What are the potential consequences of a failed debt settlement?

If a debt settlement fails in Nebraska, it can have a few potential consequences. First, if the creditor was expecting that you would pay the full balance through the debt settlement, they may choose to seek a judgment in court against you. This would allow the creditor to garnish your wages or levy your bank account, meaning that your money would be taken directly from your paycheck or bank account to cover what you owe. Another potential consequence is that the creditor could continue to report the debt on your credit report, damaging your credit score. This could make it difficult to get approved for loans, credit cards, and rental agreements. Finally, the creditor could choose to take legal action against you, such as filing a lawsuit, in order to collect on the debt. This could cost you significant time and money to defend. Overall, it is important to understand the different potential consequences of a failed debt settlement in Nebraska before attempting to settle a debt. Working with an experienced debt settlement attorney can help ensure that you fully understand the risks and benefits associated with the process.

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What are the potential consequences of a failed debt settlement?

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