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Why Debt Settlement Works Best In Texas

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Debt settlement, also referred to as debt negotiation or debt reduction, is a comparatively new way for dealing together with your debt problems. In a debt settlement program, by negotiating with a creditor, a client can reduce their debt by as much as 50 percent and be debt free in as little as 12 to 36 months.

Debt settlement is a good solution for consumers feeling overwhelmed with bank card debt that find themselves either falling behind on their payments or just in a position to afford the minimums. Considering the savings, generally it�s worth doing if you end up in any of the aforementioned situations. As with any debt solution, however, there are potential downsides to debt settlement that should always be considered prior to enrollment. First, debt settlement may have an adverse impact on your credit, particularly while you�re in the program. To put this point in perspective, however, it�s important to remember the next: 1) any third party debt counseling program and even debt consolidation loans from finance companies like Beneficial may affect your credit negatively within the eyes of lenders, 2) the effect in your credit in the long-term is minimal, given the very fact you�ll be eliminating all of your credit card debt (amount owed is 30 percent of your credit score, in comparison with credit history, which makes up 35 percent of your score) and three) if you�re falling behind or about to fall behind anyway, then your credit has been or will probably be affected negatively anyway.

Realistically, the 2 main draw backs of debt settlement which can be unique to debt settlement are the next: 1) the potential of legal action being taken by the creditor to gather the complete balance and 2) the potential for creditors harassing you until the debt is settled.

Thankfully, if you�re doing debt settlement in Texas or even debt settlement in Florida these concerns are very much diminished. Why is Florida debt settlement so preferable compared to a whole lot of other states The reason being Texas has highly favorable debtor laws that give consumers a number of rights and protections relating to past due unsecured accounts like medical bills, credit cards, repossessions, and personal loans.

How State Collection Laws Benefit Texas Debt Settlement
Every state has laws that say if a collections agency is collecting a debt, they are legally obligated to stop contacting a consumer if the consumer sends a Cease and Desist letter and/or a Power of Attorney notifying the gathering agency that a 3rd party is accountable for handling all communications with the creditor. Texas law takes it a step farther and not only limits harassment from collection agencies, but also from the original creditor as well. In most states, when a consumer falls behind on their payments and the debt remains to be homemade hair mask for dry hair & damaged hair being collected by the original creditor (the bank that originally lent you the money or the hospital that serviced you, for example), then the creditor is reserved the correct to call the debtor each day in order to gather whatever is owed, and although debt settlement companies servicing these clients can very easily reduce the calls (changing of your phone number and address and notifying the creditor that you’re seeking third party help, for instance), no one can ever make the calls completely stop.

This isn’t the case however for Texas debt settlement clients. In Texas, the identical law that deals with what collections agencies can and can’t do when collecting a debt also pertains to the original creditor. What does this mean in practice It signifies that a debt settlement company servicing someone from Texas can easily get the calls to not only reduced, but completely eliminated all together (sometimes within days).

State Homestead and Garnishment Laws and how They Benefit Texas Debt Settlement
For Texas debt settlement clients, their wages and home are completely protected, which provides the creditor much more incentive to settle. Given the fact that creditors already have every incentive to settle even with clients who reside in states with less favorable debtor laws, Texas debt settlement clients are in a fair stronger negotiating position with their creditors. What does this actually mean Typically it means even greater protection in the event of a lawsuit and greater savings than what’s typical. Let me explain.

Although the overwhelming majority of cases settle, as anyone who has ever read a debt settlement contract will tell you—it�s impossible for a debt settlement company to guarantee that a client won�t be the target of any legal action by their creditors. In spite of everything, creditors are always reserved the correct to sue debtors to gather a past due account, regardless of whether the buyer is taking any action to resolve the outstanding debt.

Within the event a creditor sues a consumer in court and wins a judgment, they�ll usually go about executing the judgment in one in all the following ways:

1) Wage garnishment—contacting your employer and asking that they set aside a percentage of your wages every paycheck until the debt is paid back in full. (It�s illegal for an employer to fire you for this unless more than one creditor is garnishing your wages).

2) Lien in your property—obligates you to pay back the creditor with any proceeds from the sale or refinancing of the property. A creditor prefers to put a lien on your property because it usually increases in value over time, which implies the proceeds from your home�s sale will be higher, and thus they�re more likely to actually receives a commission back.

3) Seizing your bank account—contacting your bank, showing the proof of judgment, and asking to withdraw any monies held in deposit under your name.

Fortunately, Texas laws protect debtors from having their wages garnished (unless you authorized in writing to allow your creditor to garnish your wages) and entitle Texas consumers to 100 percent homestead protection in the event of a lien. (Note: this doesn’t apply to tax liens, alimony, or contractor�s liens.) One downside, however, is that bank accounts aren’t exempt under state law. That being said, for many consumers who’re drowning in credit card debt, there probably is not going to be much for the creditor to seize anyway, and if so, it�s unlikely that it will constitute enough to decline a settlement offer. On top of that, checking account information could be difficult for creditors to locate, unlike your property, which is public record.

In sum, these are major advantages for Texas debt settlement clients. Keep in mind that the vast majority of cases are settled successfully whatever the legal advantages of the patron. When you consider Texas state laws, debt settlement makes much more sense for the bank card companies, debt collection agencies, and most importantly, for the consumer.

Debt Settlement in Texas and Community Property Laws
If you are married, reside in Texas, and are seeking debt settlement services, it is best to enroll any and all debts that were accumulated during the wedding by both you and your spouse. Simply because the debt is owned by just one partner the opposite partner shouldn’t be exempt from having to pay for it as well under Texas law. Creditors know this and may use it to their advantage within the collections process.

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