Bills In Collection

Unexpected  debt can be a hard to deal with especially once they have gone to collections. Here are 4 solutions to help dig yourself out a debt that has gone to collections and remember creditors and collection agencies can take you to court and obtain a court order ordering  you to pay your debt, garnish your wages, and some creditors and collection agencies may even try to coerce you to pay more than you are able monthly. Not to mention letting your unpaid bills and debts go to collections will harm your credit score and is not something you should take lightly. If you feel your unpaid bills & debts are out of hand then seeking the advise and guidance from an experienced Credit Attorney  is highly recommended in situations such as these.

1. You have the right to negotiate a fair debt settlement with a creditor or collection agency.  Write a letter to the creditor or collection agency and offer to settle your debt. This is much better then ignoring your debt. Just don’t forget to document that you sent a letter to the creditor or collection agency.

2. Depending on the amount of your debt, you may qualify to file for bankruptcy.  If you don’t have any valuable assets then you may be able to qualify for a chapter 7 bankruptcy. If you have valuable assets such as a home or estate of some sort, you may qualify for a chapter 13 bankruptcy.  You may want to seek out an experienced Credit Attorney to assist you with this, some cities have nonprofit organizations that are able to help advise in these situations.

3.  If you own a home and are having trouble paying your debt, another option is to get a reverse rate mortgage. This way you are not in danger of losing your home over a bad debt. A reverse rate mortgage would provide a way for you to cash in your assets and pay your debt back monthly with the money you receive from this type of mortgage.

4. If you collect social security benefits, certain Fair Credit Law Firms offer services to protect the checks you receive from being garnished. You can set up with a lawyer for your social security wages to be deposited to a special bank account that is protected from having a creditor court order you to have payments taken out.  Research your local bankruptcy lawyers to see who is able to help you most effectively and quickly.

If you have gone through this then you probably are going to need to repair your credit along the way. The most important thing to remember right now is do not just ignore your unpaid bills and debts and instead figure out a way to do the right thing and  pay your debts off and if necessary seek the help of a credit attorney that specializes in credit and collection laws.

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