Examining the Life Cycle of Unpaid Debt

Debtors can consult a bankruptcy attorney if they have questions about responding to inquiries about unpaid debt that they don't recognize.

2010-09-04

September 04, 2010 (Press-News.org) There are many reasons why people in Arizona may need to explore legal remedies for unbearable debt. Medical expenses, job losses and escalating house payments due to adjustable rate mortgages are among the most prominent. But in many cases, long term dependence on charge cards, home equity loans and other credit sources for everyday expenses may have created a looming mountain of debt.

The one common denominator among all of these factors: debt has more lives than a cat, and you should never expect an obligation to simply disappear. When it does come back to haunt you, it may be in a form that you don't recognize with tenacity that you never expected. When consumers receive notice of collections, garnishments or court judgments, even for accounts that they no longer recognize or believe were repaid, it is always important to respond promptly to get the details and, if necessary, set the record straight.

For various reasons, the original holder of a consumer debt may have begun to make less frequent demands or has assigned a particular debt to a different status. Often this stage is merely the calm before the storm, because the debt may soon have a new owner with sharpened skills for enforcing debt, as well as a large incentive for following through.

Avoiding the Wrath of Ruthless Debt Buyers

A host of companies from around the country are entirely devoted to holding debtors accountable, and their motivation is obvious: The Arizona Republic recently reported that the total amount collected by third party operations exceeded $40 billion in 2007. In a typical situation, the new company purchases the debt at a significant discount and therefore has a considerable margin for enforcing old debts. These companies can tap into a debtor's income stream and wealth by obtaining wage garnishments and property liens. Even harsher, reports from around the country have shown that they have been able to resurrect the notion of debtors prisons in some jurisdictions, using law enforcement to put debtors in jail and requiring them to post bail in an amount sufficient to satisfy a legal judgment.

But debtors should be aware that these companies have every incentive to negotiate a fair settlement with parties who are willing to communicate. All consumers should take steps to seize control of their financial future. By consulting with an attorney who has comprehensive experience with the bankruptcy process and the full range of debt relief alternatives, people can learn about effective strategies to tame the beast.

Article provided by Clark Law Offices
Visit us at www.maricopacountybankruptcyattorney.com/

ELSE PRESS RELEASES FROM THIS DATE:

Reports of Divorce Rate Increase: Acceptance of a New Economic Reality?

2010-09-04

Rates of divorce have declined in the last few years, and many family law practitioners have attributed the reduction in dissolutions to the economic challenges posed by the Great Recession. Even if a couple believes that a marriage will no longer work, they may accept the fact that maintaining two households in a time of economic uncertainty has not been a risk worth taking. Diminished real estate equity and uncertainty about jobs opportunities have left some spouses resigned to postponing legal solutions until they feel more secure. But recent reports suggest that ...

Truck Driver Who Terrorized Colorado Neighborhood Pleads Guilty

2010-09-04

A truck driver from Tennessee pleaded guilty in July to criminal charges that he faced after driving drunk with abandon in his semi through the Prospect subdivision in Longmont. David Kent, a National Guardsman between deployments to Afghanistan, had been charged with 38 criminal counts after he caused considerable damage to residences, landscaping and fixtures during the March trucking rampage. One resident said the aftermath looked like the path of a tornado, but fortunately no one was injured. The destruction included knocked over street signs and street lights, uprooted ...

New Rules for Medical Marijuana Dispensaries in Colorado

2010-09-04

According to The New York Times, 14 states have passed laws allowing marijuana use for medical purposes. Colorado passed its law in 2000 and since that time, the industry has been rapidly growing throughout the state. Recent amendments to the law, however, have set new restrictions on who may own these businesses and new requirements for the doctors prescribing the drug. Stricter Licensing Requirements In June, Governor Bill Ritter signed two laws that will change the way marijuana growers and distributors do business. Notably, the laws create stricter licensing ...

Dangers of Distracted Driving

2010-09-04

In 2008, distracted driving caused nearly 6,000 deaths and injured over 500,000 people according to the National Highway Safety Transportation Administration. In New Jersey alone 1,821 crashes involved handheld devices and another 1,383 involved hands free during that same year. Texting While Driving One of the more prevalent causes of distracted driving is texting behind the wheel. According to distraction.gov, a website launched by the U.S. Department of Transportation, texting is one of the most dangerous activities a driver can do because it involves drivers taking ...

Burton Unveils the Perfect Black Suit

2010-09-04

Burton was set the challenge by the owner of the brand, Sir Philip Green, to design the perfect single breasted black suit for the autumn/winter 2010 season. Each suit, as well as the accompanying formal white shirt, was given the brief to look great on any of their customers but without the bespoke Saville Row price tag. With Burton's renowned heritage for tailoring dating back to 1903, Sir Philip automatically thought the brand would be able to crack this suiting conundrum. Over the years Burton has achieved such accolades as producing uniforms for British troops ...

npower Reveals Billericay is Home to Britain's Oldest Boiler

2010-09-04

npower hometeam's nationwide search for Britain's oldest boiler has come to an end with Colin Sadler from Billericay being revealed as the owner of the oldest boiler in the country. While the floppy disk, the video cassette and Bananarama have all been and gone, Colin Sadler's boiler has been quietly ticking along at his home in Essex since 1968 and is still going strong. Colin had never given his boiler a second thought, until his wife Sue read in his local paper that npower hometeam was on the search for Britain's oldest system. It was then that he thought his old ...

Saxo Bank Releases New Monthly Equity Research on Value Stocks in Tradingfloor.com

2010-09-04

Saxo Bank, the specialist in online trading and investment, has launched a new monthly equity research publication entitled "Global Value Equity Strategy" focused on highlighting the most undervalued stocks from around the world. It will appear each month on the Equities section of www.tradingfloor.com. The "Global Value Equity Strategy" will highlight a value portfolio on 30 of the most undervalued stocks from around the world according to a proprietary equity screening model. Each issue of the publication will included back testing results and performance evaluation ...

Rezidor Opens the Radisson Blu Resort Split in Croatia

2010-09-04

The Rezidor Hotel Group has opened the Radisson Blu Resort Split in Croatia, a luxurious hotel right on the Adriatic coast with panoramic views over the Mediterranean Sea and the island Brac. After an extensive renovation and reconstruction, the former and legendary "Hotel Split" with a history of nearly 50 years offers 240 stylish guest rooms including 2 Presidential suites. "We are delighted to add a further outstanding first class hotel to our Croatian portfolio. Rezidor aims to grow its young and successful resort business further and Croatia as an emerging ...

IGO-POST Aims to Reward Brand Loyalty with the Launch of IGO-POINTS

2010-09-04

IGO-POST, a European market leader in the production and supply of promotional products to corporate clients across all sectors, has announced the launch of IGO-POINTS, a long-term loyalty programme, recognising the company's ongoing commitment to rewarding customer loyalty. Moving away from the traditional short-term incentives used more widely in the promotional products industry, IGO-POINTS is designed to ensure that long-term customer loyalty is rewarded at all levels, from large corporate clients to smaller customers with a lower average spend. IGO-POINTS enables ...

Hotels.com Guest Reviews Reveal Increase in Airport Hotel Popularity

2010-09-04

Hotels.com has revealed an increase in approval ratings for airport hotels. According to guest reviews collated by the accommodation provider, staying at an airport has gone from bleak to chic with the introduction of luxe amenities and convenient time and money saving services that rival more expensive city-centered hotels. It's a fact that airport hotels have always given travelers the ease and convenience of being as close as possible to their gate the night before a trip, and are also known as a place to crash in between bad weather and "technical difficulties". ...