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Understanding Debt Collection Lawsuits

Despite the improvement in the economy, creditors are still filing a high number of debt collection lawsuits against New York consumers. Unfortunately, many consumers do not oppose and answer debt collection lawsuits and their creditors are able to obtain default judgments against them. Once obtained, a judgment can be used to freeze a bank account, garnish wages and place a lien against a house.

The results of spiraling debt can be devastating: depression, relationship trouble, anxiety and sleepless nights, can affect an otherwise perfectly grounded individual whose expenses have grown unmanageable. This is why it’s essential not only for your mental, but also your physical well-being that you act to reduce your debts as quickly and prudently as possible by hiring a New York Chapter 7 bankruptcy attorney. The longer one waits to take care of unpaid bills, the more a catastrophic outcome is likely to occur, such as the loss of a home, a car, or other cherished property. Not to mention the health risks posed from coping with long-term stress.

When faced with a collection lawsuit, a debtor should promptly consult with an attorney to find out his or her legal options. There may be a strong legal basis to oppose a collection lawsuit. Some of these may include:

If you have unpaid debts, credit card debt, cell phone bills, cable bills, medical bills, pay day loans, car loan deficiencies, etc., you may at some point get sued by the creditor or more likely by a debt collector like Forster & Garbus, Midland Funding LLC, Portfolio Recovery Associates LLC, or Asset Acceptance LLC, among others. You should consult an attorney if you find yourself sued by a creditor or one of their debt collectors. Do not ignore a summons and complaint. Your wages may be garnished or your bank account frozen or restrained if they get a judgment against you.

The Law Offices of David I. Pankin can help you answer the debt collection lawsuit against you. They will identify your defenses and, in some cases, counterclaims you can bring against the debt collectors. If you do not want to fight the lawsuit in court, they can negotiate with the attorneys who filed the lawsuit against you. Finally, if negotiation is ineffective, they can explore using a bankruptcy to wipe out the debt and give you a fresh start. The debt collectors have attorneys working for them, shouldn’t you have an attorney on your side?

The Law Offices of David I. Pankin, P.C. has 20 years of experience in helping consumers deal with debt collection lawsuits brought by creditors and debt collectors. The sooner you get help in defending a lawsuit filed against you, the better off you will be in the long run. To schedule a free initial consultation contact the Law Offices of David I. Pankin, P.C. today at 888-529-9600 or by using the form on the side of the page

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