What happens if a debt settlement is not completed on time?

If a debt settlement is not completed on time in North Carolina, the debtor could face serious consequences. The creditor could take legal action against the debtor, which could result in a lawsuit or wage garnishment. If the court decides in favor of the creditor, it could order the debtor to pay the full amount of the debt plus interest and legal fees. The court also could order the debtor’s assets to be seized and sold to help cover the costs or the debtor could be sent to jail. The debtor’s credit score could be damaged as well. If the court orders the debtor to pay the full amount of the debt, it will likely be reported to the credit reporting agencies and this could negatively affect the debtor’s credit score. This could make it difficult for the debtor to obtain financing for a home or a car in the future. It is important for the debtor to complete the debt settlement on time. If the debtor is having trouble finding the money or doesn’t think they can pay the debt off in full, it is recommended they seek the assistance of a legal professional to help them find a solution that is beneficial to both parties.

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What happens if a debt settlement is not completed on time?

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