Each of us lives only now, in this brief instant. The rest has been lived already. So make the most thoughtful choices you can today that will lead to a better future.
Steve's Thought of the Day
Stop drifting and hoping a magic solution will appear. Instead, you can participate in rescuing yourself. Find peace by pursuing facts through trusted advisers and research rather than the blind trust of salespeople trying to sell you something by almost any means necessary.
Steve's Thought of the Day
Make decisions to deal with your debt with logic and facts, not assumptions, and worry about what other people will think. People who judge you will soon be forgotten. Nobody thinks about anyone that much.
Steve's Thought of the Day
The world is nothing but constant change. Your life is only a perception. Choose a way out of debt based on facts, not assumptions. Do what is best for your future because those that judge you will not feed you.
Steve's Thought of the Day
Do you have a greater responsibility to repair your financial past or your financial present and future? Make good choices that allow you to tackle your debt and immediately start building your emergency fund and saving for retirement. Tomorrow will be here before you know it. Lost time is a sin.
Steve's Thought of the Day
There is no sense in wasting a perfectly good financial mistake. Instead, learn from it and do better moving forward. The past is gone. Turn and face the future now.
Steve's Thought of the Day
Those who judge you for past financial mistakes are not your friends. So don't make choices about your future out of fear of what they may think. Instead, make choices based on truth, fact, and what is best for you moving forward from today.
Steve's Thought of the Day
Don't believe everything you think. Challenge your assumptions about getting out of debt. Do what is best for you, not others.
Steve's Thought of the Day
Is it less moral to file bankruptcy or to not take action that leaves you old, broke, hungry, and dependent on others?
Steve's Thought of the Day
If bankruptcy is so bad, why did our Founding Fathers specifically include it in the U.S. Constitution as protection for financial difficulties?
Steve's Thought of the Day
Maybe it is time to read what the Bible really says about bankruptcy instead of listening to the assumptions of others. Throw out your misperceptions and you'll be fine. (And who is stopping you from throwing them out?) - Marcus Aurelius
Stop listening to people that say bankruptcy is a last resort. It is neither first nor last. It is a tool like credit counseling, debt settlement, and others. For the best result, you need to use the right tool for the job.
Steve's Thought of the Day
People that tell you to avoid bankruptcy want to sell you something else are repeating something they heard or do not know what they are talking about. Get the facts and then make your own decision. Don't let an unskilled script-reading commissioned salesperson make life decisions for you.
Steve's Thought of the Day
Debt problems are like fingerprints. No two are alike. A one-size-fits-all solution will give you a one-size-fits-all result. You deserve better.
Steve's Thought of the Day
You are not your debt. Your value, self-esteem, and existence should not be defined by the money troubles you may be facing right now. Debt problems are solved with proper action, not guilt, self-hatred, and disgust.
Steve's Thought of the Day
Debt is nothing more than math wrapped in emotion. The math is easy, the emotional part leads us to do impulsive things. Not the right thing.
Steve's Thought of the Day
What type of money personality do you have? It is important to know. Take my online test now and discover how you unconsciously deal with money, credit, and debt.
Steve's Thought of the Day
How much retirement savings are you willing to throw away by dealing with your old debt instead of preparing for your financial future? Find how much you will lose by making the wrong choice. Use my online debt repayment calculator now.
Steve's Thought of the Day
Does it make more sense to ask for life-altering debt advice from an unskilled and untrained commissioned salesperson in a call center or an experienced debt coach like Damon Day that provides a customized solution for money troubles?
Steve's Thought of the Day
Throw out your misperceptions and you'll be fine. (And who is stopping you from throwing them out?) - Marcus Aurelius
Rapid Fire Reader Questions – Levy, Attorney, Collection, Bankruptcy
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Sometimes I get reader questions that don’t have enough information for a big answer. So here are some rapid-fire questions and answers.
Q: Can a collection agency take money out of an account that is not the debtors?
A: If the debtor is not a signer on the account and the account is in the name of someone that was not part of the arrangement with the creditor, then I can’t see how they could take money out of that account or levy the account.
Q: If I’m paying my lawyer $100 a month, can he still turn me into a collection agency?
A: If you are not paying the contractual amount due each month, I can’t see why they could not assign your account to outside collections. The idea that if you pay something, the creditor can’t take action against you is a misperception.
Q: How to write a letter to a collection agency that filed a suit against you on a credit card?
A: Why? If a suit has been filed against you, you will need to respond to the lawsuit in a timely fashion, so you don’t default. It is still possible to settle the debt before the case completion. If you don’t have experience settling these kinds of debts, I would suggest you contact Damon Day for advice.
Q: Can I give back a possession to the debtor if it was included in my bankruptcy Ch 11 without negative effects to my credit?
A: Talk to your bankruptcy attorney first to ensure you are not doing anything that can cause ripple effects.
Q: What happens when you file bankruptcy and leave a loan out and continue to pay it to the debtor?
A: The loan is technically included in the bankruptcy since all obligations are included even if you leave one out. However, you can reaffirm the debt and continue to pay. If the creditor accepted payments from you for a debt you had when you went bankrupt, it could create significant issues for the creditor.
It would help if you discussed this with your bankruptcy attorney before you do anything.
1 thought on “Rapid Fire Reader Questions – Levy, Attorney, Collection, Bankruptcy”
Q: Can a collection agency take money out of an account that is not the debtors? A: Potentially, yes. In NY, if a judgment debtor has a joint bank account, the funds in that account may be presumed by the plaintiff to belong to the judgment debtor and may be subject to restraint and or seizure (unless the restraint is contested and/or proof is timely submitted). This may hold true in other states.
Q: If I’m paying my lawyer $100 a month, can he still turn me into a collection agency? A:Paying your lawyer any amount will not prevent a defaulted debt from escalating to collections. Although the collectors communications may be directed to your lawyer (and not you directly), collection efforts may still proceed. If your goal is to avoid escalation of your debt, you need to resolve it by either paying it off or reaching an amicable settlement and making agreed-upon payments thereto.
Q: How to write a letter to a collection agency that filed a suit against you on a credit card? A: Did the lawsuit ask you to respond with a letter? If not, the letter will not likely do much to protect you. Lawsuits need to be answered in accordance with the rules of civil procedure in your jurisdiction. The Answer must be filed timely. Consult with an attorney, or contact the court to learn about self-representation.
***Not Legal Advice. Consult with local counsel to understand your rights and remedies.
Q: Can a collection agency take money out of an account that is not the debtors?
A: Potentially, yes. In NY, if a judgment debtor has a joint bank account, the funds in that account may be presumed by the plaintiff to belong to the judgment debtor and may be subject to restraint and or seizure (unless the restraint is contested and/or proof is timely submitted). This may hold true in other states.
Q: If I’m paying my lawyer $100 a month, can he still turn me into a collection agency?
A:Paying your lawyer any amount will not prevent a defaulted debt from escalating to collections. Although the collectors communications may be directed to your lawyer (and not you directly), collection efforts may still proceed. If your goal is to avoid escalation of your debt, you need to resolve it by either paying it off or reaching an amicable settlement and making agreed-upon payments thereto.
Q: How to write a letter to a collection agency that filed a suit against you on a credit card?
A: Did the lawsuit ask you to respond with a letter? If not, the letter will not likely do much to protect you. Lawsuits need to be answered in accordance with the rules of civil procedure in your jurisdiction. The Answer must be filed timely. Consult with an attorney, or contact the court to learn about self-representation.
***Not Legal Advice. Consult with local counsel to understand your rights and remedies.