You won't be a major force until you understand your state's laws. Heck, many of them are available online or at your local legal library. Better yet, write down all your questions concerning state law, and consult an attorney. It will usually only take about an hour or so. Providing you ask the right questions (and get the right answers), you should be armed to the teeth by the time you walk out of there.
When people learn how debts are collected through the use of civil action, many find that they're in better shape than they previously thought. Those who find themselves exposed can often take actions to insulate themselves from some types of legal recourse that creditors may have, thereby strengthening any negotiations.
If you are negotiating with bill collectors, they will likely threaten legal action whether they intend to take it or not. From the creditor's perspective, even if you have property and wages, the debt usually must be high enough relative to what can be seized. However, there are no hard-and-fast rules as to what a creditor will and will not do, and you should judge every threat on its own merits.
Cross-Collateral Clauses
Often people will have several different contracts with the same creditor, some secured and others unsecured. Banks and credit unions often work cross-collateral clauses (CCC) into their agreements, enabling them to secure unsecured debts they have extended to a consumer by attaching them to secured debts, such as an auto loan. Some people who file bankruptcy wish to keep and continue to pay on certain assets (known as reaffirming). If an auto is reaffirmed under such circumstances, a creditor can demand the same of unsecured credit it has extended.
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