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Wednesday, November 25, 2009

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Wednesday, November 18, 2009

The Motion To Set Payments--How To Overcome A Huge Court Judgment

You have a debt you can’t pay. It’s ballooned into a huge debt with unreal interest charges and now collection costs and attorney’s fees. You offered to pay monthly what you really can pay and the debt collector wouldn’t give you the time of day and offered you some outrageously huge payoff amount. Now you’ve been sued and you are staring at the possibility of or already are saddled with a huge judgment. You are living with the fear that the debt collection lawyer is going to execute (obtain court authority to take and sell your car, your house or some other asset). There is another option besides bankruptcy court and one that allows to retake some control over an out of control situation. Almost every court (jurisdiction) has some form of what we call the Motion To Set Payments here in Tennessee. It is a court remedy that allows you to file paperwork with the court asking the court to set monthly payments on a judgment. The person filing the motion must document to the court all of their income and debts and must justify that they are making the largest monthly payment they are capable of reasonably making. If the court grants their motion and allows them to make the monthly payments (usually directly to the court and not to the judgment creditor), then the judgment creditor cannot take any enforcement action such as executions, wage garnishment or seizures as long as you are current. This is a powerful tool in the hands of the judgment debtor. It essentially allows you to set your repayment schedule at exactly what you can afford. It is a particularly useful tool if you are simply in a bad patch, unemployed and expect your fortunes to improve in time. Contact the court clerk and ask if they have a Motion to Set Payments or a similar motion. Most courts will and even if they don’t, the court will always hear a motion for relief. The key is to be honest with the court and offer a reasonable payment based upon your current financial situation SS4HTZ6NJ7EY

Friday, November 13, 2009

Unemployed and Broke--Time for the Cease Communications Letter

You are one of the thousands of now unemployed and you are broke. You would love to pay your credit card bill or other debt, but you just don’t have the money. Your creditor is calling every day and sending you threatening letters every week. It’s affecting your mental health and your family. What do you do? Well, if you truly have no ability to pay anything, you might consider the Cease Communication letter. The Federal Fair Debt Collection Practices Act, 15 USC 1692c(c) provides that a collector must stop communicating with a debtor by both phone and mail once that debtor requests the collector to stop in writing. So, if you can’t pay and are being driven crazy, write you’re creditor a letter saying; Pursuant to 15 USC 1692c(c), I hereby request that you cease all communication with me. Once that letter is received, your creditor may only contact you to tell you that further communication is being terminated or to notify you that specific remedies are being invoked (translation you are being sued). The requirement that they stop communicating with you doesn’t take effect until they receive your letter. Make sure you send it certified mail so that you have a record that they received it. The Cease Communication letter isn’t a solution to your debt problem, but it can restore the peace to your home.

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