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November 2014 Archives

Protections offered by the FDCPA

Many people in Pennsylvania may be receiving calls from debt collection agencies if they have fallen behind on their payments. It might be beneficial for these individuals to know that they are protected under federal law. The Fair Debt Collection Practices Act, which is enforced by the Federal Trade Commission, limits the types of actions that a collector might take while pursuing an outstanding debt.

Statutes of limitations and credit card debt

For Pennsylvania debtors, the statute of limitations on unpaid credit card debt may come as a welcome relief. Statutes of limitations prevent debt collectors from filing civil lawsuits against a debtor beyond the time period set forth therein. Debtors should be aware, however, that the statute of limitations does not prevent the creditor from seeking to collect on the debt in other ways.

Understanding the Chapter 13 reorganization plan

Consumers in Pennsylvania may benefit from learning more about the steps, requirements and expectations involved with filing Chapter 13 bankruptcy. Debtors are required to submit their repayment plan within 14 days following the date that their petition is filed. The repayment plan and the periodic payment scheduled, usually monthly or weekly, must be approved by the court before it is recognized as legitimate.

Chapter 7 eligibility in Pennsylvania bankruptcy cases

Many people in Pennsylvania who are considering bankruptcy may want to file for Chapter 7, as most of their debts can be discharged when the action is granted by the court. However, not everyone is eligible to file in this specific category, which also equates to complete liquidation.

IRS wants taxes paid on cancelled or forgiven debt

Pennsylvania residents may be surprised to learn that the Internal Revenue Service considers forgiven or cancelled debt to be income. Consumers who reach agreements with creditors to lower the amount they owe are often surprised when they subsequently receive a cancellation of debt notice from the IRS. The agency learns about the arrangement because creditors are required to notify them when an outstanding balance is reduced by $600 or more due to debt forgiveness or cancellation.

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