July 2014 Archives

Many Minnesota residents struggle with debt

Based on a study done by the Urban Institute, which looked at the credit histories of seven million people in the United States, over a third of people have debt in collections. Unpaid balances usually go to debt collections 180 days after payment is due, and this action also means that the debt has been reported to collection agencies and may be negatively impacting someone's credit rating. People without a credit history were not able to be included in the study nor were payday loans, so lower-income households may not be properly represented.

Minnesota state senator seeks to discharge debt using Chapter 7

A Minnesota legislator has filed for bankruptcy to discharge nearly a million dollars in debt. Part of the debt involves a federal loan that the couple has not made payments on for a number of years.

Abusive debt collection practices

The Center for Responsible Lending issued a report in April of 2014 that said that nearly 15 percent of Americans are being contacted on a regular basis by a debt collector. For those who are unlucky enough to have to deal with creditor phone calls, there are steps that can be taken to get these calls to stop.

Options for past-due taxes owed to the IRS

People who are struggling with their debt in Ramsey, Minnesota may choose bankruptcy as a viable option to reduce debt and create manageable monthly payments. Eliminating interest payments and other expenses can ease the burden and give consumers better control over their finances. Not all debts can be discharged in a bankruptcy, and some have special requirements that debtors should be aware of.

Lawsuit charges department store with creditor harassment

Minnesota residents who experience harassment at the hands of creditors may have grounds to file a legal claim under federal law. In a Michigan case, a woman is charging Kohl's department store with creditor harassment under the Telephone Consumer Protection Act and, possibly, the Fair Debt Collection Practices Act. While waiting for the case to continue, the woman has chosen to not pay the seemingly legitimate debt in question.

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