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Why High Earners Should Consider Debt Settlement Now

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The economy is showing signs of stabilization, but for many individuals, the lingering effects of the pandemic continue to impact their finances. High earners, in particular, may find themselves burdened with unexpected debt due to job changes, medical expenses, or other unforeseen circumstances.

Remote working from home. Freelancer workplace in kitchen with laptop, cup of coffee

While high earners often have the resources to make significant debt payments, continuing to carry a heavy debt load can have long-term financial consequences. Here’s why it might be advantageous to consider debt settlement services:

  1. Reduce Interest Payments: High-interest debt can significantly impact your monthly budget. Debt settlement can help you negotiate lower interest rates or even eliminate interest payments altogether, freeing up more of your income.
  2. Avoid Bankruptcy: While bankruptcy can provide a fresh start, it comes with significant consequences, a high earner may not qualify for a Chapter 7. Debt settlement can be a more strategic approach to resolving your debt without resorting to bankruptcy.
  3. Protect Your Assets: If you’re a high earner, you likely have valuable assets. Debt settlement can help you protect these assets from creditors, ensuring your financial future remains secure depending on the laws in your state and your attorney’s advice.
  4. Gain Peace of Mind: Living with a heavy debt burden can be stressful and overwhelming. Debt settlement can provide you with the peace of mind that comes from knowing you’re taking proactive steps to resolve your financial challenges.

Please know that not making payments will drop your credit score dramatically. The question becomes how much is your credit score worth to you?

Businessman removes wooden blocks with the word Debt. Reduction or restructuring of debt. Bankruptcy announcement. Refusal to pay debts or loans and invalidate them. Debts service relief

How National Legal Center Can Help

At National Legal Center, we specialize in helping high earners navigate complex debt situations. Our experienced attorneys can:

  • Assess your financial situation: We’ll analyze your income, expenses, and debt to determine the best course of action.
  • Negotiate with creditors: Our team will work tirelessly to negotiate favorable settlement terms on your behalf.
  • Create a personalized debt resolution plan: We’ll develop a tailored strategy to help you achieve your financial goals.
  • Provide guidance and support: We’ll be there every step of the way, offering advice and support as you work towards a debt-free future.

Don’t Let Debt Hold You Back

If you’re a high earner struggling with debt, don’t hesitate to reach out to National Legal Center We can help you regain control of your finances and achieve your financial goals.

Schedule a free consultation today!

Schedule a Free Consultation with National Legal Center

Complete this form to schedule your free consultation.

Graphic Depicting Elders for Elder Abuse Awareness Day

June is Elder Abuse Month. Here’s What to Know.

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National Legal Center is committed to promoting senior wellness and preventing elder abuse. World Elder Abuse Awareness Day (WEAAD) on June 15th is a global event that sheds light on the problem of elder abuse and seeks to protect seniors from all forms of mistreatment.

Raising awareness around this issue can help prevent financial exploitation, physical violence, neglect, psychological abuse, and other forms of maltreatment faced by elderly individuals worldwide.

Older generations are already facing financial hardship due to age-related medical bills and other expenses. These harmed humans are why our mission includes advocating for seniors in financial distress. We assist with debt-related legal issues, homestead property rights, debt collection scams, and more.

NIA-ElderAbuse-infogrfx_v1-5.2.19_cm-01_0

Types of elder abuse

Financial exploitation
Domestic and sexual violence
Physical violence and neglect
Starvation and mistreatment
Psychological abuse

Know the signs of abuse.

It’s important to be aware of the signs of elder abuse, ranging from physical injuries, emotional distress, financial irregularities, and more.

For example, physical signs may include bruises or other marks on the body. Emotional signs might include fearfulness or withdrawal in the presence of certain people. Financial irregularity could manifest in sudden changes to an elder’s financial situation, such as large withdrawals from a bank account or suspicious changes in wills, power of attorney documents, and/or other legal documents.

Harm happens fast, so it’s important to watch for warning signs and act quickly if you suspect that your loved one is being abused in any way.

Hurdles preventing help

Older Americans or seniors in an abusive situation may be unable to ask for help because of fear, confusion, or embarrassment. Those around them may not be aware of the signs of abuse or might not realize that help is available. There may also be social and cultural barriers that prevent seniors from seeking assistance.

Unable to advocate for themselves

When older adults begin to lose their capacities, they may begin to lose awareness. It may be up to a family member or friend to help the person gain a better understanding of what they’re facing and how to prevent it.

Shamed into silence

Abusers may shame victims into silence, leaving older victims to fear the loss of shelter or other things that affect their safety and health. Fear is a powerful motivator, and someone who is threatened with losing their core physical or emotional needs met may be influenced to stay quiet.

6 out of 10 elder abusers are relatives… but that’s not the whole story.

Based on information compiled by the National Council on Aging, 6 of 10 elder abusers are relatives. However, they also reported that as few as 1 in 24 cases of elder abuse are ever reported, which makes these numbers difficult to make a real inference.

Since the numbers don’t paint a clear picture, what’s the whole story?

We must collectively watch over the elders of our community and older person in our family, whether they live with family, in a long-term facility, or on their own.

