There are many events and circumstances that require the assistance of professional legal aid and representation. Divorce, child custody, bankruptcy, workers compensation, and civil suits, are just a few of the reasons that may warrant legal services from law firms such as Nueheisel Law Firm, the Brachfeld Law Group, and the Winn law group. In terms of when businesses hire legal assistance, many companies and organizations who are owed money by consumers enlist the help of legal recovery law offices such as Nueheisel law firm to provide collection services.
According to the American Bankers Association, 2.75 percent of all credit card debt is delinquent. Delinquency is defined as a late payment that is 30 or more days overdue. These debts included open end loans, such as a revolving loan credit cards or home equity line of credits, or closed end loans, such as personal loans, car loans, and mortgages. Although 2.75 percent is at an 18 year low, household indebtedness is valued at $11.38 trillion, according to the Federal Reserve Bank. Considering that more than a quarter million Americans received a foreclosure notation on their credit report, there is still a risk of huge potential losses to creditors. This is why many creditors turn to firms such as Nueheisel Law Firm to help them recover some of the debt owed to them.
There are statutes of limitations on recovering debt, but the state in which you live, the type of debt, and the contract you have with the lender or borrower all factor into the equation, and a law firm such as Nueheisel Law Firm can help you navigate the complexities. For example, in the state of Arizona, there is a six year statute of limitations on credit card debt. However, the expiring of a statute of limitations does not necessarily prevent a creditor from filing a lawsuit against a delinquent debtor. As such, there are many caveats to this complicated subject and an experienced law firm such as Nueheisel Law Firm should be consulted.