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Creditors may use the law to their advantage, but you can too

Credit card debt presents a serious problem for a large portion of our country’s population, but it is a problem that many believe they can manage on their own. Perhaps in a perfect world, they would be right, but we live in a world where creditors will capitalize on every opportunity to take advantage of others’ misfortunes. Those with outstanding debt must always contend with creditors breathing down their necks, and there is now a growing trend of creditors employing a more dangerous weapon: the law.

There have been instances recently of lawsuits filed against those with credit card debt, as creditors hope that the debtors won’t arrive in court. In the event that debtors fail to defend themselves in court, judges can take action against them in the form of freezing bank accounts or placing liens on the debtors’ houses.

This is particularly problematic for residents in states like Texas, since Texas law allows collectors to sell the homes of their debtors, as long as the house is not the debtor’s primary house. One Texas man who inherited a house from his mother was forced to sell the abode after he was sued over a credit card bill for a card which he claims he never had.

With creditors getting more and more merciless in their collection methods, it may seem hopeless for individuals with growing credit card debt. However, those with debt can fight fire with fire, and use the law to their own advantage in the form of bankruptcy filings. A bankruptcy filing puts an automatic stay into effect that stops creditor harassment and protects people from having any action taken against them by creditors. The law may be a frightening weapon in the hands of creditors, but it can also provide defense for victims of creditor harassment.

Source: Huffington Post, “Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings,” Hunter Stuart, June 2, 2014

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