People who have been harassed by creditors know what a daunting and scary experience it can be. Creditors can threaten to take away items like your car, house or even wages, but they can also be fended away from a number of assets through asset protections, as well.
While what is termed as the Great Recession of a few years ago is reportedly gone, that does not mean that financial challenges have completely vanished. Many an Oregon resident continues to struggle to wipe out credit card debt or consider bankruptcy as a means to get a fresh financial start. Consumers will always need to balance income with expenses and factors like unemployment, divorce and unexpected medical costs can make that difficult.
Oregon residents who have struggled to make ends meet in recent years due to unemployment, high medical bills or other situations understand the challenges that can result. High debt can lead to consideration of bankruptcy or repossession of a vehicle. Some creditors may also choose to garnish your wages in order to reclaim some of the debt owed to them.
Many residents in Oregon as well as in other states have experienced great financial pressures in recent years. Even with the economy improving slightly, the struggles can continue. For some people, this may include the need to file bankruptcy or the loss of possessions in the form of repossession or even wage garnishment. These experiences can not only leave logistical challenges but be embarrassing to people who are subject to them as well.
Economic challenges have plagued many Oregon residents, especially since the recession began. Even with some signs that the economy is rebounding, many people continue to struggle and face ongoing threats of repossession, wage garnishment, bankruptcy or more. Asset forfeiture can affect a person’s ability to keep a car, a home or any other type of personal property that has some real value.
In a recent post we offered tips to reduce credit card debt during the holiday shopping season. Still, there will be many people in Lane County who using plastic to purchase all of the gifts, goodies and gadgets on their list, confident that they will have enough money in the coming months to pay the balance down. Statistics show that consumers in Oregon and the rest of the nation are spending more for the first time in a long while.
When consumers take on more debt than they can handle, creditors sometimes turn to wage garnishment to collect the outstanding balance. Since there are a lot of questions surrounding this form of collection, we thought our readers in Lane County who are being harassed by creditors threatening to garnish your wages would be interested to learn more about the process as well as your legal rights.
Filing for bankruptcy is a viable option for those in Lane County who are truly struggling with overwhelming debt. It is not a decision that should be made capriciously or used to discharge debt that you simply don’t want to pay. Failure to comply with federal and state bankruptcy laws can result in monetary fines. Your bankruptcy filing can also be denied altogether if you negligently or fraudulently apply for bankruptcy.
Credit cards may be used for a variety of different reasons. Some people use credit cards to build credit and help get better rates on loans for larger items after they have a higher credit score. Others use credit cards as a way to supplement income to buy things that are needed or wanted. Unless credit cards are used in smart ways, many people find themselves buried with credit card debt, and being harassed by a credit card company for money they cannot pay.