Limited access to technology

Not everyone uses cell phones or the internet. Not only do older people tend to be less likely to use new technology, the long-term care facility they live in may not provide access.

Senior Man in Distress

How does a person make an elder abuse report?

If you or someone else is in immediate danger, call 911.

If you suspect elder abuse, the first step is to contact the authorities. Depending on your location, you may need to contact Adult Protective Services (APS), local law enforcement, or a state elder abuse hotline.

If you suspect an elder is being financially exploited, you should contact your local police department and/or your state’s Department of Financial Regulation for assistance in filing a complaint.

You can also find state-specific resources from the NCEA.

Additional resources

The International Network for the Prevention of Elder Abuse and the World Health Organization launched World Elder Abuse Awareness Day to raise awareness about elder abuse and establish victim services. Here are additional resources that may support an elderly person facing an abusive situation.

National Domestic Violence Hotline 800-799-SAFE (7233)

National Council on Aging

Department of Health and Human Services

If financial abuse has left you or your loved one with debt trouble, National Legal Center provides affordable representation to navigate debt without filing for bankruptcy.

Schedule a Free Debt Consultation with National Legal Center

Complete this form to schedule your free consultation.

How to reach Zwicker & Associates

Settling Debt with Full Circle Financial Services, LLC

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Here’s the Deal:

  • Full Circle Financial Services, LLC is a legitimate debt collection agency, but don’t let your guard down- legitimate companies still break laws and stack up a long list of complaints
  • Debt collection agencies are hired by credit card companies and debt buyers to recover past-due balances from debtors
  • Settle with Full Circle Financial Services, LLC on your own or let our debt relief law firm lead the way
GET A FREE CONSULTATION

Full Circle Financial Services, LLC is a legitimate debt collection agency, but don’t let your guard down- a legitimate company can still break laws and stack up a long list of complaints. If you have debt with Full Circle Financial Services, LLC and can’t pay it in full, you can settle your debt for less than the full balance owed. First, you need to make sure the collector is legit, then you can strike a deal on your terms.

In this article, you’ll learn what happens when you don’t pay Full Circle Financial Services, LLC and when its time to call a debt settlement attorney.

Full Circle Financial Services, LLC is a Debt Collection Agency

If you’re receiving calls and letters from Full Circle Financial Services, LLC, they’re probably contacting you about unpaid credit card debt, personal loans, or other past-due bills.

If you don’t Pay Full Circle Financial Services, LLC…

When you owe credit card debt and are being contacted by a collection agency, it’s important to take action and create a plan to pay the debt.

If you don’t pay Full Circle Financial Services, LLC (or any debt collection agency) they’re generally left with the following options. A collection agency may:

  • Continue calling, sending letters, and reporting to the credit bureaus,
  • send it back to their client (the original creditor or debt buyer that hired them), 
  • suggest the account to a debt collection law firm to consider filing a debt collection lawsuit, or 
  • hold the account for future collection.

While some of these outcomes may not seem too bad, it’s important to keep in mind that not paying off a debt may hold you back from achieving financial goals, such as buying a home or vehicle. Not only that, but a debt collection lawsuit can lead to wage garnishment, bank levy, property liens, and more.

You can settle with Full Circle Financial Services, LLC yourself or let our debt relief law firm lead the way. We’ll help you understand your options, resolve your debt and move on with your financial future. Either way, since the risk of debt can range from pesky calls to wage garnishment and seized property, it’s crucial to have a plan to deal with the debt.

GET A FREE CONSULTATION

How To Contact Full Circle Financial Services, LLC (and not a scammer)

The following information is subject to change and should be confirmed by visiting their website directly. Full Circle Financial Services, LLC presently lists its contact information as follows:

Address:

444 Highway 96 East
P.O. Box 64378
St. Paul MN 55164-0378

Phone Numbers:

800-279-7244

866-628-7811

FAQ’s: Settling Debt with Full Circle Financial Services, LLC

Is Full Circle Financial Services, LLC Legit?

Yes, but don’t let your guard down. The FDCPA sets the rules, and debt collectors still break them.

What is the Fair Debt Collection Practices Act?

The Fair Debt Collection Practices Act is a federal law that regulates the collection of consumer debt by debt collectors. A debt collector cannot call too early or late, use profanity, share false information, and more. 

Is Full Circle Financial Services, LLC a law firm?

No, it is not a law firm and cannot file a debt collection lawsuit without retaining an outside attorney.

Can I settle with debt collection agencies myself?

Yes, you can settle debt yourself, but it’s important to be aware of the risks.

Can a debt relief law firm help?

Yes. Our debt relief law firm can pursue settlements and payment plans with Full Circle Financial Services, LLC. We may also request debt validation, stop collection calls, minimize wage garnishment risk, sue debt collectors, and defend debt collection lawsuits if necessary.

Will debt settlement show up on a credit report?

Debts settled with Full Circle Financial Services, LLC may appear on your credit report with phrases like “Settled in Full” or “Settled for less than full amount owed.”

Talking to debt collector

Schedule a Free Debt Consultation with National Legal Center

Rather talk another time? Complete this form to schedule your free consultation.

