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Is debt settlement worse than bankruptcy

Is Debt Settlement worse than Bankruptcy?

If done correctly, no. It is far better, because you can eliminate your debt for pennies on the dollar and avoid bankruptcy. If done improperly though, debt settlement can be worse than bankruptcy, and even lead to bankruptcy. This is why it is very important to hire a full service debt relief law firm like PandA to handle your debt

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How much can I save with a Debt Settlement program

How much can I save with a Debt Settlement program?

You can save a lot. Including all attorneys fees, and settlement payments, most PandA debt settlement clients save 30 to 60 percent off their debt. The sad truth is that if you pay only the minimum payments on credit card debt, on average, you will end up paying back three times what you owe, and it usually takes 15 to

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Will bankruptcy affect my rental agreement

Will Bankruptcy affect my rental agreement?

If your rent is late, bankruptcy may stall an eviction and possibly wipe out the debt. If you’re current on your rent payments, there is usually little or no impact to your rental agreement when you file. Each case is different, so please make sure to let your attorney know you’re a renter during your free debt relief consultation.

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What happens if I get sued

What happens if I get sued?

Each lawsuit is different, so if you get sued you should contact an attorney immediately, as most only allow 20 days to respond. At PandA we can respond to lawsuits, include them in bankruptcy filings, stop garnishments, and negotiate settlements with whoever is suing you. Unfortunately, if you do nothing, a default judgment will likely be entered against you, your

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How much does it cost for Debt Settlement

How much does it cost for Debt Settlement?

PandA’s debt settlement fees vary depending on the type of debt, but generally fall in the 10 to 20 percent range. Additionally, you’ll have to pay back a portion of what you owe to each creditor. These settlements can range from 30 to 60 percent.

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Why should I hire a lawyer instead of a debt company

Should I hire a lawyer instead of a debt company?

First of all, law firms like PandA Law handle debt settlement and bankruptcy, so we’re going to discuss all your options. Second, because we handle both, we can leverage our ability to file bankruptcy with your creditors. This often leads to better settlements. Finally, and perhaps most importantly, when you’re in a debt settlement plan there’s a chance that your

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How long will it take to get out of debt

How long will it take to get out of debt?

The answer to this question varies because it is often based on total debt, income level, and expenses. However, generally speaking, debt settlement takes 12 to 18 months, Chapter 13 can last three to five years, and Chapter 7 bankruptcies are over about three to four months after the case is filed. A PandA Law Firm attorney can give you

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What is the difference between Chapter 7 and Chapter 13

What is the difference between Chapter 7 and Chapter 13 Bankruptcy?

So there are two main differences between Chapter 7 and Chapter 13 bankruptcies. In Chapter 7, in most cases, you won’t pay back anything to your creditors. The court wipes the slate clean and eliminates your debt in a few months. This is why you sometimes hear Chapter 7 referred to as a “fresh start” bankruptcy. In a Chapter 13

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How long will it take to improve my credit after bankruptcy

How soon will my credit improve after Debt Settlement?

Generally speaking, once your last debt is settled, and the agreed payment has been made, your credit will instantly start healing. Most debt settlement clients see marked improvement to their scores within six months of their last settlement, and some qualify for new credit cards, personal loans, or auto loans in as little as three months.

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debt settlement versus bankrtupcy

What are the differences between Debt Settlement and Bankruptcy?

The biggest difference between debt settlement and bankruptcy is the court’s involvement. In bankruptcy, the bankruptcy laws and the court dictate what you’ll pay back to your creditors and can exercise control over your financial well-being for as many as five years. In addition, in some Chapter 13 bankruptcy cases, you might actually pay back more than what you owe.

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Ask an Attorney: What legal documents should I have in order?

Ask an Attorney: What legal documents should I have in order?

Question: I’m in my early 30s, and I feel like it’s time to get some of my important documents in order. I have a general folder that I use for things like my Social Security card, my children’s birth certificates and mortgage documents, but I’m wondering what else I need. Am I too young to create a will? Should I start

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Ask an Attorney: Who is liable for my child’s injury?

Ask an Attorney: Who is liable for my child’s injury?

Question: My son broke his arm playing at a friend’s house. The other boy’s parents were very helpful — they called me immediately and took him to the emergency room for treatment. Unfortunately, our health insurance is limited and it won’t cover most of the claim. I like the other family but I’m frustrated with the situation and I’m not sure

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Ask an Attorney: What happens if I die without a will?

Ask an Attorney: What happens if I die without a will?

Question: My husband recently brought up the topic of “getting our affairs in order.” While it seems premature to me — we’re only in our 40s and are both in good health — we want to make sure our kids would be protected if anything were to happen. When is the right time to start this process? What documents do we

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Ask an Attorney: What do I do if I’m hit by an uninsured driver?

Ask an Attorney: What do I do if I’m hit by an uninsured driver?

