Want to learn more about your debt? | McCarthy Law PLC

Want to Learn More
about your debt?

Debt Problems

At McCarthy Law, our debt attorneys can represent you not only by negotiating reductions to your debt, but by defending you against creditor lawsuits.  We have provided some informational answers to help you once you have been served a complaint by a credit card company or any other collectors. McCarthy Law takes pride in always offering a free consultation in-person at one of our nationwide offices to discuss your options, timelines, and strategies to get you true debt relief.

bank icon

Bank Lawsuits

As tempting as it may be to ignore the lawsuit, don’t.

alarm icon

Creditor Harassment

You can tell your creditors, ‘Call my lawyer.’

directbox default

Creditor Lawsuits

Our debt lawyers protect you from creditor lawsuits.

note icon

Collections Violations

Experience debt relief fast while our lawyers negotiate.

Types of Debts

Are you stuck in the hamster wheel of debt?

Debt isn’t just that credit card bill with 24% interest you can’t seem to pay off. Real debt makes you feel financially trapped with no way out. Real debt means you’re struggling to pay almost everything, including:

bank icon

Credit Cards

bank icon

Auto/Boat/RV Bills

bank icon

Divorce Debt

bank icon

Business Debt
(including SBA)

bank icon

Mortgage Debt
(including HELOCs)

bank icon

Student Loan

bank icon

Payday Loan Debt

Let us help you out    of the hamster wheel and into the
driver’s seat again.

Debt comes in all shapes and sizes and like it or not, it is a part of everyone’s DNA. Sometimes people refer to them just as monthly bills or monthly expenses, some are just that. However, the typical larger purchases or credit cards are what most people consider their debt. In more general terms, your debt can be classified in to one of two different types- secured or unsecured debt.

What is Secured Debt?

Secured debt is an obligation or debt that requires collateral in order to obtain a loan.

Examples of a secured debt would include your:
1) Home mortgage
2) A home equity line of credit
3) Car loan
4) RV loan
5) Boat loan
6) Title loan

A secured debt lender sees a secure loan as lower risk because there is collateral behind what is being loaned (ie. the house, car or boat). However, if you fail to make timely payments, the lender can repossess or put a lien on the collateral.

What is Unsecured Debt?

Unsecured debt is incurred by receiving a loan or line of credit with no collateral required.

Examples of unsecured debt include:
1) Credit cards
2) Department store cards
3) Telephone bills
4) Payday loans
5) Business credit cards
6) Utility bills

Unsecured loans are usually smaller than secured loans and typically come at a higher APR due to there not being any collateral tied to the loan.

Erase your debt & get your life back!

Your Path to a Debt-Free Life Starts Here

11. Your debt
22. Your info


What are the costs of hiring a student loan lawyer?

Our services are offered on a flat fee basis calculated as a percentage of the debt. Typically, we can settle our clients’ debt for 55-60 cents on the dollar and without the need for bankruptcy. If our clients end up being sued, we represent them through the trial for $500 plus the cost of filing the answer.

What is the difference between federal student loans and private student loans?

While federal student loans are offered by the government, private student loans are offered by private-sector lenders. Interest rates for private loans are generally higher, cannot be forgiven, and are never subsidized. However, private student loans are not need-based so you can qualify for a higher loan amount if you have good credit.

Am I able to discharge a federal student loan without having to file bankruptcy?

In most situations, neither federal student loans nor private student loans are eligible to be discharged in bankruptcy. However, in some cases, you can have a federal student loan discharged if you experienced serious problems with your school, worked in public service, or have a severe disability.

How can a private student loan attorney help me?

Student loan attorneys can provide you with legal advice, represent your interests during negotiations or lawsuits, resolve delinquencies, protect you from debt collector misconduct, and handle any credit disputes.

How many points will defaulting on my cards bring down my credit?

In general, you should anticipate that your credit score will drop 100-150 points post-default. By law, a credit card company is required to “charge off” (remove your debt as an asset on their balance sheet) after six missed payments. Once it is charged off, the credit card company can no longer report you as late. Non-payment negatively impacts your credit score for 12 months after the last negative. Accordingly, 18 months after the first missed payment, the missed payments will no longer negatively impact your score. That doesn’t mean your score goes up. For it to go up, the underlying debts must be paid or settled. Once that happens, you can positively impact your score with payments on a mortgage, car, gas card, small trade lines, debit cards that report to credit bureaus, and similar accounts.

Can the creditor call my work?

Yes, the creditor can contact you at work subject to the restrictions under the FDCPA. Pursuant to the FDCPA, collectors may not contact you at work if they’re told (orally or in writing) that you’re not allowed to get calls there. Debt collectors do not include employees of the creditors themselves.