Woman going over paperwork at home

Settling Debt with D&A Services, LLC

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Here’s the Deal:

  • If you’re receiving calls and letters from D&A Services, LLC, they’re probably contacting you about credit card debt, personal loans, or other past-due bills
  • Delinquent debt may hold you back from achieving financial goals, like buying a home or car, or lead to wage garnishment, bank levy, property liens, and more
  • Settle with D&A Services, LLC on your own or let our debt relief law firm lead the way
GET A FREE CONSULTATION

D&A Services, LLC is a legitimate debt collection agency, but don’t let your guard down- a legitimate company can still break laws and stack up a long list of complaints. In this article, you’ll learn what happens when you don’t pay D&A Services, LLC and when its time to call a debt settlement attorney.

Couple looking at computer - Senior Debt

D&A Services, LLC is a Debt Collection Agency

If you’re receiving calls and letters from D&A Services, LLC, they’re probably contacting you about unpaid credit card debt, personal loans, or other past-due bills.

If you don’t Pay D&A Services, LLC…

When you owe credit card debt and are being contacted by a collection agency, it’s important to take action and create a plan to pay the debt.

If you don’t pay D&A Services, LLC (or any debt collection agency) they’re generally left with the following options. A collection agency may:

  • Continue calling, sending letters, and reporting to the credit bureaus,
  • send it back to their client (the original creditor or debt buyer that hired them), 
  • suggest the account to a debt collection law firm to consider filing a debt collection lawsuit, or 
  • hold the account for future collection

Reviewing Debt Collector LEtter

While some of these outcomes may not seem too bad, it’s important to keep in mind that not paying off a debt may hold you back from achieving financial goals, such as buying a home or vehicle. Not only that, but a debt collection lawsuit can lead to wage garnishment, bank levy, property liens, and more.

You can settle with D&A Services, LLC yourself or let our debt relief law firm lead the way. We’ll help you understand your options, resolve your debt and move on with your financial future. Either way, since the risk of debt can range from pesky calls to wage garnishment and seized property, it’s crucial to have a plan to deal with the debt.

GET A FREE CONSULTATION

How To Contact D&A Services, LLC (and not a scammer)

The following information is subject to change and should be confirmed by visiting their website directly. D&A Services, LLC presently lists its contact information as follows:

Address:

1400 E. Touhy, Suite G2
Des Plaines, IL 60018Phone:

Phone Numbers:

(877) 314-4308

Notes:

D&A Services allows debtors (that’s you) to make an offer to settle debt online. D&A Services also advertises a Hardship Program, though it is not clear if this is a formal internal program or if it is simply another effort to convince the debtor to contact them.

FAQ’s: Settling Debt with D&A Services, LLC

Is D&A Services, LLC legit?

Yes, but don’t let your guard down. The Fair Debt Collection Practices Act sets the rules, and debt collectors still break them.

What is the Fair Debt Collection Practices Act?

The Fair Debt Collection Practices Act is a federal law that regulates the collection of consumer debt by debt collectors. A debt collector cannot call too early or late, use profanity, share false information, and more. 

Is D&A Services, LLC a law firm?

No, they are not a law firm and cannot file a debt collection lawsuit without retaining an outside attorney.

Can I settle with debt collection agencies myself?

Yes, you can settle debt yourself, but it’s important to be aware of the risks.

How can a debt relief law firm help?

Our debt relief law firm can negotiate settlements and payment plans with D&A Services, LLC. We may also request debt validation, stop collection calls, minimize wage garnishment risk, sue debt collectors, and defend debt collection lawsuits if necessary.

Will debt settlement show up on a credit report?

Debts settled with D&A Services, LLC may appear on your credit report with phrases like “Settled in Full” or “Settled for less than full amount owed.”

Schedule a Free Debt Consultation with National Legal Center

Rather talk another time? Complete this form to schedule your free consultation.

Woman writing check Settling Debt Writing Check

Settling Debt with Credit Control LLC

,

Here’s the Deal:

  • Credit Control LLC is a legitimate debt collection agency, but don’t let your guard down- legitimate companies still break laws and stack up a long list of complaints
  • Debt collection agencies are hired by credit card companies and debt buyers to recover past-due balances from debtors
  • Settle with Credit Control LLC on your own or let our debt relief law firm lead the way
GET A FREE CONSULTATION

Credit Control LLC is a legitimate debt collection agency, but don’t let your guard down- a legitimate company can still break laws and stack up a long list of complaints. If you have debt with Credit Control LLC and can’t pay it in full, you can settle your debt for less than the full balance owed. First, you need to make sure the collector is legit, then you can strike a deal on your terms.

In this article, you’ll learn how to settle debt with Credit Control LLC on your own and when its time to call a debt settlement attorney.

Settling Debt with Portfolio Recovery Associates, LLC

Credit Control LLC is a Debt Collection Agency

If you’re receiving calls and letters from Credit Control LLC, they’re probably contacting you about unpaid credit card debt, personal loans, or other past-due bills.

If you don’t Pay Credit Control LLC…

When you owe credit card debt and are being contacted by a collection agency, it’s important to take action and create a plan to pay the debt.