Question: Last week I was rear-ended during my drive to work. Immediately after the accident, the other driver and I pulled off to the side of the road to exchange information. The other driver told me that he did not have car insurance but would pay for my repairs out-of-pocket. Now, I have a quote from the auto body shop

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Ask an Attorney: I was bitten by a dog. What do I do?

Ask an Attorney: I was bitten by a dog. What do I do?

Question: I was recently bitten by my neighbor’s dog, and I had to go to the emergency room for stitches. I’ve known the dog, and his owner, for many years. While I’ve seen him growl and act aggressively, I’m not sure he’s ever bitten anyone before. Because of this, I don’t necessarily want to get the police involved, but I

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What happens if I can’t pay my credit card bills?

What happens if I can’t pay my credit card bills?

Failing to pay the minimum on your credit card bill, or failing to pay altogether, can have a slew of serious consequences, both in the long and short term. There are many actions that can be taken against you, and they can get progressively worse the longer you’re unable to pay.

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Ask an Attorney: Personal finance 101, Track your spending

Ask an Attorney: Personal finance 101, Track your spending

For some people, personal finance is second nature. Some were taught by their parents. Others were taught in high school as part of a class called home economics— long before home ec turned into a baking class. For many people, though, understanding how to budget, plan for expenses, manage, leverage and avoid debt is a mystery.

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Ask an Attorney: Solutions for adjusting mortgages

Ask an Attorney: Solutions for adjusting mortgages

Question: I took out a 10-year, interest-only mortgage to purchase a new home in 2006, and now it’s adjusting. I’ve never missed a payment, but the payment is about to go up from $550 to almost $1,400 per month. I’m underemployed, I can’t afford the new payment and I’m also underwater, so I can’t seem to qualify for refinancing. Is

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Ask an Attorney: Personal finance 102, Budgeting for essentials

Ask an Attorney: Personal finance 102, Budgeting for essentials

In the Aug. 28 edition of The Sunday, we went over the basics of tracking your spending. But understanding your spending is just the first step in creating a simple budget. I know “budget” is a scary word for some; it involves planning, math and discipline. But what is a budget? At the most basic level, budgeting means planning before

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Ask an Attorney: What if my credit report is wrong?

Ask an Attorney: What if my credit report is wrong?

Question: There’s a bunch of stuff on my credit reports that isn’t right. Some of it isn’t even mine. I wrote letters questioning the incorrect line items, but almost everything came back as verified or accurate. I’m desperate, but I don’t know what to do. 

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Ask an Attorney: Coping with student loan debt

Ask an Attorney: Coping with student loan debt

Student loan debt and the cost of higher education in the United States are hotly contested and pressing issues for consumers, educational institutions and lawmakers. Marketwatch reports there is $1.3 trillion owed in student loan debt in this country, making it the second-largest type of consumer debt behind only mortgages. Further, about 11.6 percent of that debt ($146 billion) is

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Ask an Attorney: Personal finance 103, Emergency funds

Ask an Attorney: Personal finance 103, Emergency funds

In previous weeks, we’ve gone over tracking your expenses and creating a basic budget for essential spending. Once you’ve started with these skills and made appropriate adjustments to ensure you’re bringing in more money than you are spending, it’s time to start building an emergency fund. Imagine the last financial crisis you had. It was likely something you didn’t expect,

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Ask an Attorney: What are my rights as a pedestrian or cyclist?

Ask an Attorney: What are my rights as a pedestrian or cyclist?

In a state as car-centric as Nevada, being a pedestrian or cyclist can leave you vulnerable, especially when fatality rates have seen such a dramatic rise. In 2015, there were 73 reported pedestrian fatalities, up from 36 in 2009. While these numbers on their own are alarming, they don’t account for the people injured when hit by a car. Knowing

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Ask an Attorney: Personal finance 104, Getting out of debt

Ask an Attorney: Personal finance 104, Getting out of debt?

In previous editions, we tackled budgeting for the essentials and setting up an emergency fund for the unexpected. Now, it’s time to talk about the most difficult part of personal finance: debt. Being in debt is no fun. Getting harassed by debt collectors because you’re behind is even worse. Fortunately, there are several avenues for getting out of debt. Once

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Ask an Attorney: Dealing with medical bills after a car accident

Ask an Attorney: Dealing with medical bills after a car accident?

Question: I was involved in a car accident that left me with substantial medical bills. I’m already getting calls from the insurance company about a settlement. I want to resolve the issue quickly, but I still have follow-up appointments with my doctor and I’m worried the settlement amount won’t cover the full cost of my expenses. What should I do?

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Ask an Attorney: Should I consider a reverse mortgage?

Ask an Attorney: Should I consider a reverse mortgage?

Question: I’m in my 80s and have recently been hit with medical bills that are more than I’m able to pay on a monthly basis. My daughter suggested I take out a reverse mortgage to increase my cash flow. I need the money now and have plenty of equity in my home, but it seems risky. What would a reverse

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