Baxter & Baxter, LLP | Consumer Protection | Bankruptcy Attorneys | Oregon & Washington

http://www.thefreelibrary.com/What+Can+Credit+Card+Companies+Do+if+I%27m+Late+on+My+Payment%3f-a01074106041 Falling behind on credit card payments, or “defaulting” has risen to record levels as a result of the economic downturn, job loss, rising cost of health care, and the tanking housing market. This article discusses options for consumers facing hard decisions about paying their high interest credit cards. Negotiating with your Creditors Under ordinary circumstances, your creditors are not obligated to take anything other than the full amount that you owe according to the terms of your contract. In the case of credit card bills, the contract is the current cardholder agreement. Usually, this means that you must make your minimum monthly payment on time. If you are late or if your payment is less than the minimum monthly payment, you may be required to pay a late fee and extra interest. You may also immediately be in default. Depending on your cardholder agreement, the credit card company may be able to immediately collect the entire balance owed. If you are in default or about to be in default, you can contact your creditors and ask for options to avoid default. These may include a payment plan, a delayed payment, or a reduction in the interest rate. Some creditors will agree to a lump sum pay off that is less than the full amount owed. Remember, that the creditor is not obligated to do so. If the creditor agrees to a payment plan that is different from the current cardholder agreement, you should get it in writing. The worst thing that could happen in this case is that a consumer agree to a modification of terms, and then after paying under those terms, the creditor comes back and then demands payment under the original terms. Avoid Debt Consolidation Companies Companies that promise to lower your debt by consolidating your debt often make bigger promises than they can deliver on. These companies often employ some of the same strategies that are discussed above. However, if creditors do not agree to reduced payments, then the consolidation plan will not work. The consolidation company may just end up being yet another creditor that the consumer owes a new bill to. Worse yet, the consumer may end up with a dramatically worse credit report due to the failure of the consolidation company to timely pay bills under the negotiated payment plan. Avoiding Credit Card Debt through Bankruptcy If paying your debts is not an option, due to job loss, serious illness, death, or divorce, and if your creditors will not accept a settlement or payment plan, another option is discharging your debt through bankruptcy. Deciding to file for bankruptcy protection is a serious decision with serious long lasting consequences. A bankruptcy attorney in your city can help you decide if you should file for bankruptcy, and what type of bankruptcy is best for you. Some debts are not dischargeable, and some consumers qualify for one form of bankruptcy but not others. Again, a qualified bankruptcy lawyer can give you information about the procedures, consequences, and costs of filing for bankruptcy. — Justin M. Baxter Baxter & Baxter, LLP 8835 S.W. Canyon Lane, Suite 130 Portland, Oregon 97225 (503) 297-9031 Portland Oregon Bankruptcy Baxter & Baxter, LLP 1101 Broadway Street, Suite 213 Vancouver, Washington 98660 (360) 574-5239 Vancouver WA Bankruptcy — Justin M. Baxter Baxter & Baxter, LLP 1101 Broadway Street, Suite 213 Vancouver, Washington 98660 (360) 574-5239 Baxter & Baxter, LLP 8835 SW Canyon Lane, Suite 130 Portland, Oregon 97225 (503) 297-9031 The rest is here: What Can Credit Card Companies Do if I’m Late on My Payment?

