Can Debtors Put a Lien on Your 401(k)?

Setting money aside in a 401(k) helps you plan ahead for your retirement years but the possibility of losing that money along the way can be intimidating. If you rack up a large amount of debt, you may be concerned about having a lien placed on your accounts. When dealing with a 401(k), your money is usually not risk. Liens When you owe money, the creditor could file a lawsuit against you and get a judgment, which can be used to file a lien on your property. A lien is a legal claim on property that prevents the owner from selling a property...

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Can an Employer Keep My Paycheck If I've Been Fired?

A person can be fired for many reasons, from doing his job improperly to simply being the victim of structural layoffs. However, in no case can an employer keep the wages of a person who has been fired for work that has already been performed. While the employer may be allowed some deductions, he cannot keep the person's paycheck just because he fired them. Firing When a person is fired, it means that the employment contract that he previously held with the employer has been severed. Essentially, a person will not be allowed to work for...

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Credit Reporting Resource Guide

Having a good credit score can benefit you by getting a good interest rate and terms on a loan when purchasing a vehicle or home. The Fair Credit Reporting Act states that under federal law, a person is entitled to receive one free credit report annually by each of the three main reporting agencies, but you must make contact and request this information. Your credit reports can contain errors or account mistakes that can cost you valuable points on your FICO credit score. Major Credit Bureaus There are three major credit bureaus: Experian,...

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Can Unsecured Creditors Garnish Wages?

While secured debts are easier for creditors to satisfy, unsecured creditors still have legal recourses when it comes to collecting on their debts. They can garnish your wages, but not without going through the proper channels first. Creditor Lawsuit Before creditors can start garnishing your wages, they must first file a lawsuit against you. This will typically take place several months after you have avoided repaying the debt. When the creditor files a lawsuit, you will receive a summons to appear in court. At the court appearance, you...

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Government Debt Programs

The Federal Trade Commission recommends that people seeking relief from debt focus on credit counseling, realistic budgeting, debt consolidation or bankruptcy. However, only one of the options--bankruptcy--is akin to a government program for debt. The government does not offer bailouts for personal debt as of 2011. People struggling with excessive credit card or other debt must solve their problems on their own or ask for the government's help through bankruptcy. Chapter 7 Bankruptcy The filing fee for Chapter 7 bankruptcy is $299, as of...

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Does Credit Consolidation Work?

The success of debt consolidation depends on the recipient of the loan. When the right loan is used correctly, debt consolidation may help individuals to pay off their debt faster and for less money. However, for those who aren't in control of their spending, consolidation leads to a further spiraling of debt. Success Debt consolidation is successful for those who are committed to paying off debt and keeping it paid off. To use debt consolidation successfully, you must make a conscious effort not to spend on the credit that has been wiped...

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How to Check Your Child's Credit Report

Armed with your child's name and Social Security number, identity thieves may attempt to open credit accounts. Children are often targeted because parents do not routinely check their child's credit report, so theft could go years without being identified and reported to law enforcement. When you suspect your child's identity was stolen, contact all three of the credit bureaus to determine whether your child has a credit report. If he has one, file...

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How to Answer a Credit Card Suit

If you receive notice that you are being sued for unpaid credit card debt, answering the lawsuit will preserve your rights under the law. If you do not respond, the court could grant the credit card company or bill collector a judgment for the full amount. That could lead to garnishment of your bank account or wages. "The New York Times" reported in 2009 that credit card companies were increasingly turning to lawsuits to collect debts, and that many...

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Credit Repair Criteria

Credit repair is the process of improving your credit score and cleaning up your credit report. You can hire a firm to help you with credit repair, but the potential for credit repair scams make do-it-yourself credit repair a better choice, according to the Federal Trade Commission website. Create a set of credit repair criteria that you will use to help improve your credit score and strengthen your financial future. Credit Reports Your credit...

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Finance Problems Help

If you are having financial problems, it is important to get help with your finances before it is too late. Missing payments on loans, credit cards and mortgages can affect your ability to obtain credit when you need it. Get Free Financial Advice Numerous websites by non-profit organizations such as Better Budgeting and Financial Planning offer tips on how to manage finances and save money. Tips focus on how to cut unnecessary expenses and...

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Kentucky Contract Law Regarding Balances Due on Credit Card Debt

If you fail to make payment on an outstanding credit card balance, the original creditor may consider your account uncollectable and refer it to a collection agency. Either the original creditor or the collection agency may file a lawsuit against you in an effort to remedy the deficiency. Legal Statute of Limitations Kentucky Revised Statute 413.120 establishes the statute of limitations on credit card debt as five years. This is the amount...

