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3 tips for getting rid of debt when you're in over your head

When you have a large amount of debt, the last thing you want to do is answer calls from debt collectors or spend all you have on a payment that lasts only one month. People get into debt for all kinds of reasons, from losing a job to suffering from medical emergencies that land them in thousands of dollars in debt. If you've found yourself in that situation, you may want to consider paying down your debt with some of these tips.

Getting out of debt doesn't happen overnight, but with some of these tips, you can tackle high interest rates and high payments that make it hard to get ahead. Consider negotiating with creditors, working with a debt-settlement agency or call your attorney to learn more about the ways you can get out of debt faster.

Debt for sale

Samuel L. Jackson, Jennifer Garner and Alec Baldwin have become the faces of credit cards hyping premium awards and cashback cards. While the celebrity pitches are directed at customers who enjoy high credit ratings, others in the credit card business see opportunity with consumers who suffer with less than stellar FICO scores.

What consumers see as debt growing beyond their control, credit card companies view as a valuable asset generating significant revenues.

What property could you keep after Chapter 7 bankruptcy?

When faced with substantial unsecured debt, you may experience overwhelming feelings of anxiety and depression. These feelings typically occur due to believing that you cannot escape the financial burdens that weigh so heavily on you. However, you do have options for potentially discharging most, if not all, of those unsecured debts. If you qualify for Chapter 7 bankruptcy, filing a petition could allow you to take the first step toward a fresh start.

Because Chapter 7 involves liquidating assets in order to pay back creditors, you may worry that you will lose all of your property in the process. Luckily, you will not likely face such an outcome since the process does not mean to leave you with nothing.

Ending aggressive and inappropriate medical debt collection

While millions of Americans are the subject of medical debt collection efforts, far too many consumers are aggressively and unfairly targeted. Others are victims of mistaken identity whose credit scores are placed at risk by these harmful acts.

On April 11, 2017, the U.S. Public Interest Research Group released findings on consumer complaints over tactics used in medical debt collection efforts. The data shows a continuing and troubling trend when it comes to growing predatory financial behavior.

Are you facing two types of filings this year?

While tax season comes the stress of filling out and filing multiple forms. Organizing the necessary documents takes time. Many will inevitably wait for the last minute. While filers feel the pressure of a pending deadline, that anxiety can turn to excitement over potential tax return windfall.

Extra money from a tax return can be used for big-ticket items or a much-needed family getaway. However, those dealing with serious financial struggles need the cash to pay down or wipe out debts. Others with more extreme shortfalls use the proceeds to once and for all find resolution to the stress of not making ends meet.

Drowning in credit card debt? You have options!

There are literally thousands of ways to get upside down in credit card debt — but you don’t have to let it bury you. This becomes exceptionally true when it comes to credit card lenders’ collection tactics.

The credit card industry is infamous for skirting or exceeding the boundaries of decency when it comes to collections, but you do not have to simply live with it. What kind of life is that, after all?

Will bankruptcy bring a collection agency back to square one?

Attorney P. Scott Lowery opened a collection agency in 1994, naming it Collect America Ltd. As a proactive step to grow the business, he subsequently started up a law firm franchise.

Lowery’s company purchased past-due debt from banks, credit card companies and other lenders below face value. From there, franchisee law firms were assigned those accounts to collect. For back-office support from CollectAmerica, franchisees received a fee after sending collected money back to the headquarters.

Taking control of your medical debts

While medical debts have declined, 25 percent of Americans under the age of 65 have unpaid medical bills according to the Urban Institute. The Kaiser Family Foundation reported that 27 percent actually postpone health care because of challenges in paying premiums and meeting deductibles. The number one call by a debt collector involves medical debts, according to the Consumer Financial Protection Bureau.

Far too many U.S. citizens covered by insurance are one surgery or ambulance ride away from seeing their finances devastated.

7 facts women should know about bankruptcy

Being unable to sleep at night because your finances are keeping you awake is no way to live. You do have options to help you get out of the financial crisis. You deserve to live a life without worrying about creditors harassing you. Bankruptcy is one option that you might exercise. Consider these points before making your decision.

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