ABI Blog Exchange
By: Keri Ebeck Auto loan delinquencies are rising to levels greater than we saw in 2008-2009 recession. The amount of auto loans that are sixty (60) plus days past due …
The Daily Record has an article titled "Small business, big target: Predatory lenders take aim at struggling businesses | Civil
Being in debt is not an enjoyable experience in any way whatsoever. It can make you feel like you are beholden to someone else and not exactly free to do whatever you want.
Author's Note: I started writing this post in April. My life has been a bit busy this year so I haven't blogged as much as in prior years.
Debt is not pleasant. If you are in debt, you likely want to get rid of it as soon as possible. The nasty feeling of being in debt may make people think that being in debt is illegal.
A statute of limitations on debt is a legal timeframe within which creditors can initiate legal proceedings to recover outstanding debts.
Having debt of any kind looming over your head is one of the most unpleasant experiences possible. This can be compounded if the debt is such that it cannot easily be paid off.
When you have debt, creditors can sue you to make you repay them. Like many causes of legal action, there is a statute of limitations on debts, and creditors only have so much time to file a case against you.
If you are in a Chapter 13 bankruptcy and because of changed circumstances you can’t make your Chapter 13 Plan payments, the bankruptcy rules allow you to convert your case to a Chapter 7 bankruptcy.
What Does Conversion Mean?