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Where Can I Get Full Details of a Chapter 7 Bankruptcy?

Bankruptcy is the legal process of liquidating or reorganizing the assets of a debtor in order to satisfy obligations to creditors. Bankruptcy filers can be individuals or businesses, and the court can either sell off the assets entirely---or nearly all of them in the case of individual bankruptcies. They can also work out a reorganization, in which the debtor pays off at least some of the debt over time. Chapter 7 of the U.S. Bankruptcy Code deals with liquidation bankruptcies for both businesses and individuals. Sources of Information on...

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How to Track a Spouse's Credit Card Debt

If you're worried about how much debt your spouse is accumulating and you want to carefully monitor how much is being spent there are several tools you can use, some of the best ways utilize modern technology. Regardless of how you track your spouses debt, without some measure of trust the tracking may prove useless. Working together a family can monitor all of the spending. Instructions 1 Set up a credit card account together. Being on the same account will allow you easier to access to see what the other user is doing. If you want to set...

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How to Use Low APR Credit Cards to Reduce Your Debt

The interest you pay on loans and credit cards is a part of your overall debt. If your interest rates are high, then you may want to consider using low APR credit cards to reduce debt as a whole. Transferring high interest debt to low APR credit cards effectively reduces the total amount you owe as well as the monthly payments. These reductions can help you achieve your personal financial goals of getting out of debt sooner. Instructions 1 ...

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What Is a Judgment Debtor Exam?

Courts award civil judgments to creditors after they win debt collection lawsuits against consumers. After the court finalizes the judgment -- a process which can take up to 30 days, depending on the state -- the creditor and debtor become the "judgment creditor" and "judgment debtor," respectively. If the judgment debtor does not make payment arrangements with the creditor or the court, some states allow judgment creditors to request a judgment debtor examination. Judgment Debtor Exams When a creditor files a judgment debtor exam, it sends...

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Debt Settlement Problems

Anyone with a substantial amount of credit card debt may be looking for a way to relieve their debt load. One way to achieve debt reduction is through the process of debt settlement. When you settle your debts you can run into several problems. Before you settle your debts contact your creditors and try to make a deal or negotiate regarding the situations that you deem to be problems. If you can resolve these issues you will save yourself time and frustration. Debt Relief Programs When you settle your debts you may be able to get this...

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Legal Help to Stop Garnishments

When a consumer fails to repay his debts, or "defaults," his creditors may, as a last resort, have his wages garnished. Also referred to as attachment, wage garnishment requires your employer to withhold a portion of your wages and forward them to your creditors for repayment of the debt. This situation is not only embarrassing, but can create serious financial hardship. Consumers should seek legal help to prevent, end or reduce wage garnishment....

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Can a Foreclosure Judgment Be Settled?

A foreclosure judgment is a court-ordered decision that permits a mortgage lender to pursue collection of unrecovered funds after foreclosing on your home. After a lender obtains a judgment, it can typically use aggressive tactics to collect from you, including garnishing your wages, taking funds from your bank accounts and liquidating your personal property. Depending on the lender's rules, you may be able to settle a foreclosure judgment to avoid these types of collection. Deficiency A lender typically uses a foreclosure judgment to establish...

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When Is a Debt Uncollectible?

If given enough time, almost all debts are uncollectible. When a company believes it has no reasonable chance of collecting debt, it becomes uncollectible, but this does not go without consequence for the customer. Time Frame Each state has its own laws on when a lender can no longer go after a debt. The time span ranges from two to 15 years, according to the BCSAlliance.com. After the statute of limitations passes, the lender cannot go after...

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How do I Figure Payoff Time Knowing the Interest, Principal & Monthly Payment?

It pays to know how to calculate loan payoffs. Knowing the terms and conditions you can calculate the payoff for a mortgage loan, automobile loan, credit card, home equity line of credit or personal loan. A payoff figure can change from day to day depending on the terms. Finance charges accrue daily, and a high interest rate will increase your payoff total faster than a lower rate. Instructions 1 Locate all of the terms and conditions of your...

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Will Bankruptcy Filing Remove a Hold on a Checking Account?