If you don’t pay Credit Control LLC (or any debt collection agency) they’re generally left with the following options. A collection agency may:

  • Continue calling, sending letters, and reporting to the credit bureaus,
  • send it back to their client (the original creditor or debt buyer that hired them), 
  • suggest the account to a debt collection law firm to consider filing a debt collection lawsuit, or  hold the account for future collection.

While some of these outcomes may not seem too bad, it’s important to keep in mind that not paying off a debt may hold you back from achieving financial goals, such as buying a home or vehicle. Not only that, but a debt collection lawsuit can lead to wage garnishment, bank levy, property liens, and more.

You can settle with Credit Control LLC yourself or let our debt relief law firm lead the way. We’ll help you understand your options, resolve your debt and move on with your financial future. Either way, since the risk of debt can range from pesky calls to wage garnishment and seized property, it’s crucial to have a plan to deal with the debt.

GET A FREE CONSULTATION

How To Contact Credit Control LLC (and not a scammer)

The following information is subject to change and should be confirmed by visiting their website directly. Credit Control LLC presently lists its contact information as follows:

Address:

3300 Rider Trail S. Suite 500

Earth City, MO 6304

Phone Numbers:

1-888-365-7145

FAQ’s: Settling Debt with Credit Control LLC

Is Credit Control LLC Legit?

Yes, but don’t let your guard down. The FDCPA sets the rules, and debt collectors still break them.

Is Credit Control, LLC a law firm?

No, it is not a law firm and cannot file a debt collection lawsuit without retaining an outside attorney.

What is the Fair Debt Collection Practices Act?

The FDCPA is a federal law that regulates the collection of consumer debt by debt collectors. A debt collector cannot call too early or late, use profanity, share false information, and more. 

Can I settle with debt collection agencies myself?

Yes, you can settle debt yourself, but it’s important to be aware of the risks.

How can a debt relief law firm help?

Our debt relief law firm can negotiate settlements and payment plans with Credit Control LLC. We may also request debt validation, stop collection calls, minimize wage garnishment risk, sue debt collectors, and defend debt collection lawsuits if necessary.

Will debt settlement show up on a credit report?

Debts settled with Credit Control LLC may appear on your credit report with phrases like “Settled in Full” or “Settled for less than full amount owed.”

Schedule a Free Debt Consultation with National Legal Center

Rather talk another time? Complete this form to schedule your free consultation.

Woman on phone - Settling Debt

Settling Debt with Cavalry Portfolio Services, Inc.

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Cavalry Portfolio Services is one of the largest debt buyers in our country. In fact, they file more debt collection lawsuits than some of the biggest banks in the country. If you’re being sued by Cavalry Portfolio Services, it’s important to understand your rights and what you can do to protect yourself.

This article will discuss the debt buyer, how to get Cavalry off of your credit report, what to do if you’re being sued by them, and more. Then, we’re going to explore your options and touch on dealing with debt collectors in general. So, read on for all the information you need to know about settling debt with Cavalry Portfolio Services, Inc. and their affiliated companies.

Who Is Cavalry Portfolio Services, Inc.?

Cavalry Portfolio Services, Inc. is a debt buyer. That means they purchase unpaid debts from other companies for a fraction of the amount owed. They then try to collect on those debts to earn a profit. So, naturally, their goal is to buy low and collect high.

If you’re wondering why you see Cavalry, or a variation of their name (such as Cavalry SPV, Cavalry SPV I LLC, or Cavalry SPV ii), it’s likely because they’ve purchased a charged off debt.

Once Cavalry Portfolio Services, Inc. has acquired a debt, they have a few options that they can exercise right away or in the future. To name a few, they may:

  • Collect on the debt directly
  • Hire a third-party collection agency to pursue collections
  • Place the account with a law firm for collection and/or litigation
  • Do nothing
  • Resell the account to a different debt buyer

Is Cavalry Portfolio Services, Inc. a Legitimate Debt Collection Company?

Yes, Cavalry Portfolio Services, Inc. is a legitimate company. In fact, Cavalry Portfolio Services, Inc. is one of the largest debt buyers in the United States.

Just because they are a legitimate organization doesn’t mean you should let your guard down, though. We are a consumer rights law firm, and we encourage you to treat any call or letter asking you for money with a healthy amount of skepticism. The scammers of the world are known to piggyback off of other companies.

Double and triple-check to be sure you are truly communicating with the real Cavalry Portfolio Services, Inc. before providing any personal information and falling prey to a scam. If it truly is a call, letter, or lawsuit from Cavalry Portfolio Services, Inc., they are indeed a legitimate debt buyer.

Woman looking at paperwork - Settling Debt with Cavalry Portfolio Services

What’s the Relationship between Cavalry Portfolio Services, Inc. and PRA Group, Inc.?

There are several companies within the Cavalry ecosystem. For example, when you have a debt that has been purchased by Cavalry Portfolio Services, Inc., you may also see Cavalry SPV, Cavalry SPV I LLC, or Cavalry SPV ii on collection letters, your credit report, or legal documents if you’re being sued.

With all these companies intertwined, it can get a bit tricky.

Rather than untangle the corporate web behind Cavalry Portfolio Services, Inc., suffice it to say that Cavalry is a debt buyer who also acts as its own debt collector.

