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Being Sued For Debt – Things to Do When Sued For Not Paying Your Debt

Loans are taken for several purposes and the moment you take them it is sure that you need to pay them back. A little financial setback can damage the entire planning and land you up in many legal issues. ‘Being sued for debt’ sounds quite severe to all of us. So the first thing to mention is ‘relax.’ Like all other problems, this too has a solution. If you deal with it impatiently, you shall never get a solution.

Here are some tips that would guide on things to-do and not-to-do when you are sued for the debt:

Do not give the creditors an access to your bank account.

The creditors often play a smart game. They call you up before the due date and say that they shall withdraw only $ 100 or so. Now say, you say a ‘yes.’ Then, in 3 to 4 days you come to know that they had actually withdrawn $ 1,200. Here, even the lawyers would not be able to help you as you have no records of the amount you had agreed to withdraw. Then, all that matters is that you had said a ‘yes.’ In this case the lender, who has sued you for the debt, indeed holds an upper hand.

The source of income really matters

There are various circumstances where your money cannot be touched by the creditors legally. Say, the social security you receive in the old age or in the case of some disability. Once you know that the creditors are about to withdraw the money from the bank, immediately inform the bank and the creditors regarding your source of income. If they yet take out money from that amount, you can contact the Attorney, file a case against the creditor who has sued you for debt, and get a real good amount of compensation.

Consult a lawyer.

You must consult a lawyer and seek some legal help before taking any action in the case. Make sure you talk very politely with the lender and handle the matter as calmly as possible.

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Top Ten Countries Carry Most Debt Burden

Japan tops the list of ten countries that carry the most debt burden, followed by Saint Kitts and Nevis, Lebanon, Zimbabwe and Greece. The debt burden of this country becomes heavier after March’s nuclear disaster. The severe earthquake and tsunami that hit Japan are expected to cost over $ 300 billion.

 

Japan

 

Japan is the country with the highest debt-to-GDP ratio of any country in the world. The Japanese government has been in debt since the housing bubble in the 90s. Especially, the debt burden becomes heavier after the  the worst natural disaster in history hit this nation in March 2011. The Japanese government has to pile billions of dollars of fresh borrowing on top of a debt load. However, Japan has a high savings rate which makes it easier for the government to finance the debt. 90% of Japanese debt comes from Japanese individuals. 

Debt as percent of GDP: 225.8

 

Saint Kitts and Nevis

The federal two-island nation expects to get creditor cooperation in restructuring its public debt stock, which is said to be a total of about $ 1 billion. However, treasury bills are not a part of the plan.

Debt as percent of GDP: 196.3

 

Lebanon

According to IMF, the country’s debt has been falling down but half of its budget revenues go towards interest payments on its immense debt burden. Lebanon’s public debt is now at $ 52.7 billion.

Debt as percent of GDP: 150.7

 

Zimbabwe

Uncheck spending of President Mugabe had raised Zimbabwe’s debt burden. The country even asked for debt relief as part of the Heavily Indebted Poor Countries program in 2010. The IMF said that Zimbabwe was under debt stress.

Debt as percent of GDP: 149

 

Greece

Though the country has passed new austerity measures and been provided a second bailout, its default reportedly looks more likely. Greece’s public debt is expected to rise in 2012 before easing in 2013.

Debt as percent of GDP: 144

 

Iceland

The country’s economy is said to get a strong return and CDS (Credit Default Swap) on its debt has eased 14% this year. Ratings agencies maintain their junk status on Iceland with a population of about 320,000.

Debt as percent of GDP: 123.8

 

Jamaica

The island country saw a debt burden growing between 1996 and 2003 as its financial sector took a hit and a drought hurt the agricultural production. Jamaica even introduced the Jamaica Debt Exchange (JDX) program to restructure its domestic debt.

Debt as percent of GDP: 123.2

 

Italy

At the end of April, Italian public debt is said to be a total of €1.89 trillion. Prime Minister Silvio Berlusconi has survived a confidence vote on a €40 billion austerity package to help this country avoid becoming the next domino to fall in Europe.

Debt as percent of GDP: 119

 

Singapore

Singapore’s low debt-service ratio, for example ratio of debt service payments to that of its export earnings, has been attributed to low interest rates. Singapore is also among the nations that are under debt stress.

 

Debt as percent of GDP: 102.4

 

Belgium

To prevent contagion of fears and keep calm markets, Belgium’s caretaker government announced better-than-expected budget deficit projections of 3.3%, instead of previous estimates of 3.6%. This nation’s debt is forecasted to peat at 98.3% of GDP in 2013.

