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Valuable Information About Bankruptcy: Try Not To Get Bothered By Collection Agencies
Folks view bankruptcy as a wake up call and well they should because that means they hit the bottom of the barrel and therefore are now scratching the bottom - for more money!
If you think 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's how many filed for bankruptcy in the last year. Anyone can over-extend themselves and several do for more reasons than I could count.
A lot of businesses even mismanage their spending budget and need corporate debt restructuring to get them out of insolvency. This is why it is so important for business owners to contact a consultant heavily associated with restructuring finance plans.
Filing for bankruptcy is not only used by the lower and middle-class, but the rich as well. Famous men and women have fallen into the hole and climbed out, individuals like:
Donald Trump went bankrupt in 1990, Kim Basinger went bankrupt in 1993, Burt Reynolds filed in 1996, and Rembrandt in 1656. I am not positive about the last one; he may still be attempting to dig his way out!
If you or any individual 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 collection agencies from harassing and threatening people in the middle of the night and using underhanded collection practices.
The Fair Dept Collection Practices Act (FDCPA) works to make collections agencies follow certain guidelines. These are things collectors have to do:
-Stop contacting you if the request is in writing and you contest the debt in writing.
-Within five days of their first contact, they must send you a letter stating the outstanding debt and creditor.
-If you would like to dispute all or part of the debt, the collection agency has to stop contacting you until the creditor replies 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 where you first signed the contract.
Now, do not be alarmed just because a creditor threatens to sue you because most times it's just meant to scare people into paying on debts.
Under the act (FDCPA) there are plenty of 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.
-Implying that you may go to jail, garnish your wages unless the debt holder plans to do it.
One last word on this point, remember on secured loans and cars there's a definite risk of repossession if the loan (mortgage or vehicle) isn't paid. There's usually too much money involved here for creditors to lose so restructure your finances to make these obligations on the top of your 'to pay' list!
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