Their various subsidiaries each play a role in their business processes. All have a deviation of the core “Cav” within their names and, for the most part, you’ll primarily see Cavalry Portfolio Services, Inc. and PRA Group, Inc.

What Is the Relationship between Cavalry Portfolio Services, Inc., Citibank, and Other Creditors?

Cavalry Portfolio Services, Inc. purchases unpaid debt from lenders like CitiBank, Lending Club, and others.

Once a debt has been purchased by Cavalry Portfolio Services, Inc., it is their right to try to collect on that debt. The original creditor no longer owns the debt, and all communication regarding the account will take place between you or your debt settlement attorney and the new owner of the debt or their collector.

Why Is Cavalry Portfolio Services, Inc. on My Credit Report?

When Cavalry Portfolio Services, Inc. becomes the new owner of your debt, their name will often appear on your credit report alongside the collection account. Their remarks may include their contact information, how long the account will remain on your credit report, and the account status, such as unpaid, paid in full, or settled.

Under the Fair Credit Reporting Act, they are able and expected to report accurate and verifiable information. If it is not accurate, if they cannot verify the information, or if it is not a valid debt, you may be able to remove Cavalry Portfolio Services, Inc. from your credit report by disputing the remark. You’ll want to ensure the error is corrected with each of the three credit reporting agencies: Transunion, Experian, and Equifax.

Credit Report

How to Remove Cavalry Portfolio Services Debt from Your Credit Report

Although their internal policies are always subject to be changed, Cavalry Portfolio Services currently displays information regarding removing their remarks from your credit report. Essentially, their current policy is to remove paid and settled debts from your consumer credit report.

If you believe you owe the debt and want to remove Cavalry Portfolio Services debt from your credit report, you can repay the debt in full or negotiate a settlement. After about 60 days, which is likely to allow time for your payment to clear, they state that they will remove the account from your report.

National Legal Center can negotiate a settlement with Cavalry Portfolio Services and ensure they follow through on any legal obligations they may have to remove the account from your credit report.

What Should I Do If I Receive a Letter or Call from Cavalry Portfolio Services, Inc.?

If you’re receiving calls or letters from a debt collector at Cavalry Portfolio Services, Inc., or any collection agency, there are actions you can take and rights that protect you as a consumer in debt.

Begin by reading the Attorney’s Guide to Reading a Collection Letter. This will explain the core elements of the letter you received and the laws that collection agencies need to follow when sending letters about collection accounts.

Then, determine your next steps.

Are you sure you owe the alleged debt to Cavalry Portfolio Services, Inc.? If not, you might consider sending a debt validation letter. With a bit of research and legwork, you can attempt to do this on your own. If you’d like a free consultation with a law firm familiar with disputing debts, contact our team here at National Legal Center.

If you are sure the debt is valid, can you afford a payment plan to resolve or settle the account? Make sure any arrangement is affordable and doesn’t leave you falling behind on other obligations.

National Legal Center negotiates with companies like Cavalry Portfolio Services, Inc., every day. Complete this short form to discover options to resolve debt with Cavalry Portfolio Services, Inc., and any other creditors you may have on your credit reports.

Is Cavalry Portfolio Services, Inc. a Debt Collection Agency?

Yes and no. Cavalry is a debt buyer. They purchase debt, and then they have their debt collectors call in an attempt to collect the debt. The fact that they own the debt does raise questions on whether they are technically a debt collection agency. The title of being a “debt collector” brings along many requirements under the FDCPA.

If you feel you’ve been harassed or like your rights have been violated by debt collection companies, National Legal Center is here to help.

Lawsuit

Can Cavalry Portfolio Services, Inc. Sue Me?

Yes, Cavalry Portfolio Services, Inc. may be able to sue you for the debt you owe. A debt collection lawsuit can be a frightening experience that you should take seriously. If Cavalry Portfolio Services decides to sue you, it is important to speak with an attorney as soon as possible.

Failing to respond to a summons can result in a default judgment being entered against you. At that point, you’re susceptible to having wages garnished, money taken from your bank account, seizure of personal assets, and more.

National Legal Center offers a unique consultation specific to individuals facing lawsuits to discuss your case and determine the best course of action for you.

Should You Negotiate a Settlement with Cavalry Portfolio Services, Inc.?

When Cavalry Portfolio Services, Inc. is contacting you about a debt, negotiating a settlement is one option to resolve the debt.

A settlement is where you pay less than the total amount owed on the debt, either in a lump sum or over several monthly payments. Once you pay Cavalry Portfolio Services, Inc., the account is reported to the credit bureaus as settled in full (or similar), and they should not take further action.

If Cavalry Portfolio Services, Inc. has filed a debt collection lawsuit, and you’re considering settlement, things change a bit. Of specific importance is the timing of the settlement.

For example, if the settlement occurs after Cavalry Portfolio Services, Inc. issued a summons, you’ll want to make sure you know whether the court hearing was canceled. If not, you may still be expected to appear in court, even if only to share the details of the settlement.

If you settle a Cavalry Portfolio Services, Inc. lawsuit after a judgment was entered, you’ll want to have documentation that confirms they will file a satisfaction of judgment with the court.

