[creditwrench newsletter] New Post/Thread Notification: ASK AN ATTORNEY

Hello,

Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of {rss:Debt Law Network}.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3332

Here is the message that has just been posted:
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You read the papers and a company you never heard of, say, Asset Acceptance (http://www.assetacceptance.com/), is suing you.
They bought the bad debt from a credit card company.* This is now a multi-billion dollar industry, big banks and credit card companies sell charged off debt, that is, debt they cannot carry as an asset on their books, to companies that buy bad debts for pennies on the dollar, then try to collect them.
What did they get?
The debt buying company (http://www.michigancollectionlawblog.com/index.html) gets a one page computer printout with your name, account number, and a balance.* No contract between you and Capital One, or, whoever.* No statements.* Not even a breakdown of the principal, interest, late charges, an accounting of how the total balance was calculated.
In Michigan, this is not enough to win a lawsuit.* They cannot prove that you owe the money.
The debt buyers are not concerned with that, as most people do not respond to lawsuits.* With no response, the debt buyer wins by default and moves to garnishment and/or other collection measures.
The debt buyers (http://www.michigancollectionlawblog.com/index.html) and their lawyers know this, and frequently drop the suit if met with a response.
So, as always, when you get legal papers like a lawsuit, contact an attorney.* Just because it was filed with a court does not mean it is true.
*If you liked that post, then try these...*

Should You Voluntarily Give Back Your Auto Before Repossession? (http://www.debtlawnetwork.com/should-you-voluntarily-give-back-your-auto-before-repossession/) by Karen Oakes, Southern Oregon Debt Law Attorney
Creditor Can Not Claim Mistake Defense Without Precautions (http://www.debtlawnetwork.com/creditor-can-not-claim-mistake-defense-without-precautions/) by Kent Anderson, Oregon Bankruptcy Lawyer
More Teeth in the Jaws of the Student Loan Debt Trap (http://www.debtlawnetwork.com/more-teeth-in-the-jaws-of-the-student-loan-debt-trap/) by Kent Anderson, Oregon Bankruptcy Lawyer

More... (http://www.debtlawnetwork.com/feed/)
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