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October 2014 Archives

Avoiding wage garnishment in Kentucky

Wage garnishments occur when a person does not keep up with regular payments on outstanding debt. The best way to prevent creditors from garnishing wages is to speak with them to create payment arrangements. In most cases, making regular payments according to an agreement with the creditor can stop an existing wage garnishment or prevent garnishments in the future.

The basics of debt management

Kentucky has a similar problem with consumer debt as the rest of America. Approximately 69 percent of all American households carry debt of some kind. These debts come in a wide array of different types, and each category of debt should be treated differently.

Options for settling credit card debt

Many debt settlement companies offer assistance to Kentucky residents with paying off their credit card debt. One major drawback of these services can be the fees that these companies charge. Federal law requires these companies to disclose all of their prices and policies to the consumer up front and any consequences that the consumer could suffer as a result of their actions.

Restrictions on debt collectors under federal law

The Fair Debt Collection Practices Act places restrictions on what debt collectors may do when attempting to collect an overdue credit card debt from a Kentucky resident. For example, a debt collector may not call before 8 a.m. or after 9 p.m. without permission to do so. They are also prohibited from calling a debtor at work unless given permission to do so.

Distinctions between Chapter 7 and Chapter 13 bankruptcy

Kentucky residents struggling with financial challenges and seeking debt relief may be interested to know about how personal bankruptcy might work to help them manage or eliminate debt. The two most common types of individual bankruptcy are Chapter 7 and Chapter 13, which differ from each other in certain key aspects.

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