While you can ask the representative at whatever law firm is handling the matter for Cavalry Portfolio Services, Inc., it’s crucial to remember that they are not your attorneys!

Instead, they represent the other party, so it’s good to be skeptical and confirm anything they tell you. After all, their job is to collect the most funds possible on the accounts they handle.

Negotiating a settlement is an excellent way to resolve a debt. Just make sure to cross your t’s and dot your i’s.

Man on phone - Discussing Debt

Tips for Negotiating a Settlement with Cavalry Portfolio Services, Inc.

Here are some tips for negotiating a settlement with Cavalry Portfolio Services, Inc., or any other debt collection agencies:

  • Negotiate a settlement you know you can afford. Don’t over-commit yourself and fail to complete the terms of the arrangement.
  • Obtain a letter outlining the terms of the agreement, including the amount to be paid and the payment due date.
  • Follow the letter’s instructions. If the settlement agreement is $4,089.05, pay that, don’t pay $4,089! If it is due by the 28th, paying on the 30th doesn’t cut it—if you need an extension on a settlement, you also need a new letter.
  • Maintain your documents. If the account surfaces in the future, you’ll be glad to have a copy of your settlement letter and proof that you paid it as agreed.

How Can a Debt Settlement Attorney Help?

Receiving a summons on a debt you owe to PRA is a serious legal matter. It can lead to a judgment, wage garnishment, a lien against your home, and more. Your best move is to consider hiring a debt relief lawyer to help protect your rights and ensure you aren’t taken advantage of or make mistakes during legal proceedings.

If you decide to work with an attorney, they’ll likely look at your entire financial situation and work to find an affordable resolution for you and minimize your legal risks. They may also identify alternate legal strategies to deal with the debt.

Did you know a debt settlement attorney can help even if you’re not facing a lawsuit?

You don’t have to wait until you receive a debt collection summons to begin working on a solution. By working with a lawyer familiar with debt-related matters, you can minimize the chances of a debt collection lawsuit happening in the first place.

Can the Fair Debt Collection Practices Act Help with a Debt Collection Lawsuit?

A debt collection company often walks a very fine line when getting a consumer to repay a collection account. Most collection agencies are cautious about following the laws that oversee debt collections, such as the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), and other consumer protection laws. However, sometimes an untrained or unruly debt collector can violate your rights.

Among many other things, a debt collector may not:

  • Share inaccurate information during phone calls
  • Provide legal advice
  • Lie about what type of legal action they can take
  • Misrepresent the debt
  • Pursue time-barred debt without proper notification
  • Disclose your debt to third parties

If a representative of a debt collection agency has violated your rights, and you are facing a debt collection lawsuit, you may be able to file a counterclaim against them.

A successful counterclaim on a debt collection lawsuit can lead to many outcomes. For example, it may result in the dismissal of the lawsuit brought against you, a waiver of the debt owed, the removal of the account from your credit reports, money damages to you, etc.

Couple looking at documents - Negotiating Debt

Contact Information for Cavalry Portfolio Services, Inc.

If you have an account owned by Cavalry Portfolio Services, Inc., it helps to know how to contact them. To obtain confident contact information, you may want to go to the company’s website, your credit report, or the Better Business Bureau.

Below is the contact information for Cavalry Portfolio Services, Inc.

Cavalry Portfolio Services, Inc.

Phone: 1-866-483-5139

Address:
1 American Lane, Suite 220
Greenwich, CT 06831-2200

National Legal Center negotiates with debt buyers and debt collection agencies regularly. Complete this short form to discover options to deal with a summons from Cavalry Portfolio Services, Inc. and any other collections account you may have.

Struggling with debt? There ARE options. Request a free consultation today!

Couple looking worried at paperwork - Facing Bankruptcy

Chapter 13 Bankruptcy: Overview and Alternatives

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When you need help with debt, the idea of filing for Chapter 13 bankruptcy can be a frightening concept. Sure, you probably know that bankruptcy is meant to be helpful, but without a full understanding it can be hard to know if you’re the type of person it’ll be helpful for, or if you should look for alternatives to bankruptcy.

Trouble with debt can be caused by things that can’t be discharged in a Chapter 13 bankruptcy. If you have child support, alimony, or tax responsibilities, you’ll still have to sort out these debts. You also won’t have an easy time getting your student loan debt discharged through bankruptcy. Not to mention that you could still lose your home if you have a secured debt on your property.

Sometimes bankruptcy is a clear solution. Other times, an alternative to bankruptcy could help alleviate more of these debt-related struggles.

This article looks at the different types of bankruptcy, the limitations of Chapter 13 bankruptcy, and the National Legal Center’s Debt Resolution Plan as an alternative to Chapter 13 bankruptcy.

Let’s get started.

Bankruptcy Definition

Types of Bankruptcy

Generally, two types of bankruptcy exist: commercial and consumer bankruptcy.

Commercial bankruptcy involves legal proceedings that free businesses and corporate entities from paying some or all of their debts. Companies can typically file for Chapter 7 or Chapter 11 bankruptcy.

