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What We Can Help You With:
If You are being Sued by a credit card company or a debt collector.
You Can Be Defended - Johnson & Bryan
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Collection law firms ultimately want to take advantage of consumers and the public’s lack of knowledge and expertise who do not understand the complex nature of lawsuit proceedings in the State of Texas. If you do not respond to the lawsuit, it is likely your creditor will obtain a default judgment against you. A default judgment is a binding conclusion by the Court granting an award of money in favor of the debt buyers against you. With this default judgment the debt buyers can attempt to garnish (i.e., deplete) your bank accounts and/or place a lien on your home. Additionally, the creditors can have police officers come to your home and sell non-exempt assets such as TVs, equipment and other miscellaneous recreational items you worked hard for in life. Default judgments are essentially a piece of paper, but can turn into a very embarrassing and humiliating situation if not given the proper consideration and attention.
Hiring an attorney at Johnson & Bryan will ensure that the debt buyers do not obtain a default judgment and prevent these other harassing and embarrassing collection efforts from occurring.
The choice to settle your case and underlying debt is solely up to you. The attorneys at Johnson & Bryan will guide you through the pitfalls and the likelihood that a creditor or other lender/debt collector will obtain a judgment against you so that an informed decision can be made. There are positives to settling a debt for a substantially reduced amount sometimes, rather than having the lawsuit dismissed.
Yes, for a very small fee of $30 the attorneys and staff at Johnson & Bryan can run your complete credit report for you in a matter of minutes with some basic personal identifying information. There is a $50 charge for running a joint report of both you and your spouse.
Unfortunately, the debt collection companies and banks are not obligated to report to credit reporting agencies that an individual’s debt should be removed from their credit report after settlement. Therefore, the fastest way to get this done is by contacting the following three major credit reporting agencies yourself.
Please click on the following link for all the necessary contact information.
The attorneys at Johnson & Bryan can contact these agencies for you for a nominal fee.
Unfortunately 99% of the time the answer is YES. When a debt collection company or creditor forgives a portion of the debt you owe them, they take a deduction on their corporate books and records. As part of matching by the IRS those creditors, bank and collection companies are required by Federal law to send you a corresponding 1099-C for debt forgiveness which is income to you under Internal Revenue Code Section 166(c). Fortunately, there are ways to relieve some of this income through standardized deductions on your upcoming tax return and claims of insolvency.
The IRS permits individuals to legally exclude forgiven debt from their income through the "insolvency exclusion". This permits you to write off any forgiven debts up to the amount by which you were "insolvent" at the time. If your total debt and liabilities exceed the fair market value of all your assets, you would ordinarily qualify for the exclusion. We recommend that you consult your tax advisor for advice specific to your situation. They will also be able to assist you on filling out IRS Form 982 to get the exclusion. The best advise is to consult with a certified accountant and tax professional regarding how to minimize this income.
Generally within sixty (60) to ninety (90) days after your debt is settled and the affirmative steps and actions as discussed in Question No. 1 regarding contacting the three (3) major credit reporting agencies are taken by you. In the event a lawsuit is dismissed then the debt will generally not be removed from your credit as the debt collector or creditor may choose to assert their rights at a later date either through another lawsuit or collection activities.
Debt buyers are companies that purchase large portfolios of “bad” also known as delinquent charged-off consumer credit obligations and debt, namely credit cards accounts and other loan obligations. These entities and companies have outlandish and exotic names (Midland Funding, LLC; Asset Acceptance, LLC; Arrow Financial Services, LLC; Equable Ascent Financial, LLC) and it is likely you have never heard of them or even received a phone call from any of them.They purchase the bad and delinquent debt for pennies-on-the-dollar.
These debt buyers in turn attempt to collect the debt from the consumer (YOU). These collection efforts often end up in lawsuits with hopes of obtaining a default judgment against YOU or YOUR SPOUSE just like the banks and other lenders as discussed above.
Generally these debt settlement cases can last anywhere from one month to eighteen (18) months at the longest. It truly depends on the documentation provided by the banks, creditors and collection companies and how much they are willing to fight to prove their case and claims against you.
Will I have to go to Court for debt settlement?
The short and simple answer is never, as hiring the attorneys of Johnson & Bryan will prevent this. However, under a limited set of circumstances you might be called to testify through a subpoena issued by the collection attorneys. However, this is extremely rare. In any event, we will prepare you for this if it happens and vigorously fight to get your case dismissed.
The attorneys at Johnson & Bryan have a proven track record and success. Please consult our results and awards tab or click on the link to see our success against the particular creditor, bank, lender or third party debt buyer that is suing you or your loved one.
Please consult our fees tab found above or by clicking on this link here.
Please consult the debt settlement program tab section of our website above or by clicking on this link here.