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RESOLVING CONSUMER DEBTS: Negoiate Discounted Settlements with Your Creditors, or File Bankruptcy?

Credit card debt can easily and insidiously become overwhelming, especially in today’s difficult economy.  Lately, many well-intentioned consumers have seen their debts spiral out of control due to layoffs and depressed real estate values, as well as factors not related to the economy such as unanticipated expenses resulting from the loss of a loved one, the need for medical care, or a disability. The question of how to resolve such debts is a difficult one.  Should you attempt to negotiate with your creditors, and when necessary litigate with them, in an effort to obtain a settlement that you can afford,...

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Wites & Kapetan, P.A. Investigates Overpriced “Force-Placed Insurance” Taken Out by Banks

Most home mortgages obligate you to maintain a homeowner’s policy that names your bank as an “additional insured.”  This requirement protects the asset that secures your loan: your property.  In other words, the bank is willing to lend money, in part, because if you default it can take possession of the property.  The bank wants to make sure the property is insured in case it is damaged by fire, windstorm and other risks. You may not know that the same clause in the mortgage alsoprovides that, if your homeowner’s policy lapses for any reason – even accidental oversight – the bank...

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Consumers Are Protected by the Fair Debt Collection Practices Act

The Unfortunate Reality. Many Americans are facing the sad reality of not being able to pay their bills. The country’s depressed economy has left many without jobs, or with far less income than during the boom times.  Calls from debt collectors often impede the balance of silence and calm in your home, and can add undue pressure to financial and emotional stress. To make matters worse, some debt collectors attempt to collect debts using harassing tactics that may violate Federal and/or state law.   What is the FDCPA? The Fair Debt Collection Practices Act (FDCPA) is a federal law that...

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Banks Want Their Cake and YOUR Cake Too! – Exemptions to the Garnishment of Your Wages.

  It’s 8 p.m. and you arrive at home after a 12-hour day at work.  You’re exhausted, but feel thankful that you found a job that is putting food on the table.  On your way in, you grab the mail and start flipping through the stack, when you see an envelope from the local court between the phone bill and a coupon from Bed Bath & Beyond.  Your heart begins to beat faster, as thoughts of an unpaid debt rush into your head.  Opening the envelope, you realize that ignoring all those legal notices brought you to this moment; the...

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