Many people find themselves in debt at some point in their lives, whether it\u2019s from student loans, credit cards, medical expenses, divorce, personal loans, or other types of accounts.\u00a0Here are some common questions you may have about debt.<\/p>\n
An unpaid debt never truly goes away. After seven years, it will no longer appear on your credit report<\/a>, meaning you may see an improvement in your overall credit standing. Negative marks are removed from your report after seven years while accounts that are in good standing remain forever.<\/p>\n Collectors can continue to collect on debts even after the listing has been removed from the credit report. Some states have a statute of limitations on debt collection. If the statute of limitation has passed, the creditor can no longer get a judgment<\/a> against you. However, an unpaid debt is always owed until it\u2019s paid in full.<\/p>\n Many people have difficulty making bill payments at some point or another. If you can\u2019t afford the minimum payment on your account, don\u2019t just skip the payment that month. Skipping a payment will make it even more difficult to catch up the following month. Creditors can also report late or missing payments to the credit bureaus, meaning your credit will take a hit.<\/p>\n If you can\u2019t afford to pay your bill, contact your creditor to see what your options are. Some creditors may extend the due date or waive the late fee. If you can\u2019t work something out with the creditor, do your best to make up the missed payment as soon as possible, including any late fees.<\/p>\n There are limits as to what a creditor can and can\u2019t repossess when you\u2019re behind on your payments. In some loan agreements, property or possessions are listed as collateral in the terms of the loan. This means that the creditor can repossess the property or possession if you don\u2019t meet the loan agreement\u2019s requirements. The most common types of collateral are vehicles in auto loan agreements<\/a> or homes in mortgage agreements.<\/p>\n If you have credit card debt, the creditor can\u2019t repossess the items that you purchased with credit. However, a creditor can sue you to recover money if there is no collateral listed in the agreement.<\/p>\n Whether or not you\u2019re responsible for your spouse\u2019s debt depends on the state you live in. In community property states, both spouses are responsible if the debt occurs during the marriage. In common law states, each individual spouse is generally responsible for his or her own debt.<\/p>\n Everything a person owns at the time of his or her death is referred to as their estate. The assets of the estate are used to pay off any debts. If the assets of the estate aren\u2019t enough to cover the debts, a family member may become financially responsible depending on the type of debt.<\/p>\n Flitter Milz is a nationally recognized consumer protection law firm that represents victims of abusive collection tactics.\u00a0 Contact us<\/strong><\/a> for a free legal evaluation to determine whether your consumer rights have been violated.<\/p>\n","protected":false},"excerpt":{"rendered":" Many people find themselves in debt at some point in their lives, whether it\u2019s from student loans, credit cards, medical expenses, divorce, personal loans, or other types of accounts.\u00a0Here are some common questions you may have about debt. Will my debt ever go away? An unpaid debt never truly goes away. After seven years, it … <\/p>\nWhat if I can\u2019t afford the minimum payments?<\/h2>\n
Can the creditor repossess my belongings if I\u2019m in debt?<\/h2>\n
Am I responsible for my partner\u2019s debt after we get married?<\/h2>\n
What happens to debt when someone passes away?<\/h2>\n
Seek Legal Help<\/h2>\n