How seniors and disabled folks can achieve debt relief

The elderly and the disabled living in Florida or elsewhere may be living on limited resources such as social security benefits or a pension. This may lead to a situation where an individual has to pay bills with a credit card and little hope of repaying the balance. Ultimately, a person may be looking at getting away from creditors who are making harassing phone calls despite knowing that a debtor has little chance to pay.

One way to put a stop to potentially harassing debt collector contact is to understand the Fair Debt Collection Practices Act (FDCPA). This act gives debtors certain rights that may influence how a debt collector treats a debtor. As opposed to paychecks, social security and pension benefits generally cannot be garnished. This may make it less likely that an older or disabled debtor would actually lose any money to a debt collector.

A home and other property may be exempt from creditor collection actions if an individual is unable to pay a debt. In the state of Florida, a debt generally cannot be collected through a lawsuit if it is four years or older. However, it is important to note that making a payment may reset the statute of limitations clock. Whether a debt is paid or not, payment or other information related to that debt will come off a credit report within seven years.

Filing for bankruptcy may stop creditor harassment or make it easier to renegotiate loan terms. In some cases, creditors may agree to forgive or stop attempts to collect a debt. Talking with a lawyer may be helpful for those who are being harassed by debt collectors or who are considering filing for bankruptcy. This may help them learn more about their rights under the law.