At some point, almost everyone has struggled with debt. Getting into debt can happen easily, but finding clear and concise advice on how to solve debt problems is challenging. That's where Ms. Stein can help. The decision of whether or not to file bankruptcy is, generally, not an easy one. Most people want to avoid bankruptcy if at all possible. When that is an option, Ms. Stein can help you negotiate with your creditors. In some instances, a debtor may have a statute of limitations defense, meaning that the creditor waited too long to assert its rights against you, the debtor.
It is not uncommon for a collection agent or law firm to acquire collection accounts and become "the creditor." A creditor has several legal means of collecting a debt. But before a creditor can garnish wages or levy on a bank account, for example, the creditor must go to court to receive a judgment. A bank levy means that the creditor has the right to take whatever money in a debtor's account and apply the funds to the balance of the judgment. Ms. Stein negotiates with creditors to avoid such drastic measures.
What is a "secured" debt and how is it different than an "unsecured" debt?
The basic difference between secured and unsecured debts is that in unsecured debts, there is no tangible property or any other kind of product that is attached to that debt, whereas for a secured debt, there are tangible items which are attached to the debt. Common examples of unsecured debts are arrangements such as credit cards, medical bills and store cards where you do not have to put up any material as security for the debt.
A secured debt is an obligation that is owed and backed (secured) by collateral that a creditor can recover if you default. A debt can be secured by real property (evidenced by a trust deed or deed of trust) such as your residence or personal property such a vehicle. Secured debts (or liens) can be voluntary or involuntary. Home mortgages and car loans are examples of secured debts that are incurred voluntarily. Real property taxes, by contrast, are involuntary liens.
Regardless of your particular issue in this area, Ms. Stein can provide you with sound advice and direction.