mean a lower interest rate for financing a home or car and savings of thousands of dollars over the life of the loan. Establishing excellent credit requires discipline and focus. While not always easy, the results make it worth the effort. Instructions Establishing an Excellent Credit Rating 1 Gather your bills together and...

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Acceptable Debt-to-Income Ratio

A debt-to-income ratio is the percentage of your debt compared to your income. Your debt-to-income ratio has an effect on your credit score and your ability to borrow money for things such as a house or car or to obtain other personal loans. Many banks and financial institutions have established what debt-to-income ratio is acceptable for a loan to be approved. Acceptable Debt-to-Income Percentage Most banks and lenders require a debt-to-income...

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Guide to Credit Repair

A good credit rating is more important than ever. Many people want to know how to repair a bad credit history, and there is a lot of information and misinformation out there on the subject. In truth, credit repair isn't as difficult to comprehend as it is to implement. A great credit score is a valuable asset, and building it takes self-sacrifice and lifestyle changes to accomplish. This guide to credit repair will help you begin your journey to better credit. No New Credit Some companies may suggest that you can start fresh with a new...

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What Happens When a HELOC Gets Charged Off?

A home equity line of credit, or "HELOC," provides homeowners with the ability to use their home's equity as security for credit purchases. Like purchases made on a credit card, a HELOC carries an interest rate and, if not paid in a timely manner, the lender has the option to charge-off the debt. Facts When a lender charges off a HELOC, it removes the account from its business accounting ledger and often sells it to a debt collection agency....

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How Long Does it Take to Transfer Money?

The time needed to transfer money can vary from institution to institution. There are a number of ways you can send money. If you follow the correct procedures, the process will flow smoothly and your recipient will receive the money in a timely manner. The facilities involved have their own rules and regulations that you must abide by. Choose the method that helps you to accomplish your goals and objectives. Your own situation will determine which...

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Will My Bad Credit Affect My Spouse's Bank Account?

Credit problems can cause tension between spouses, especially if one spouse has bad credit. Bad credit can lead to numerous problems, including garnishment of the couple's joint bank account. Garnishment allows a debt collector to freeze the joint bank account while withdrawing money for an unpaid debt. The spouse with good credit becomes an innocent victim because garnishment laws allow debt collectors to freeze joint accounts even if only one spouse is responsible for the debt. Accounts Couples concerned about one spouse's bad credit...

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How to Repay Old Debts Without Restarting the Statute of Limitations

A statute of limitations is a legal timeframe for which legal action can be filed over an event, such as an auto accident, violation of statutes or administrative laws, medical malpractice or a debt such as credit card debts or loans. In regard to debts, the statute of limitations and time of reporting said debt are two separate occurrences. The former is the time allowed for a creditor to begin legal proceedings to recover the debt, while the...

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Can Liens Be Attached to Your Home for a Charge-off?

In the process of trying to collect a debt, a debt collector could use many intimidating terms to get you to pay your bill. The term "charge-off" is thrown around by debt collectors and often frightens consumers who owe money. Even if one of your debts is charged off, it does not eliminate the debt and the creditor could still try to collect it from you with a lien. Charge-Off A charge-off is simply an accounting term that means the creditor is writing off the amount of the debt on its taxes. The creditor writes the account off to bad debt...

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How to Deal With Credit Reporting Agencies

Credit Reporting Agencies control most of credit information on most of the people and businesses in North America and in most parts of the developed world. Access to good (low) interest rates to borrow money, access to credit for purchasing even access to insurance all depend on having and maintaining a good credit report. Maintaining good communication and rapport with credit reporting agencies is therefore in your best interest. Instructions 1 Review your credit reports with all the companies who have them on you. If you are an individual...

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How to Avoid the IRS Taking Refunds Because of Student Debt

When you take out student loans, you sign a contract committing to repay the debt. One of the consequences of not paying the debt is that the lender can offset your federal tax refund. When this happens, rather than sending you a refund when you file taxes, the IRS sends the money to your lender to repay your student loan. There are a few things you can do to help avoid getting to the point of having your tax refund offset. Instructions 1 Pay your monthly student loan payments on time every month. Make a budget and plan where your money...

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What Is an Exemption When Dealing With Debt?

An exemption when dealing with debt refers to certain assets or monies that cannot be legally garnished or accounted for when calculating a person's or company's debt. Some debts are exempt from bankruptcy, such as child support. This means that if a person files for bankruptcy, their credit card and personal loans may be forgiven, but their child support must still be paid out. The bankruptcy cannot forgive the debt of child support. Bankruptcy...

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How to Place a Credit Alert

A credit alert, also called a fraud alert, prevents criminals from opening more credit in your name. Placing a fraud alert on your account is relatively easy. According to the Federal Trade Commission (FTC), you can contact any one of the major credit bureaus (TransUnion, Equifax or Experian) to place the fraud alert. The company you contact is required to report the alert to the other two credit bureaus, which will also place an alert on your account. Instructions 1 Call TransUnion at 800-680-7289, Experian at 888-Experian or Equifax at...

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How to Establish Credit Fast

Establishing a good credit score is important. Whether you have no credit and are seeking to build it up or have bad credit and need to improve upon it, there are some very active steps that you can take in establishing credit fast. Instructions 1 Obtain a secured credit card. You will be required to send in a deposit to secure the credit card. The amount usually varies from $250 - $500. Keep a small balance at all times on the card. You must...

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