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Chapter 7: In a Chapter 7 bankruptcy filing, some of your assets are sold to pay back debt, meaning you could lose your home and personal property. A few months after filing, your remaining debt ...
What Is Debt Settlement? Debt settlement is a negotiation process that aims to reduce your total debt owed to a creditor. If you and the creditor reach an agreement, you will pay a lump sum less ...
Declaring bankruptcy may be the best solution if all the following are true: You have large amounts of unpayable debt. You are already at risk of losing essential assets — such as your car or ...
Not all debts can be discharged, and the specific reasons why will depend on the type of bankruptcy being pursued. However, if your specific debt is ineligible, it’s likely that Congress has ...
For example, the court may not allow you to reaffirm a debt of $3,000 for a vehicle that may be worth $1,000. If a debtor reaffirms a debt and fails to pay it, the debt remains owed as though there were no bankruptcy and the creditor can take action to collect the debt. This reaffirmed debt is not discharged or wiped out by the bankruptcy filing.
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
Here are some examples from different lenders: Capital One: Call the Capital One personal credit card service line at 1-800-227-4825 to start the settlement process. Citi: Call Citi’s customer ...
“In addition, if a debt collector contacts you about a debt you thought was discharged in bankruptcy, you have on-hand proof.” The paperwork you should keep includes: Bankruptcy petition and ...