Debt Relief

Crosby & Fox

Debt Relief Las Vegas

More than legal advice

Secure Debt vs Unsecure Debt

If you feel you are being crushed by debt, we can help. How to best deal with debt first requires understanding what type of debt or debts you have. Generally, there are two types of debt, Secured and Unsecured. Secure debt is a debt attached to an asset (called the collateral), where the lender can take something back like a car, house, or sometimes even furniture or appliances if the debt is not paid. If the borrower doesn’t make payments, then the lender will seize the collateral. They can then sell the collateral, usually for less than what you owe, and then come after you for the balance. Unsecured debt has no collateral backing. Student loans, credit cards, medical bills, and most civil judgments are examples of unsecured debt. The attorneys at Crosby & Fox can help you understand your debt and work with you to help you get the relief you need. Here are some common debt issues.

COVID -19 UPDATE

Our attorneys are ready to provide you the legal help that you need to get back on track and have a better financial future. Because of COVID-19, some states have temporarily restricted debt collection practices, collection lawsuits, and repossessions. Many major consumer protections have been announced in response to COVID-19, and some of these may be able to help you depending on your circumstances. Only an attorney will be able to review your case and let you know what solution works best for you.

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Automobile Repossession

Auto loans are usually secured debt.  Most lenders will seek to repossess a vehicle after the loan is two payments behind.  Once your vehicle has been repossessed, you only have 10 days to be able to get it back. There are ways that bankruptcy can help you keep your vehicle, or even recover the vehicle within the 10 days of repossession.  In a Chapter 7, you may be able to work out an agreement through a reaffirmation agreement.  In a Chapter 13, you can propose a plan to repay what you are behind.  In a Chapter 13, if you owe more than the vehicle is worth, you may be able to propose to pay the creditor the Fair Market Value of the vehicle instead of what you owe.  Even if you want to give the vehicle back to the lender, bankruptcy may be able to give you some additional time to find a new vehicle. 

Finally, when a lender takes back a vehicle, either through repossession or voluntary surrender, the vehicle is typically sold by a lender at an auto auction for much less than the person owes on the vehicle.  The difference between what is owed and what is recovered from the sale is to call the deficiency amount.  And the lender has a right to sue you for years after the sale for this deficiency amount.  Even if you voluntarily return a car to the lender, they have a right to sue you for the deficiency balance.  Bankruptcy can protect you against this deficiency amount, and ensure there are no surprise lawsuits later down the road.  Talk with an attorney at Crosby & Fox if you are having difficulties with the payments on your vehicle.  PLEASE CONTACT US.  We can help you get back on the road to a bright future.

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Credit Card Debt Relief

Credit Card debt is almost always Unsecured Debt. When you fall behind on your credit card payments, your credit card company may raise your interest rate, which means that it is going to take you longer to pay off your balance. What is worse, many credit card agreements include what are called universal default provisions.  This means missing one payment on one credit card can lead ALL of your credit cards to raise your interest rates and lower your balances.  You can end up with higher monthly payments, and no actual credit available to you.  Then there are the late fees and other fees they charge you. One of the most common reasons why people seek bankruptcy relief is due to credit card debt.

Many people who are looking to get rid of credit card debt will file for Chapter 7 bankruptcy. Even if you are not qualified for a Chapter 7, a Chapter 13 can help you consolidate all of your credit card debt, and stop fees and interest from increasing what you owe.  If you are being pursued by the credit card company talk to one of the lawyers at Crosby & Fox.  Especially if a company has filed a debt collection lawsuit against you, you need to act fast as you only a short time to respond to the lawsuit.  PLEASE CONTACT US. The attorneys at Crosby & Fox can help you get out from under your credit card debt, and get you back on the path towards a bright future.

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Garnishment

Especially at this time, many people are struggling financially, living paycheck to paycheck.  Reduced working hours, layoffs, added expenses.  And then, a creditor from the past comes out of nowhere and attempts to take 25% of your income every paycheck with a wage garnishment.  Or you go to pay a bill, only to discover your bank account has been emptied from a garnishment.  Garnishment can be devastating, especially to those struggling most.

Garnishment is when a creditor you owe money to, who has sued you and won a judgment against you, gets a court order that allows them to take money from you.  This can include taking money from your bank account.  It can include forcing your employer to turn over part of your paycheck to the creditor.  Sometimes, it can even include a forced sale of the things you own. 

If you are under a garnishment order, or even if you have been served with a lawsuit on a debt cannot pay, reach out to Crosby & Fox.  We are here to help you understand your options.  Depending on where you are at in the garnishment process, you may have options to stop the process before a garnishment overwhelms you.  And, if bankruptcy is necessary, we can help you through that process as well.  PLEASE CONTACT US.  Don’t let a debt from your past ruin your bright future.

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Medical Bills/Debt

Medical debt, which is almost always unsecured debt, is one of the major causes of bankruptcy.  Even when you have insurance, the co-pays, co-insurance, and deductibles can turn a serious medical emergency into a serious financial emergency. No matter how well you prepare, plan, and save, one severe medical problem suffered by you or even by a family member can wipe out a lifetime of being prepared.  And a medical crisis can strike anyone; old or young, male or female; rich or poor. 

Medical emergencies are one of the most common reasons a person has to file bankruptcy.  Getting better can financially set you back for decades.  If you have medical debt or medical bills you know you will never be able to pay, talk to the attorneys at Crosby & Fox.  We can teach you about how bankruptcy may give you the relief you need.  Filing bankruptcy to get rid of medical debt does not mean that your doctor will never talk to you again, or that you will never be able to get medical care in the future.  It is simply a way to get a fresh start, so that your illness is in the past, and doesn’t leave a cloud over the bright future that lies before you.

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