Brooklyn Bankruptcy Lawyer.
The banks use the law to protect their rights and to collect money that you owe them. What many people don’t’ realize are that there are also laws that protect them.The following are the top 6 thinks that banks would rather you don’t know.
Brooklyn Bankruptcy Attorney
6. If you are late in paying your credit cards you have rights under the Fair Debt Collection Act.
The Fair Debt Collection Act is a federal law that gives you certain protection.For example if a collection agency calls you, you have the right to tell them not to call you anymore and they must stop.Another example, collectors can’t call you all hours of the day and night.They have limits. Still another example, when sending you collection letters they must provide certain notices to you. If they violate these requirements, lawyers such as myself can sue them, at no expense to you, and obtain money from them for you.
5. If you are late in paying your creditors they can’t simply garnish your salary or take money from your bank account.
Bill collectors may threaten you with garnishing your salary or taking the money from your bank account, but they can’t do that without first serving you with a summons and then getting a judgment from the court.
Brooklyn Bankruptcy Attorney
4.If you are sued by your creditors you have the right to respond.
If you receive a summons from your creditors you should not ignore them.You have the right to answer and have them prove their case.You also have the right to discovery, for example have them answer questions or present someone to testify. If you can even hire a lawyer, such as myself to represent you.
3. If they your creditors get a judgment against you it is extremely unlikely that they are not going to come to your home and take your belongings.
If an unsecured creditor, such as a bank issuing a credit card gets a judgment against you it is extremely unlikely that they will send the Marshall or Sheriff to you home to take your belongings.That is because by law you are entitled to keep certain possessions. Further, your personal possessions very likely don’t have much value and it would not be worth their effort to have your stuff taken and sold. However, If you have a secured creditor such as in the case of a car loan and you fall behind they very likely would repossess the car.
Brooklyn Bankruptcy Lawyer
2.If you are behind in paying your mortgage you may be able to catch up by filing Chapter 13 Bankruptcy.
Chapter 13 allows you up to 5 years to repay your arrears. If your Chapter 13 repayment plan is approved by the Bankruptcy Court the bank must accept your payments.
1. If you file Chapter 7 Bankruptcy your unsecured creditors such in the case of credit cards won’t be able to garnish your salary or take money from your bank account and best of all, you won’t be responsible for paying them.
When you file a Chapter 7 Bankruptcy an automatic stay is issued by the court that immediately stops your creditors from all collection activity, including garnishments and freezing your bank accounts.Once the discharge is issued by the court your credit card debts will be eliminated.
We have helped thousands of clients with bankruptcy for the past 25 plus years. If you live in New York or New Jersey and would like to know more about bankruptcy call us to schedule a free consultation.