Valuable Info On Bankruptcy: Don't Get Taken Advantage Of By Collection Agencies

Folks view personal bankruptcy as a wake up call and well they should because that means they hit the bottom of the barrel and are now scratching the bottom - for a lot more money!

If you believe misery loves company, be secure in the knowledge that you will find at least one and a half million men and women in there with you, that is how many filed for bankruptcy in the last year. Anyone can over-extend themselves and many do for more reasons than I could count.

Lots of people today are saddled by credit card debt and because of new laws, there are excellent methods for reducing yours to help you have peace of mind. Look for a way that's good for you so you can get on the path to financial freedom soon.

Lots of companies even mismanage their budget and need corporate debt restructuring to get them out of insolvency. This is why it is so important for company owners to contact a consultant heavily involved in restructuring finance plans.

Filing for bankruptcy isn't only used by the lower and middle-class, but the rich as well. Famous people have fallen into the hole and climbed out, individuals like:

Donald Trump went bankrupt in 1990, Kim Basinger went bankrupt in 1993, Burt Reynolds went bankrupt in 1996, and Rembrandt in 1656. I am not sure about the last one; he may still be attempting to dig his way out!

If you or anyone you know is behind on payments there is something they really should know. Since 1997 the federal government stepped in to stop dept collectors and debt collectors from harassing and threatening people in the middle of the night and using unethical collection methods.

The Fair Dept Collection Practices Act (FDCPA) works to make collections agencies follow certain guidelines. These are things collectors must do:

-Stop contacting you if the request is in writing and you contest the debt in writing.

-Within five days of their initial contact, they must send you a letter stating the outstanding debt and creditor.

-If you want to dispute all or part of the debt, the collection agency has to stop contacting you until the creditor responds to your inquiry.

-If the collection agency wants to take you to court for the financial debt owed on behalf of the creditor they should summon you to the county where you now live or exactly where you first signed the contract.

Now, don't be alarmed just because a creditor threatens to sue you simply because most times it's just meant to scare individuals into paying on debts.

Under the act (FDCPA) there are many things collection agencies can't do, some of which are:

-No calling you at work.

-Indicating they might be working with the government.

-No calling your friends or family members.

-Implying that you may go to jail, garnish your paychecks unless the debt holder plans to do it.

One last word on this point, remember on secured loans and cars there is a definite risk of repossession if the loan (mortgage or vehicle) isn't paid. There's usually an excessive amount of money involved here for creditors to lose so restructure your finances to make these payments on the top of your 'to pay' list!

The Leading Elements That Have Been Affecting Personal Bankruptcy
The word bankruptcy comes from the Italian words banca rotta, meaning broken bench. It is a federal court process created to help consumers and corporations eliminate their debts or repay them under the protection of the bankruptcy court.

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