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How Creditors Collect Debts in Florida

If you owe money that you are struggling to pay back, chances are that you have been contacted at some point by a debt collector. They may have contacted you via phone, mail, and/or email in an effort to collect payment. These communications can be aggressive and persistent, but ignoring them is never a good idea. Without setting up a plan for how you are going to deal with your debt, you could end up facing some unpleasant methods of debt collection.

Creditors have various methods to try to collect on debts or loans that you may owe them:

  • Property repossession: Failure to make repayments on a loan could result in a loss of a vehicle or other piece of personal property.
  • Wage garnishment: If a creditor sues you and obtains a judgment against you, they may collect on the debt by automatically taking a portion of your paycheck. The garnishment may be up to 25 percent of your net pay.
  • Utility shutoffs: Failure to pay a water, electricity, gas, or trash utility on time can result in a cancellation of services.
  • Property liens: Liens on real estate are a common way for creditors to attempt to collect what they are owed. When a lien is placed on a piece of property, the borrower cannot sell or refinance the property until the lien is paid off.
  • Tax refund intercepts: A creditor may ask the IRS to take your tax refund before you get it in order to apply the money to your debt.
  • Bank setoffs: If you are behind on repayments for a bank loan, the bank may be able to take money from another account to cover your missed payments.
  • Frozen bank accounts: A creditor with a judgment against you can get permission to take money from your bank account

Know Your Options for Debt Relief

You have options when it comes to freeing yourself of unmanageable debt. When you contact Boss Law, we can discuss the following:

  • Bankruptcy: Bankruptcy provides an automatic stay, which means that while your case is pending, debt collection agencies are not allowed to contact you or make collection efforts against you.
  • Negotiating with Creditors (debt settlement): Debt collectors would rather collect a portion of your debt than nothing at all. An attorney may be able to negotiate a settlement with a debt collector in which your entire debt will be regarded as “paid in full” upon receipt of an agreed upon amount.
  • Debt consolidation: A debtor can bring together individual debts and liabilities into one loan, making them responsible for only one payment every month. This could lead to lower overall payments that are more manageable.

Call Today to Schedule Your Free Debt Solution Consultation

Boss Law has helped struggling borrowers find solutions to their debt for more than 10 years. Our award-winning firm has been featured on a number of TV and radio news outlets, including Bay News 9, Fox News Radio, 620 WDAE, and more. No matter what situation you are facing, you can trust in our skilled team of St. Petersburg debt collection attorneys to help find the solution that works best for you.

To get started with a free debt relief consultation, please call us at (727) 800-4498.

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