Tag Archives: DebtSettlement

What Should You Do If Being Sued by a Credit Card Company?

Combined data taken from the U.S. Census Bureau and the Federal Reserve found that in 2016, credit card debt for the average American household was about $5,700. Sometimes, credit card companies try to collect outstanding debts by filing a lawsuit against the debtor. The debt collector will either be the credit card company or a third-party collection agency. Taking the terms of the lawsuit at face value is not always the best choice, in some cases there could be differences in the collection terms when first getting the credit card.  It may be your gut instinct to try to ignore the lawsuit, but if you fail to show up in court, an automatic victory will be awarded to the credit collection agency. How to Fight Back Against Creditor Lawsuits Renegotiate with creditors: You may be able to contact your creditor and attempt to renegotiate a more manageable repayment strategy for…
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Why Is Flint, MI Threatening Foreclosure on 8000 People?

In an ongoing fight for clean water in Flint, MI that has lasted over three years, 8000 people now face foreclosure for not paying their water bills. People had been getting credits for their water bills from the city until earlier this year, when it was found that the amount of lead in the water in Flint finally fell below toxic levels. However, people remain skeptical after years of tainted water and many poisonings.  Lead pipes that contributed to the toxic water may not be fixed until 2020. State law says that cities have the right to collect homes for unpaid bills. Could this same scenario happen in Texas? Recent reports have found high arsenic levels in 65 Texas communities. Keep reading to find out. What if You Are Facing Foreclosure for Unpaid Bills in Texas? In Texas, you will likely have your water shut off before a threat of…
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What Happens When You Declare Bankruptcy on a Mortgage?

The vast majority of Americans will have to take on significant mortgage payments to pay for their homes. A simple change of fortune like the loss of a job, or development of a medical condition, could cause many people to struggle to afford their mortgage payments. Mortgage debt can add up extremely quickly, and there may seem like there is no way out of it except for selling your home or foreclosure. There are other options however, like renegotiating your loan payments or bankruptcy. Declaring bankruptcy can be the kick-start you need to start fighting to keep your home in many cases. What Happens to Your Mortgage After Declaring? You have two options: In Chapter 7 bankruptcy, all or most of your mortgage debt could be discharged within 4-6 months. In Chapter 13 bankruptcy, a new repayment plan lasting three to five years is made to help you pay off…
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