Everyone would get and stay out of debt if it were
that easy.
However, with the current outstanding consumer debt
at nearly $3 trillion – there are definitely some problems.
Common Questions Regarding Debt
Question:
Is
it wise to borrow from my IRA or 401k to pay off debt?
Answer:
By looking for the money to pay off debt, you ignore the reason you’re going
into debt. It is highly suggested to fix your current problems before looking
for a final solution to your debt.
Question:
A
former spouse was assigned specific debts during our divorce but has not paid
them and is ruining my credit? What should I do?
Answer:
As
a joint owner of an account creditors have the legal right to attempt to
collect debt owed from you. Not to mention that the charge-off of the debt will
remain on your credit report. It would be best to contact your attorney and ask
about having your ex held in contempt for not obeying the divorce decree.
Question:
Can my Social Security benefits be garnished?
Answer:
Banks
are required, by the U.S. Department of Treasury, to protect federal benefits
from being garnished. However, the federal benefits must be directly deposited
into the bank account and the protected amount is restricted to the total of
two previous months of benefits deposited prior to the garnishment order.
Question:
After my fiancée and I are married will her creditors seek me for her bills?
Answer:
The sole responsibility of any debts accrued is of the owner of the debt after
marriage. If you share a joint bank account with her and her creditors sue in
court, then it is possible that the funds can be garnished from the bank
account.
Question:
How
do I protect my credit if I co-signed a loan for my relative and he has stopped
paying what is owed?
Answer:
It
will likely be in your best interest to make payments on the loan. As the
co-signer you have a responsibility towards the loan and can collect from you.
Question:
My
debt is past the statute of limitations. Why is it still being reported on my
credit report?
Answer:
The
statute of limitations varies on what kinds of debt and debt by state. Regardless,
it has nothing to do with the reporting your credit.
Marcadis Singer, PA
Florida Collection Attorney
5104 South Westshore Blvd.
Tampa, Florida 33611
info @ marcadislaw.com
(888) 547-1881
(813) 288-1881
New Clients
Ext. 247 Gil Singer
Ext. 240 Ralph Marcadis
Existing Client Client Liaison
Ext. 242
To Pay a Claim
Ext. 245
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