What Is A Debt Buyer?

A third-party debt buyer is an individual or company who acquires the debt from the original creditor who was not a party to the original contract or agreement. They get assigned the debt and basically purchase the asset. They then have the right to collect the balance due from the original debtor.

Can A Debt Buyer Sue Me For One Of My Old Debts?

Yes, the reason why the debt purchaser purchases the debt is to have the right to collect that debt. They can attempt to collect the full balance from the original debtor whether by collection efforts or by a lawsuit.

If A Creditor Or Debt Buyer Sues Me, Should I Hire A Lawyer?

Yes, I think it’s always best to hire an attorney to represent you in defending the action or trying to have the debt resolved.

What Is An Automatic Stay And How Can It Help Me In My Consumer Debt Defense Case?

Once a person files bankruptcy an automatic stay gets placed on any collection efforts on the accounts that are included in the bankruptcy. This prevents any creditor from trying to collect any of the monies that are claimed and are listed as a debt in the bankruptcy proceeding.

Can Foreclosure Help In My Debt Case?

A foreclosure will generally not help you in your unsecured debt case. They are two different types of cases that may or may not be litigated simultaneously

Should I Work With A Debt Consolidation Company First?

This depends on your individual case and the type of creditors, the number of creditors you have, the amount of debt you are carrying and what stage in the collection process you are in at the time.

For more information on Debt Buyers In The State Of New York, a free initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (914) 686-3171 today.