Consumer bankruptcy is bankruptcy for individuals. In other words, it involves legal procedures that relieve a person from some or all of their debts. Under consumer bankruptcy, individual debtors can file for Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 Bankruptcy 

Chapter 7 bankruptcy (also known as straight or liquidation bankruptcy) is particularly popular because it is the simplest and most common bankruptcy filing. According to the statistics, out of the 413,616 bankruptcies filed in 2021, 288,327 were Chapter 7 bankruptcies. 

When you file for Chapter 7 bankruptcy, the court effects a temporary stay that prevents your creditors from collecting your debt payments or executing any legal action, such as foreclosures or wage garnishments.

During the temporary stay, the court will also take possession of your properties and appoint a trustee to oversee the bankruptcy procedure.

The trustee will review your assets and liquidate all non-exempt properties to pay your creditors. Typically, the properties that fall under the exempt category (assets that you won’t sell) vary by state.

Your trustee will arrange a court sitting (or creditor meeting) where you’ll answer questions about your financial situation. After paying your creditors from the sold assets’ proceeds, the court will discharge all remaining debts.

However, not all debts are dischargeable under Chapter 7. You’ll still have to pay off student loans (with a few exceptions), child support, alimony, tax liens, secured debts, and any unsecured debts deliberately left out of your bankruptcy filings.

There’s a possibility to avoid some of these debts, such as student loans, if you can prove undue hardship. Typically, Chapter 7 bankruptcies take around four to six months to complete.

Qualification Requirements

If you file for Chapter 7 bankruptcy, you’ll need to meet some requirements before the court grants your request. Below are the  general qualification requirements for Chapter 7 bankruptcy:

  • You must complete an individual or group counseling program under an approved credit counseling agency.
  • You must not have filed bankruptcy too recently.
  • If you have a dismissed Chapter 7 or Chapter 13 bankruptcy filing, you must wait a period of time before submitting another petition before the court.
  • Either your average monthly income for the past six months must be lower than the median income for the same-sized household in your state, or you must undergo a means test to find out if your disposable income can partially pay off your debts to unsecured creditors.

If your disposable income at the end of the month can make partial repayments to your unsecured debtors, then you may have failed the means test, and the court may deny your request for Chapter 7 bankruptcy. The next line of action would be filing for Chapter 13 bankruptcy.

That said, you can file for bankruptcy on your own or hire a lawyer to handle the process for you. Or, you can explore alternatives to bankruptcy with a debt settlement attorney.

Documents for filing bankruptcy Chapter 13

Chapter 13 Bankruptcy

Chapter 13 bankruptcy (or wage earner’s bankruptcy) is a bankruptcy option for people who cannot pass the Chapter 7 bankruptcy means test. However, some people opt for this type of bankruptcy because it allows them to keep assets they would have liquidated if they filed for Chapter 7 bankruptcy.

Generally, in a Chapter 13 bankruptcy, you’ll submit a debt reorganization plan to a court that applies all your disposable income to pay off your creditors. The court will appoint a trustee to collect and distribute your repayments to the entities you owe.

The reorganization plan typically ensures that creditors cannot repossess or foreclose upon your home while it discharges other debts. However, like Chapter 7 bankruptcy, student loans, child support, and alimony are not dischargeable under Chapter 13 bankruptcy.

With a Chapter 13 bankruptcy, you can resolve your debt obligations within three to five years.

Qualification Requirements

Like Chapter 7 bankruptcy, debtors must meet several requirements to qualify for Chapter 13 bankruptcy. Here are the general requirements for filing for Chapter 13:

  • You must have a steady income (monthly salary, pension, unemployment compensation, rent, social security payments, etc.) to enable you to make monthly payments.
  • You must be current on your tax filings.
  • You cannot have filed bankruptcy too recently.
  • You must fall within limitations of maximum secured and unsecured debts.

Only individuals and sole proprietors can file for Chapter 13 bankruptcy. Small businesses and corporations are eligible for Chapter 7 and Chapter 11.

Can You Remove Chapter 13 from Your Credit Report before 10 Years?

It’s generally impossible to remove a Chapter 13 bankruptcy from your credit report, unless it was filed in error. However, a Chapter 13 bankruptcy stays on your record for seven years, after which it’ll automatically fall off your credit report.

Limitations of Chapter 13

While bankruptcy can help you deal with some of your debt issues, it has its fair share of limitations, including a handful of debt problems you’ll have to still deal with. Here are some of the limitations of Chapter 13 bankruptcy:

Saving for education

Student Loans 

A Chapter 13 bankruptcy will not relieve you of student loan debt. You can only avoid paying student loans in a Chapter 13 bankruptcy if you can prove that repayment would cause undue hardship, which can be difficult in most cases.

Medical Bills 

In a Chapter 13 bankruptcy, you put together a three to five-year plan to pay off your debt. Your trustee sums all your bills together and determines the amount you can pay based on your earnings.

Typically, the repayment sum for each creditor is less than the money you owe. In other words, your creditors (including your doctors and any additional hospital bills) will receive prorated amounts of the money owed.

The downside? Hospitals can deny you medical treatment after a bankruptcy filing, even if you have ongoing treatment.

Co-signed Debts

A Chapter 13 bankruptcy prevents creditors from attempting to collect repayments for your debts from your co-debtors, as the court would order an automatic co-debtor stay immediately after granting your request.

