Quick Answer: Roy faces $51,000 in credit card debt with a $17,000 Citi lawsuit threatening wage garnishment that could jeopardize his mortgage payments. While credit card companies cannot directly foreclose on homes, garnished wages or frozen bank accounts could prevent mortgage payments, making bankruptcy consultation essential to protect the family home.“Dear Steve,I have recently taken …
Quick Answer: A home equity loan at 3.74% APR would save money compared to 8.99% credit card debt, but converts $22,000 of unsecured debt into secured debt backed by the home. The lower rate provides savings, but variable rates can increase and the home becomes collateral at risk.“Dear Steve,I have $22K in credit card debt(on …
Quick Answer: Debt statutes of limitations vary by state and debt type, with Oregon contract debts typically expiring after 6 years. The counterclaim provision means if a debtor sues first, the creditor can respond without time limits, but this rarely applies to typical consumer debt situations.“Dear Steve,I had my bank account bounce for a 263.00 …
Quick Answer: Credit card companies may negotiate lower balances through debt settlement, but they rarely agree unless they believe it’s the best deal available. Most companies won’t negotiate until payments are missed for several months, which damages credit scores significantly.“Dear Steve,Can I call a credit card company and ask them to lower the amount and …
Quick Answer: Foreclosure debt forgiveness is not automatic, and borrowers often owe remaining balances after foreclosure completion. Laws vary by state, but lenders may issue 1099 forms for deficient amounts, making bankruptcy consultation the recommended recourse for most situations.“Dear Steve,My home was forclosed they did not forgive my debt how do i get it forgiven …
Quick Answer: A boilermaker’s family with $50,000 total debt and seasonal income of $58,000 faces a catch-22 where they can afford bankruptcy when working but only qualify when laid off. The family should explore pro bono legal aid or payment plan options with bankruptcy attorneys during working periods to break this cycle.“Dear Steve,My husband is …
“Dear Steve,I filed bankruptcy and reafirmed my car. I then lost my job. Now my car is going to be repossed. I am several months behind.How can I keep my car now that I have found steady employment and can make the paymentsRay”I asked my friend Mike Killian to answer your question for you. I …
Quick Answer: When 0% interest promotional periods end, options for avoiding regular interest rates are extremely limited, especially for newer borrowers. Harsha’s situation with a $2,500 balance and 670 credit score makes qualifying for another 0% balance transfer card unlikely, leaving direct creditor negotiation as the primary alternative.“Dear Steve,I have 2500 balance on a 3500 …
Quick Answer: US creditors can pursue overseas debtors internationally, as one collector states “Money knows no borders. Neither do we.” Creditors will likely harass family members at the debtor’s last known address and can send legal summons there, even for someone living in New Zealand with $8,000 in US credit card debt.“Dear Steve,Moved overseas to …
Quick Answer: Free debt relief typically means nonprofit credit counseling or government programs, but completely eliminating $90K in debt without payment is unrealistic. The person described needs professional help for their overwhelming debt situation, which may require bankruptcy consultation or legitimate debt settlement rather than searching for complete debt forgiveness.“Dear Steve,I was unemployed for 7 …
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