Perhaps you had been working for the same company for 10 or more years. You and your spouse may have even managed to set aside a little nest egg, dreaming of retirement one day or to take a beach vacation with your kids.
Tyler residents approaching their golden years would like to be able to look forward to a well-deserved retirement. This time in one's life is meant to be spent enjoying each day as it comes, spending time with family -- perhaps children and grandchildren -- and appreciating a slower, simpler lifestyle. Unfortunately, as many are still carrying significant debt later in life, the question arises as to whether one's Social Security retirement benefits could be garnished by a collection agency.
A major factor in any Tyler resident's decision whether or not to file for bankruptcy is the impact it will have on one's credit score. To be sure, bankruptcy does negatively impact a credit score, but it's not the only thing that does -- and it may be worth it in the long run. Let's take a look at how long it takes to improve a credit score, not as specific legal advice, but so that our readers will have a stronger background on credit scores as they weigh their options.
Tyler residents are fortunate to enjoy the protection of robust laws protecting against unscrupulous efforts to collect debts. When it seems that creditors' rights take precedence over just about any other concern, it is important to understand just what these protections entail, whether at the state level - as we reviewed previously - or at the federal level.
Tyler residents struggling to manage their debt are likely familiar with the types of tactics employed by collection agencies. On the one hand, creditors' rights do include attempting to contact the debtor (within certain limits) and perhaps even selling one's debt to a third-party company to collect. But both state and federal laws regulate the practice of collecting debt. Let's take a look at these two levels of legal protection -- as a general background on the subject only, not specific legal advice.