Oregon Bankruptcy Washington Bankruptcy Search by Author, Title or content * Home * Submit Articles * Author Guidelines * Publisher Guidelines * Content Feeds * RSS Feeds * Web Gadgets * FAQ * Advertise * Contact Us Justin Baxter Justin Baxter Website: http://www.baxterlaw.com Consumer protection lawyer with the Portland, Oregon law firm of Baxter & Baxter, LLP. Specializing in false credit reporting and unlawful debt collection practices cases. Subscribe to this author RSS feed for these results Results: 1 – 10 1 vote voted Supreme Court Case doesn’t Open the Floodgates to Discharging Student Loans in B… Submitted by Justin Baxter on 2010-04-19 (4 views) Report article spam Report article spam Supreme Court Case doesn’t Open the Floodgates to Discharging Student Loans in Bankruptcy. The United States Supreme Court affirmed a lower court ruling that discharged Francisco J. Espinosa’s student loans in bankruptcy. The ruling was initially haled as a victory for borrowers and debtors. However, a closer look at the … Read more (466 words) 1 vote voted How will Filing for Bankruptcy Affect my Credit? Submitted by Justin Baxter on 2010-04-15 (7 views) Report article spam Report article spam How will Filing for Bankruptcy Affect my Credit? Bankruptcy is a life changing event in any person’s life, with long lasting consequence. For example, a record of the bankruptcy will appear in the Public Records section of your consumer credit report for the next ten years. Having said that, however, … Read more (542 words) 1 vote voted Debunking Myths about why People File for Bankruptcy Submitted by Justin Baxter on 2010-04-15 (8 views) Report article spam Report article spam Debunking Myths about why People File for Bankruptcy A common misperception about bankruptcy is that people who file for bankruptcy were irresponsible with their finances, or recklessly incurred debt they could not repay. While these circumstances certainly are a factor in some bankruptcies, recent studies and analysis demonstrate that the … Read more (519 words) 1 vote voted Remedies for Attempt to Collect Debts Included in Bankruptcy Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam Remedies for Attempt to Collect Debts Included in Bankruptcy One of the most important benefits of filing for bankruptcy is that it will stop collection calls, letters, and other activities by debt collectors. This includes garnishments, lawsuits, and repossessions. When creditors or collectors do not cease collection efforts, consumers may … Read more (552 words) 1 vote voted Significant Changes to the Bankruptcy Code under the Bankruptcy Abuse Prevention… Submitted by Justin Baxter on 2010-04-15 (8 views) Report article spam Report article spam Significant Changes to the Bankruptcy Code under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA): The Presumption of Abuse and Qualification for Chapter 7 Discharge The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) represented the most sweeping change to the Bankruptcy Code since the … Read more (471 words) 1 vote voted Basic Information about Bankruptcy Submitted by Justin Baxter on 2010-04-15 (12 views) Report article spam Report article spam Basic Information about Bankruptcy Deciding whether to file bankruptcy is a very serious decision. The majority of bankruptcies are precipitated by circumstances outside a person’s control — loss of a job, divorce, or significant illness. A recent study published in the American Journal of Medicine concluded that 62.1 percent of … Read more (633 words) 1 vote voted What can Credit Card Companies do if I’m Late on my Payment? Submitted by Justin Baxter on 2010-04-15 (7 views) Report article spam Report article spam What can Credit Card Companies do if I’m Late on my Payment? Falling behind on credit card payments, or “defaulting” has risen to record levels as a result of the economic downturn, job loss, rising cost of health care, and the tanking housing market. This article discusses options for consumers … Read more (525 words) 1 vote voted The Effect of Filing for Bankruptcy on a Home Foreclosure Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam The Effect of Filing for Bankruptcy on a Home Foreclosure In the years leading up the recent financial crisis, the housing bubble spurred a dramatic rise in new home ownership. At the same time, many of the nonconventional mortgage schemes (also known as “subprime” loans) precipitated many of the financial … Read more (671 words) 1 vote voted The Process of Filing for Bankruptcy Submitted by Justin Baxter on 2010-04-15 (11 views) Report article spam Report article spam The Process of Filing for Bankruptcy The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure and local rules of each bankruptcy court. The Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and local rules set forth the formal legal procedures for proceeding through a … Read more (566 words) 1 vote voted Why the Failure of the “Cram Down” Legislation Hurts Everyone Submitted by Justin Baxter on 2010-04-15 (10 views) Report article spam Report article spam Why the Failure of the “Cram Down” Legislation Hurts Everyone Last April, the United States Senate voted against legislation that would let bankruptcy court judges modify home mortgages in bankruptcy. The failure of this legislation is a significant loss to home-owners, neighbors of homes on the verge of foreclosure, and … Read more (479 words) More Results: 1 2 Next SEO Consult AdvertisingAboutFAQContact UsAdvanced SearchPrivacy StatementDisclaimer ExactSeekSiteProNewsBlog-SearchUmbrellaNewsDropJackSEO-NewsMetaWebSearchFreeWebSubmission Jayde Online, Inc. © 2010, All Rights Reserved.