Florida Debt Settlement | Ways To Reduce Debt

Article by Margarette Jones

Florida Debt Settlement ? Finance ? Debt Management

Search by Author, Title or Content

Article ContentAuthor NameArticle Title

Home
Submit Articles
Author Guidelines
Publisher Guidelines
Content Feeds
RSS Feeds
FAQ
Contact Us

When credit card debt becomes overwhelming, many consumers start to look at options to help them alleviate the situation. One popular method of debt help is known as debt settlement . This process allows people to settle their debts for a percentage of what they owe, saving them money in the long run. However, debt settlement is not without its problems. It could have a negative impact on your credit report. It also doesn?t eliminate the possibility of collection calls or legal action. If you live in Florida, you may be able to eliminate these risks. This is because Florida has laws designed to help those in debt beyond what other states have.

First, Florida laws limit the number of calls an original creditor can make. The FDCPA only covers collection agencies, not original creditors. However, Florida aims to protect consumers from harassment from all creditors. Since most collection calls are done automatically, you still may receive harassing phone calls. But if you live in Florida, you have the ability to seek compensation for this practice. It is a good idea to keep track of any call you make. This way, you will have a log in case you ever decided to take legal action against the creditor.

When it comes to legal action, Florida laws make it difficult for creditors to collect any judgment. The law protects your wages and your home. The most common way that a creditor tries to collect is to pursue wage garnishment. This means that they can ask your employer to set aside a percentage of your wages from each paycheck. However, this cannot be done in Florida. The law says that your wages are exempt for up to six months after they are deposited in your bank account. Also, the head of household is entirely exempt from wage garnishment.

The next common way a creditor tries to collect is to place a lien on your home. This means you must pay the creditor whenever you profit from the sale or refinancing of a home. If you are the head of a household, meaning that you provide for at least one dependent, Florida law protects your home from this practice. You have to file paperwork, but once you do you can be assured that your home is fully protected.

The last method is to seize a bank account, but that is not easily done in Florida. Again, your wages are protected for up to six months after they are deposited. This means that many creditors can?t or won?t try to seize your bank account.

These laws make it beneficial for many creditors to settle a debt, which can work to your advantage. They know they have to clear a lot of legal hurdles, and that can be expensive and time consuming. Instead, many will be happy to get a percentage back and cancel the rest of the debt. This can be helpful when you try to negotiate. You have more power than you would have in other states.

About the Author

Jefferson Debt Settlement specializes in an innovative form of debt settlement that helps people resolve their unsecured debt for less than what they actually owe. Visit is at http://jeffersondebtsettlement.com for more info.

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.

Margarette Jones

RSS Feed

Report Article

Publish Article

Print Article

Add to Favorites

Article Directory
About
FAQ
Contact Us
Advanced Search
Privacy Statement
Disclaimer

GoArticles.com ? 2012, All Rights Reserved.

Jefferson Debt Settlement specializes in an innovative form of debt settlement that helps people resolve their unsecured debt for less than what they actually owe. Visit is at http://jeffersondebtsettlement.com for more info.

Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.

Source: http://www.waystoreducedebt.net/florida-debt-settlement/

mercury retrograde bath salts heart shaped box lucid 2012 ncaa tournament bracket matterhorn chris harrison