Debt as percent of GDP: 98.6

 

Greece’s Debt Burden

 

Related links:

Richest Countries in the World

Top Ten Countries That Have The Most Millionaires

Ten Countries With Most Natural Gas

Jolie Crussel, an economic expert, is keen on analyzing the economic situations in the world. Currently, she often delivers lectures on economic solutions to students and provides advice for many firms.

Dealing With Bankruptcy, With Legal Debt Assistance

Bankruptcy has become daily news. Its a legal term given that can be headed on debtors, if they fail to pay money back to respective creditors. The every other day some or the other rich is getting bankrupt. Do you know why it happens? People start earning money more than what their dailies demand and come into a sudden conclusion that they wont get bankrupt and their own money handling systems hinder and get into jeopardy of breaking down! Like credit debts unpaid, wage garnishment, repossession of vehicle or home, losing your sleep worrying extensively about your finances, foreclosures etc can be some the major raison d’tre for you fearing to get bankrupt. There are lawyers who are available for you anytime to discuss the bankruptcy you fear and will help you out, legally.

There are sites availed which provide attorneys to hear your plea and take that forward. Like the Bankruptcy Lawyer Gainesville of Florida assist you advising proper employment of money for a better future. They further support you for the reconstruction of debts, where the debts are reconstructed and imperatively paid off on regular basis. Its a wiser choice, as it enables repackaging of debts with lower interests. Bankruptcy can be individual or of a corporate. You simply need to visit their sites and schedule your appointments with them. Also the Bankruptcy Lawyer Jacksonville enables services lending a hand for getting your debts cleared or getting your credit from firms that you owe. Contacting them is easier now. One can get the efficient lawyer to fight for you as well.

Bankruptcy can be nightmare come true for anyone in this competitive world. All such tribulations regarding it are handled well by attorneys playing a legal role in the businesses. They advise upon handling or avoiding a foreclosure as well. They handle very well chapter 7, liquidation bankruptcy or chapter 11, reconstruction of debts or chapter 13, reorganization bankruptcy. So people out there suffering from fear of breaking down or have already gone penniless, can take this as the next thing to last resort you ever thought of. They also provide free evaluations of your bankruptcy.

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Crisis: Collect The Debts And Continue

Despite the great promises of international politics because the crisis persists and strategies to get out in the best way to be compiled with a fair and balanced comparison of various entrepreneurial, and professional economists. And the young entrepreneurs put their best hopes. In fact, they are asked not to hide behind the crisis and politics but of being exposed by exposing their ideas and their efforts to raise the crisis not only economic but also of people.
It ‘clear that the spending power of citizens is severely compromised and that many borrowers now invest their resources in the sale without recourse and with the help of family businesses, however small entities affected by the crisis in a lower other.

Industry representatives present at Reggio Emilia, however, outlined a less worrisome signs as there are signs of recovery in many sectors, stressing however the need to wait until 2013 to return to pre-crisis levels of productivity. However, manufacturers have said they expect as a growth uneven because the market is still strong recovery outstanding claims still necessary given the lack of growth in the Italian context and the high rate of unemployment is still alarming when compared to the standards of other European countries.
Certainly areas that are still in a phase of strong pain are those that deal with agricultural mechanics and construction and the hydraulic industry, battered areas in 2009, a slight recovery. The strategy is used by companies to withstand the crisis were mainly those of internationalization and specialization in products made in Italy and niche market which is always constant despite the difficult time in which the factor of missing payments is much less frequent views of the many custom orders and direct contact with the manufacturer.
Even the professional sector has suffered heavily since the crisis with the crisis of the developers is inevitable difficulties of those working for them. Particularly for the building sector, and all architects, engineers and designers to follow the line to maintain active business operations is certainly one of the specialization in a particular area without wanting to do a bit ‘of everything. The responsibility must be the distinctive feature and highlights from the crowd. Sins that still persists is certainly that of being young and wanting to take a road test: access to credit are still very difficult, many difficulties and the climate of general mistrust certainly does not help development.

Only sector that has positively affected the crisis was that of accountants and similar professionals that with the increase in bankruptcies, layoffs and other paperwork has seen significantly increased workload. It remains to be hoped that with the spread of a culture of strict fiscal their work remains intact and productive allowing these specialists to fully assume the role of intermediary between state enterprises and citizens.

By Martina Celegato with support from Recredit

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