A hold on your checking account resulting from bank garnishment for most bad debts will be lifted after you file for bankruptcy. Bank garnishment, which must be approved by a judge, allows a credit card company or debt collector to freeze your checking account while it takes money from the account to satisfy an unpaid debt. Bank Garnishment Bank garnishment is one of the most powerful tools available to a debt collector. Garnishment is possible after a creditor or debt collector files a lawsuit against you for an unpaid debt. Illinois Legal...

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Statute of Limitations on Debt From Judgments

Judgments give creditors options for property seizure, financial levies and property liens. Judgments can also negatively affect a consumer's credit standing for up to 25 years, depending on their state of residence. The statute of limitations on debt from judgments has two considerations. One is the statute of limitations on debt before a judgment; the other reflects the lifespan of the judgment's validity. Definitions A judgment is a legal recourse offered to creditors against debtors who owe them money. Judgments must be obtained through...

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Are Unemployment Benefits Protected From a Judgment Under Federal Law?

Unemployment benefits are reserved exclusively for individuals who have recently lost their jobs and are trying to find other employment. These benefits are designed to provide them with temporary financial support while they seek other employment. However, sometimes people receiving benefits will find themselves deep in debt. In most cases, creditors won't be allowed to seize these benefits, even if they've received a judgment from a court awarding them damages for the debt. Debt Collection Commonly, a creditor who is owed money by a borrower...

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Why Consolidate Private Student Loans at a Fixed Rate?

Student loans can be a heavy burden for those who have recently graduated and still have low incomes. Some students have taken out loans from a variety of sources in order to make it through college--and these loans virtually always come with interest rates, some of which can be cripplingly high. Loan consolidation at a fixed rate can help combine these loans and save on payments. Basics Consolidation is the practice of combining different...

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How Can I Report a Loan That I Have Been Paying on to the Credit Bureau?

All the information reported to the three credit bureaus Equifax, Experian and Transunion affects your credit either negatively or positively. If you have poor credit or no credit at all, you want every on-time payment you make to be reported to all of the credit bureaus as this will increase your credit score. But, not all creditors report to every agency and some creditors forget to report on-time bill or loan payments. Revise your credit report and clear up any missing information on timely loan payments to get your credit score to increase....

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Is a Promissory Note a Binding Agreement?

When you attempt to borrow money from another party, whether it is a close friend or an organization, be prepared to sign a promissory note. The promissory note is a protection for the lender. Before you agree to sign a promissory note and accept a loan from another party, make sure you understand all about binding agreements. Promissory Notes A promissory note outlines a promise between a promissor or borrower and a promissee or lender. The promissor agrees to repay the money he's received on loan within a set period of time. The promissory...

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What to Do When a Credit Card Bill Is Turned Over to a Lawyer

Once a lawyer is involved in the collection of a credit card debt against you, many of the payment options you might have once had evaporate. You will need to negotiate or face the legal consequences. Notice Arrives Once the notice that your credit card debt is now in the hands of a collection law firm arrives, you should first review your situation. Banks and other financial institutions make mistakes like everyone else, so you should first make sure that the debt is real. If it is not and/or you can prove fraud, then you should immediately...

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How to Convert RUB to USD

The official currency of Russia is Russian rubles, or RUB. If you have some Russian rubles left over from a trip, you may want to exchange them for United States dollars, or USD. Typically when exchanging foreign currency, you can only exchange the paper bills. You can convert your RUB foreign currency to U.S. dollars by visiting a local bank or by using a currency exchange specialist. Instructions 1 Look up the current RUB to USD exchange rate on a currency conversion website to get an idea of how many U.S. dollars you can get for your...

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Divorce & FICO Scores

No consumer is prevented from acquiring credit solely based on marital status. The Equal Opportunity Credit Act outlaws discrimination of all forms to provide consumers with equal access to credit resources. If you recently experienced a divorce, however, your credit score may be negatively impacted after you separate from your spouse. Foreclosure Divorce can lead to foreclosure. Married couples often share homeownership; but after a divorce, financial obligations shift to accommodate the couple's new separate lifestyles. When the mortgage...

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What If I Default on My Payday Loan?

Payday loans are a convenient way for some borrowers to obtain quick access to cash. Unfortunately, the average borrower does not repay his payday loan before the loan due date, which can result in hefty fees and a repeating cycle of debt. Going into default on your payday loan can mean increasing your debt substantially if you don't make a plan to repay the loan before it renews. Default Once you miss the due date for your payday loan, your loan goes into default. Defaulting on a payday loan is not like defaulting on a credit card or mortgage...

