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1.
One of the few exceptions to the rule that a creditor must sue to get a court judgment to seize funds from your bank account or place a lien on your property is the _______.
IRS. Federal law allows the IRS to seize the contents of your bank accounts and place a lien on your house for back taxes without getting a court judgment first.
2.
What should you do if you are behind on your payments on your home, credit cards, or other loans?
Contact them to see what steps can be made. Many times, your creditors will want to work with you to avoid hassles, expenses and lost revenue due to the actions they would have to take.
3.
Which of the following is true about child support payments?
They are essential debts. The obligation to pay child support never expires and cannot be wiped out in bankruptcy.
4.
If you are drowning in debt, it is worthwhile to speak to your creditors to try to negotiate the amounts, repayment term, and interest rate.
True. Talking to your creditors when you are overwhelmed with debt may result in positive solutions that can help you.
5.
During what hours does the law allow debt collection agencies to call you?
Collection agencies may call only at reasonable times. The law presumes that calls before 8 a.m. or after 9 p.m. are unreasonable.
