Alaska Debt Relief

Debt reduction programs come in a variety of forms. Each debt relief tactic comes with their own pros and cons. First thing to do is to get to know each of your options and find out which one is best for your specific situation.

Here are a few debt relief options in Alaska that can help get your finances back on track: Debt Settlement, Debt Consolidation Loans & Debt Management.

Debt Management Plans 

Debt management is when you work with your creditors to lower your interest percentage to a lower amount and lower your monthly payment. Unlike debt settlement, you will pay back the entire amount owed on the debt – as a result, it will take longer to pay back the debt but your credit score will be less impacted, if impacted at all. 

Filing for Bankruptcy in Alaska

Depending on your situation, you can file for either chapter 7 or chapter 13. Bankruptcy is more difficult and costly than many people think as you’ll have to pay lawyer fees, processing fees and depending on the type of bankruptcy, you might still have to pay back the entire debt owed. 

Talk to an Americor debt relief professional, to discuss your specific situation to determine what’s the best way forward before jumping into any debt relief program in Alaska. 

Debt forgiveness and your credit score 

As you can see above, there are different types of debt relief programs in Alaska. Each one can affect your credit in different ways. You’ll need to determine which tactic is best for your situation. Some debt relief options won’t negatively affect your credit that much, if at all, others such as bankruptcy can take years to recover from.

Alaska Debt Laws

The Alaska Fair Debt Collection Practices Act was created to protect people behind in paying debts to not be harassed by creditors or debt collectors. It prevents collectors from lying or threatening you in attempts to recoup money owed. It also regulates what hours of the day collectors can call you and prevents them from talking to anyone besides the debtor about debts owed, such as spouses or other family members. 

If you feel like a debt collector has violated the Fair debt Collection Practices Act, you can file a complaint with the Consumer Protection Unit in Alaska.

Understanding your rights and responsibilities regarding your creditors begins with knowing the statute of limitations on your accounts. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In Alaska, the statutes of limitations on outstanding debts are:

• Contracts Under Seal—10 Years
• Contracts Not Under Seal—6 Years
• Open Accounts—3 Years
• Debt Collection Laws in Alaska

The State of Alaska follows the Fair Debt Collection Practices Act as enforced by the FTC. In addition, there are state laws that can further protect Alaska consumers.

Collection company trying to recoup debt?

Based on the Alaska Administrative Code, the state laws prohibit the following debt collection practices:

• Calling your workplace unless the employer and the debtor allows it.
• Getting in touch with friends, employers, co-workers, neighbors, and other family members to discuss a debtor’s financial obligations. They can only get information on how to contact the debtor.

Unless a property has been used for collateral, the collector has no legal claims over a debtor’s property and should not try to repossess it.

If the debtor is represented by a lawyer, the collector needs to speak with them.
The collector should not falsely inform the debtor of the rights to file a response or dispute to their demands. They cannot make the debtor sign any confession of judgment.

The collector is prohibited from adding any fees in addition to the debt originally owed by the debtor.

To file a complaint, you can get in touch with the Attorney General of the State of Alaska. There are a few ways to file a complaint:

• By submitting a complaint form online.
• By sending a formal written complaint that can be sent to the office of the Attorney General at the Alaska Department of Law (Civil Division), Commercial and Fair Business Division.
• By calling the nearest Attorney General’s office near you.

For more information about the Fair Debt Collection Practices in Alaska, go to: http://www.law.alaska.gov/department/civil/consumer/debt.html

Consumer Debt Information in Alaska

Alaskans take pride in their rugged individualism and self-reliance, but even the most responsible folks sometimes need help with out of control debt. Alaska debt help is available for those who find themselves under water financially. You don’t need to go it alone when trying to find relief in troubled financial situations. Whether you want to explore your options under Alaska debt consolidation laws, or are looking for Alaska debt relief that gives you time to restructure your financial responsibilities, there is a debt solution for your family.

Avoid debt collection in Alaska

For Alaskans trying to thrive in uncertain economic times, relying on credit cards to meet any unexpected expenses can be detrimental. In addition, the cost of living is exacerbated by the states remote location and limited resources. Alaskans hold the highest credit card balances in the nation with the average Alaskan family bearing $7,552 in credit card debt.