When you have outstanding debt, you often get calls from collection agents who are tasked with getting you to repay the money you owe. These people have a difficult job – it can be stressful to locate individuals with debt to hunt down the money their companies have the right to collect, whether they are the original lenders or they have purchased the debt from them. But sometimes, these calls can become unbearable.
It would be a fair assumption to conclude that in most American homes there is a designated place for the stack of incoming white envelopes housing our financial obligations. For some the pile will disappear each month as bills are satisfied with a clear surface for the next month’s collection.
A recent article published by the Association of American Retired Persons Bulletin (AARP) exposes a new crisis in our country. It appears that seniors are under siege due to delinquent property bills and haunted by credit collection agencies ready to either secure the debt or take control of the home through a tax lien foreclosure.
With the recession creating financial difficulties for many families, some Illinois residents decide to file for bankruptcy due to sudden loss of income or the potential for their home to foreclose. If you’re bothered d by incessant phone calls and emails from creditors, filing for bankruptcy can be a good option.
It’s common for those end up filing for bankruptcy to endure months (or years) of calls and letters from debt collectors prior to making the decision to file for bankruptcy. While lenders are allowed to partake in legal debt collection efforts, the Fair Debt Collection Practices Act establishes rules which must be followed by debt collectors. For instance, debt collectors shouldn’t engage in threatening or intimidating behavior, and if the borrower asks for written proof of their debt, it must be provided.