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January 2015 Archives

What can and cannot happen after a bankruptcy discharge

When a person in Arkansas receives a bankruptcy discharge, the discharged debts do not go away. Rather, the creditors who hold the discharged debts are enjoined from acting to collect them in any further manner. The prohibition extends to such collection activities as making phone calls, sending debt collection letters, filing civil lawsuits and garnishing the debtor's wages in an attempt to collect on the debt.

Debt management for older individuals

Individuals in Arkansas who are near retirement or are already retired should think about how they are going to manage their debt. Doing so may be more difficult during retirement, and individuals may overestimate how financially healthy they are in retirement and overspend using credit cards. People over the age of 75 have an average credit card balance of more than $4,000, and for those who are between the ages of 65 and 85, the number with mortgages has significantly increased since the 1980s. However, there are also steps that retired individuals can take to ensure that they stay on top of their finances.

What happens to a home during bankruptcy

When an Arkansas resident files for Chapter 13 bankruptcy, they may be able to keep their home. During the repayment period, the mortgage company generally has no choice other than to wait until the homeowner completes said plan. Typically, a repayment plan takes three to five years to complete. However, a lender may be able to proceed with foreclosure proceedings if the debtor misses even a single payment during this time.

Arkansas residents have options for debt relief

Those who are having problems handing their debts in Arkansas may be interested in learning about their options. Some individuals might seek help from a credit counseling organization and others might try to work with a debt settlement company. It may be beneficial for readers to understand some of the differences between the two types of organizations.

What can be done to stop debt collectors from contacting me?

Debt is a serious problem for many people in Arkansas. Unforeseen circumstances can make it easy to get behind on debt repayments. As soon as a few payments begin to become overdue, calls and letters from debt collectors may start to become a nuisance. While these types of calls are usually legal, it is possible to take action to get them to stop.

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