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Define Debt Retirement

Debt financing purchases durable goods and provides for day-to-day expenses. Loans, however, do carry additional costs related to interest. A proper debt retirement strategy is necessary to save money and improve your bottom line. Identification Debt retirement refers to the process of paying off loans in full. Corporations retire bonds and commercial paper, while individuals may retire credit cards and mortgages. Debt is retired either with...

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Can You File Bankruptcy on Funeral Expenses?

A debtor can include funeral expenses in a bankruptcy -- if the debtor paid the funeral costs with a loan that still has a balance. Bankruptcy requires a listing of all debts, including promissory notes, installment loans or credit cards used for funeral expenses. Funeral expenses paid in full are a non-issue for bankruptcy. Some people incur extensive funeral debt through high-interest loans arranged by funeral homes. Chapter 7 Bankruptcy A debtor could pay for a funeral on credit and eliminate the debt within several months through Chapter...

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Can I Get a Mortgage if They Repossessed My Car but I Got it Back the Next Day?

You may or may not get a mortgage approval because of your vehicle repossession. Mortgage providers rely on various personal and credit information to determine whether to approve your application. If you've re-established your credit since the repossession, you might obtain a mortgage approval if you meet other lender requirements. Repossession on Credit Report Check your credit report to determine whether the lender reported your repossession to the credit bureaus. Your lender may not have reported the instance if you immediately paid...

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How to Dispute a Letter of Charges

A letter of charges (most commonly referred to as a collections notice or letter of debt) is a statement of charges (debts) that is owed by a borrower to a creditor, usually through a collection agency or an attorney. To dispute a letter of charges, you'll need to know the original creditor, have the charges (debts) verified and answer with a dispute letter. Instructions 1 Find out the original creditor. In some cases, debts are sold by...

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Four Advantages of Credit

The dangers of credit are well-known -- improper use of credit can drive you deeply into debt, impair your credit score and even put you at risk of bankruptcy. However, proper management of credit can provide advantages that can improve your buying power and help you build a strong financial foundation. Four primary advantages make responsible use of credit an essential skill. Purchasing Power Building a positive credit history enables you...

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Free Credit Card Counseling

Credit card debt drives some consumers to bankruptcy, but the Federal Trade Commission (FTC) advises that credit counseling may help you avoid a drastic court action that puts a negative mark on your TransUnion, Equifax and Experian credit reports for 10 years. Counseling is not always free, and you may need additional paid services after talking to a counselor, but consulting with a professional shows you all your debt-management alternatives. Definition Credit card counseling means talking to a professional at a credit counseling firm...

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A Deceased Wife's Bills: Who Is Responsible to Pay Them?

The death of a spouse can bring about great confusion surrounding financial responsibilities. The living husband may wonder who will pays the outstanding bills of his deceased wife and whether he could inherit debt. The laws regarding the passing of debt vary based on who incurred the debt, who agreed to pay the debt and whether the deceased's assets cover the bills. If your deceased wife incurred a debt alone, the debt can die with her so long as she has no assets that go through probate to be seized by creditors. Where There Is a Will ...

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How Debts Are Handled Under Florida Estate Laws

When a person passes away in Florida, if his estate is large enough then a formal probate court process must be opened so that his debts can be paid in full and titles to assets can be transferred legally into the name of an heir or beneficiary. A Florida decedent cannot pass on debts to family members or a spouse. Florida Probate If a Florida decedent has property and retirement funds valued at $75,000 or more, then a formal probate court case must be opened upon her passing. Smaller estates and estates that do not contain any physical...

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Steps for a Short Sale of a House

Some people are intimidated by the idea of a short sale because it often involves a lot of communication between you, your lender and the potential buyer. It is a measure taken when a property is not worth at least as much as the current loan balance, the seller wants to leave and a buyer is willing to make the purchase. If you do decide to attempt a short sale of a house, keep in mind that the lender could still charge you the difference between...

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Debt Consolidation Loans Vs. Credit Counseling

When debt threatens your financial stability, it's important to take the time to consider your options. Credit counseling allows you to work with a professional who helps people untangle themselves from their financial burdens everyday. Debt consolidation may be one option your counselor recommends, or you may apply for consolidation on your own. Whatever route you choose, it's important to fully understand the pros and cons before applying. Credit Counseling When you begin to feel overwhelmed by your debt, visiting a reputable nonprofit...

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