It is known that a good credit score is required to make large investments, purchase a home or property, take out significant loans, and participate in many other financial endeavors. In the same way, a bad credit score has the potential to prevent a person from taking part in any of these achievements.
Sometimes individuals resort to filing bankruptcy (Chapter 7 being the most common type in the United States), but before those legal proceedings begin, the debtor usually exerts a significant amount of time and mental energy dealing with creditors. Even though filing for bankruptcy has the potential to negatively affect an individual's financial reputation, many times it is the wisest and most beneficial choice in the long term for a person who is overwhelmed with debt.
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Debt collectors are businesses that purchase certain debts for an extremely small price (approximately one dollar per one hundred dollars of debt) and then take the necessary measures to reclaim the original amount from the person who owes the money. These money-collecting establishments are rapidly becoming more prevalent and complex in the United States, increasing by 30% in the last three years. Unfortunately, many creditors are known to resort to harassing measures in order to attempt to reclaim the money.
The most common action is making persistent phone calls to the individual who owes the original amount. Many times they will promise to adjust the person's credit report or place an arbitrary deadline on the time when the total amount is due. They have also been known to threaten a lawsuit or continually harass the person at his or her home or workplace in the attempt to collect. Sometimes the actions of these collectors are in violation of certain state laws pertaining to the privacy of individuals, and these lawyers are certified to handle such cases where a creditor oversteps this lawful boundary.
For a person or business under serious financial debt, bankruptcy can be a way out. All collectors are required to cease contact with the debtor after a bankruptcy claim is filed, and after it has actually discharged, the struggling individual or business is relieved of financial obligation.
The liquidation of assets during a bankruptcy discharge provides a way for money to be distributed among the various creditors in accordance with federal law. A lawyer specialized in these routine proceedings will relieve their client of the pressure of dealing with debt collectors.
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