However, creditors can lift the stay and make your co-signers liable for your debt. Here are some situations where that could happen:

  • The co-signer received a primary benefit from the loan.
  • Your Chapter 13 repayment plan doesn’t include the co-signed debt.
  • The co-debtor stay would irreparably harm the creditor’s interest.

Your co-debtor would also still be liable for any co-signed debts if the court dismisses your Chapter 13 case or converts it to a Chapter 7.

Community Property States

Several states have community property rules, including Alaska, Arizona, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In these states, properties bought by either partner while married belong to both spouses.

As such, the state refers to the assets as community property. Similarly, the state also treats debts owed by either couple while married as belonging to both individuals.

These rules do not apply if the affected spouse incurs the debt or buys the property before the marriage or after a legal divorce. That said, in the event of a bankruptcy, creditors of one partner can reclaim the married couple’s assets as repayments for the affected individual’s debts.

However, the creditor cannot repossess the personal property of the other spouse obtained before marriage or after a divorce.

Bankruptcy

Chapter 13: By the Numbers

Bankruptcies are pretty complicated, with several prerequisites and limitations. As such, it helps to know the numbers behind them to decide whether filing for one is the best option for you.

Let’s discuss some figures surrounding a Chapter 13 bankruptcy, such as the cost and how long it’ll stay on your credit report.

How Much Does Chapter 13 Bankruptcy Filing Cost?

Like most legal proceedings, Chapter 13 bankruptcies typically involve the services of an attorney. Before filing for a Chapter 13 bankruptcy, you must know how much it’ll cost you in legal fees, especially since you’re already dealing with financial difficulties.

On average, a Chapter 13 Bankruptcy can cost you around $3,000. However, you could pay as much as $5,000 or as low as $2,500, depending on your case, resident state, or attorney.

Usually, you’ll pay a down payment before your lawyer files your request. After the filing, the rest of your payment becomes part of your Chapter 13 repayment plan.

How Long Does a Chapter 13 Bankruptcy Stay on Your Credit Report?

A Chapter 13 bankruptcy will stay on your credit report for seven years from your filing date. After the seven-year term, the bankruptcy will automatically fall off your credit report.

How Often Is Chapter 13 Bankruptcy Successful?

The success rate for Chapter 13 bankruptcies doesn’t make for good reading. One study of Chapter 13 bankruptcies over a seven-year period (2008-2015) highlighted that only 41% of cases were successful. Chapter 7 bankruptcies recorded more success (96%) within that same timeframe.

Bankruptcy

Creditor Contact after Bankruptcy Filing

A Chapter 13 bankruptcy effects an automatic temporary stay that prevents creditors from attempting to collect payments for your debts.

Usually, you’ll have to notify your creditors of your bankruptcy filing using a written notice. However, a verbal explanation is enough to prevent collection calls.

Some creditors may flaunt the court order and continue to contact you. In this case, you should inform your attorney immediately to take legal steps to stop these collection calls.

If your attorney cannot assist you, the consumer protection attorneys at National Legal Center can work with your lawyer to take action against creditors or collectors who do not honor your bankruptcy filing.

Avoid Chapter 13 Bankruptcy

While a Chapter 13 bankruptcy might seem like a viable solution to financial trouble, it comes with its fair share of limitations. For one, it doesn’t discharge all your debt and will negatively affect your credit rating. Furthermore, it has a relatively low success rate. This is your financial future at hand. You may feel like there’s no way to avoid Chapter 13 bankruptcy, but there may be. You owe it to yourself to explore all your options.

If you’re struggling with debt, a debt resolution solution that doesn’t require filing for bankruptcy may be a more suitable solution for you. Fortunately, we provide such a remedy at the National Legal Center.

National Legal Center’s debt resolution legal service provides a customer-centric strategy to resolve your debt struggles without a Chapter 13 bankruptcy. Our attorneys will create an affordable plan and work with your creditors to resolve your accounts and get you out of debt.

Our attorneys plan for all possible scenarios during your debt resolution consultations with your creditors (including potential lawsuits), and we’re equipped to resolve all eventualities. Our services also cover all unsecured debts, including those owed to an original creditor or debt buyer.

Reach out to us today to learn more about our debt resolution services and how we can assist you.

FAQs

Does Your Credit Score Go Up after Chapter 13 Discharge?

Yes, you can take steps to improve your credit score after a Chapter 13 discharge. However, you might experience a significant dip in your score during the timeline of your bankruptcy.

Can I Remove Chapter 13 from My Credit Report before 10 Years?

You can’t remove a Chapter 13 bankruptcy from your credit report before the expiration of the timeline if you filed it intentionally. However, you can remove a Chapter 13 bankruptcy if it was filed by mistake.

What Happens to My Credit after Paying Off Chapter 13?

A Chapter 13 bankruptcy will automatically fall off your credit report after seven years. While you’ll experience a dip in your score, the effects will diminish as you take steps to improve your credit rating.

How Long Does It Take for a Credit Score to Go Up after Chapter 13?

It’ll typically take 12-18 months to improve your credit rating after a Chapter 13 bankruptcy.

Struggling with debt? There ARE options. Request a free consultation today!

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