Debtors' Rights

by Nickel, Gudrun M.

• ISBN13: 9781570713422
• ISBN10: 1570713421
• Edition: 3rd
• Format: Paperback
• Copyright: 1998-04-01
• Publisher: Sourcebooks Inc

Summary

Explains the state and federal laws that protect persons who owe money from being taken advantage of by creditors, banks and collection agencies. Includes forms and resource information.

Table of Contents

USING SELF-HELP LAW BOOKS	1	(2)
INTRODUCTION	3	(6)
CHAPTER 1: TYPES OF DEBT--AN OVERVIEW	9	(16)
Secured Debt
How Unsecured Debt May Become Secured Debt
Selling Your Secured Property
When the Lender Sells the Collateral
The Bank's Right of Set-Off
Bank's New Tools
Unsecured Debt
Debt Assumed in Divorce
Contingent Liabilities
Business Debt
Student Loans
Child Support
CHAPTER 2: STRATEGIES BEFORE CREDITORS AND COLLECTORS CALL	25	(4)
Prepare Yourself and Your Creditors
The Minimum One Dollar Payment Myth
Wage Assignments
Credit Counseling
CHAPTER 3: WHEN THE COLLECTION AGENCY CALLS	29	(18)
What Is a Collection Agency?
What Can a Collection Agency Do?
Your First Call from a Collector
What a Collection Agency Cannot Do
If You Have an Attorney
What You Can Do On Your Own
For Further Research
Sample Letters
CHAPTER 4: CONSUMER REPORTING AGENCIES AND YOUR CREDIT REPORT	47	(18)
What Is a Consumer Reporting Agency?
Information a Consumer Reporting Agency May Furnish
Obtaining Information from the Agency's Files
Items Your Report Cannot Contain
Beware of "Quick Fix"
What to Do if You Dispute Items in Your Report
Cost of the Report
Reports for Employment Purposes
Reports Containing Medical Information
Requirements for Users of Reports
Use of Other Information
Obtaining Information Under False Pretenses
Providing Information to an Unauthorized Person
Liability of Reporting Agency for Non-Compliance
For Further Research
Sample Letters
CHAPTER 5: THE INTERNAL REVENUE SERVICE	65	(12)
Collection of Money Owed to the IRS
Don't Assume an IRS Bill Is Correct
Don't Leave an IRS Inquiry Unanswered
Property the IRS Can Take for Taxes Due
Taxpayers Bill of Rights
What the IRS Cannot Take
IRS Time Limitations
If Your Tax Return Is Audited
What You Can Do
For Further Research
Sample IRS Correspondence
Small Tax Case Petition Form
CHAPTER 6: LOAN DISCLOSURE REQUIREMENTS--TRUTH IN LENDING	77	(22)
The Federal Law
Required Disclosures
Time Periods in Which Disclosures Must be Made
Finance Charge and Annual Percentage Rate (APR)
Good Faith Estimate--Residential Mortgages
Equity Line Mortgages and Your Right to Rescind
Balloon Payments on Consumer Loans
Refinancing
When Disclosure Is Not Required
Lenders' Liabilities and Your Rights and Obligations
For Further Research
Truth in Lending Disclosure Statement
Sample Disclosure Form
Sample Good Faith Estimate
Sample Compliance Agreement
Sample Notice of Right to Cancel
CHAPTER 7: CREDIT CARDS AND OTHER OPEN-END CONSUMER CREDIT LOANS	99	(10)
What Is Open-End Credit?
Information That Must Be Disclosed
Billing Disclosure Requirements
Penalties for Violations
Consumer Loan Billing Procedures
Unsolicited Credit Cards
When a Credit Card Is Lost or Stolen
New Credit Card Fraud
For Further Research
Sample Letter
CHAPTER 8: CONSUMER LEASE DISCLOSURES	109	(6)
What Is a Consumer Lease?
Disclosure Requirements
Residual Value Calculation
Penalties or Other Charges
Liabilities of Lessor for Violations
For Further Research
CHAPTER 9: REAL ESTATE LOAN FORECLOSURES	115	(20)
Mortgages
Contract or Agreement for Deed
Deed of Trust
Read Your Loan Documents
The Mortgage Foreclosure Process
Service of Process and Deficiency Judgments
After the Sale--Period of Redemption
Foreclosing a Deed of Trust
What if You Sell the Property Before Foreclosure?
Deed in Lieu of Foreclosure
Negotiating With Your Lender and FHA Extensions
If You Are in the Military
Recap--Steps You Can Take After Foreclosure Is Started
For Further Research
Responding to a Foreclosure Complaint
Sample Answer to Foreclosure Complaint
CHAPTER 10: REPOSSESSION OF PERSONAL PROPERTY--FORECLOSURE	135	(8)
Restrictions on Repossession
Sale of Collateral After Repossession
Lender's Pattern of Accepting Late Payments
Your Remedies
If the Lender Already Has the Collateral
For Further Research
CHAPTER 11: WHEN THE CREDITOR FILES A LAWSUIT	143	(12)
What Is a Judgment?
How a Creditor Gets a Judgment
Your Defenses to the Petition or Complaint
What if You Move to Another State?
Confession of Judgment
Possible Alternatives if the Debt Is Legitimate
Effect of Judgment on Credit Report
For Further Research
Sample Answer to Complaint
Sample Motion
CHAPTER 12: COLLECTION OF MONEY JUDGMENTS	155	(14)
Actions by a Judgment Creditor
When the Creditor Knows What Assets You Have
Garnishments
Writ of Execution and Levy
Attachment of Property Not Yet in Your Possession
Attachment of Property Before Judgment
For Further Research
CHAPTER 13: BANKRUPTCY AS AN OPTION	169	(10)
What Is Bankruptcy?
Types of Bankruptcy
How Bankruptcy Works
Bankruptcy Will Not Eliminate All of Your Debts
The Bankruptcy Court Will Not Take All of Your Property
What are the Pros and Cons?
How to File for Bankruptcy
For Further Research
CHAPTER 14: PROPERTY EXEMPT FROM CREDITORS	179	(16)
State by State Homestead Exemptions
State by State Garnishment Exemptions
CHAPTER 15: PERSONAL ASSESSMENT AND PLANNING FOR THE FUTURE	195	(8)
Debt and Asset Evaluation
Making Yourself Judgment Proof
Personal Financial Assessment
APPENDIX A: U.S. GOVERNMENT PRINTING OFFICES	203	(4)
APPENDIX B: STATE BY STATE CONSUMER AFFAIRS OFFICES	207	(6)
APPENDIX C: FEDERAL TRADE COMMISSION REGIONAL OFFICES	213	(2)
APPENDIX D: STATUTES OF LIMITATION	215	(4)
APPENDIX E: FREQUENTLY REFERENCED LAWS	219	(2)
GLOSSARY	221	(6)
INDEX	227