The college debt crisis isn't just confined to students. Even parents are drowning in debt, having taken out expensive loans to put their kids through college.
If you have been receiving reduced pay when you get your pay check, you may notice that certain fees have been taken out of your pay check by debt collection companies. You may be shocked by this and wonder whether it is even a legal practice.
Having any of your assets repossessed because of debts that you owe can be confusing, frustrating and heartbreaking. You worked hard to acquire all that you have, and it likely seems completely unfair that someone is now taking some of it away from you. If you are in a situation like this, it is important that you understand why this is happening to you so that you can do all that you can in order to remedy the situation.
A bank that loans you money to buy an automobile can repossess your car if you fail to make your loan payments. That said, the bank needs to carry out the repossession in a legally appropriate fashion. In general, the repossession of your vehicle will be governed by state law and the lease or loan agreement; however, in most cases, the steps required are very similar.
When a person is struggling or refusing to pay back certain debts that are owed, it may result in wage garnishment taking place. This is usually a last resort for debt collection efforts, and it typically requires the ruling of a judge in order for it to be possible.
When any of your property or assets are taken by authorities, it can feel like nothing short of an illegal act. You may feel as though the police or law enforcement officers have committed an illegal offense against you. Unfortunately, this is the reality for many people every month, and it is called civil asset forfeiture.
Being subject to civil asset forfeiture can be a very stressful position to be in. Civil asset forfeiture means that a member of a law enforcement team has the legal right to cease and confiscate property that he or she has a reason to believe has been a part of some legal activity. This could be your car or another valuable possession that you own.
When you're leasing a car, it's not a great idea to miss a payment. Of course, sometimes life gets in the way and you forget, or financial difficulties make it impossible. But it is likely that you depend on your car to get you to work, or take your kids to school. Therefore it's really important that you keep on top of your payments, since losing a car can turn your life upside down.
Have you ever received your paycheck and been confused by the low amount, wondering why there have already been deductions by debt collectors before you got to receive the money? This type of wage deduction is known as wage garnishment, and it means that debt collectors have successfully managed to take their owed money directly from your paycheck.
Civil asset forfeiture can happen when the police or other civil institution suspects that money or another asset has or is intended to be used for wrongdoing. For example, this could be a situation where a person is carrying a large sum of cash on their person for the intent of buying a large item. If the police find this large sum of cash in their possession, it may give them reason to believe that they are using the money for the purchase of drugs, and may then decide to confiscate the money.