How a Collection Attorney Can Protect Your Rights When Faced with Debt

If you are facing regular contact from a debt collection service, you might feel overwhelmed and unsure of your legal rights and obligations. In this type of a situation, having an attorney to represent you can help to protect your rights under the law. An attorney can provide you with information and may be able to represent you if you try to settle your debts through personal bankruptcy or other means. Unwanted Debt Collector Contact A collection attorney may be able to help you if you are receiving unwanted contact from a debt collector. Collection agencies must abide by the Fair Debt Collection Practices Act (FDCPA), which is enforced by the Federal Trade Commission. This law stipulates that debt collectors may not use abusive or deceptive techniques to collect money from you.
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How Chapter 7 Bankruptcy Can Help Businesses Solve Their Debt Problem

There may come a time when you can't make a business loan payment or fail to make a personal credit card payment on a balance used to fund your company. If talking to your creditors about alternate payment arrangements fail and you have no other options to resolve your debt issues, it may be a good idea to look at bankruptcy. How can a liquidation bankruptcy help a business owner? Learn the answer to this question below: What Is a Liquidation Bankruptcy? Under Chapter 7 of the bankruptcy code, debtors have the right to have their assets liquidated and the money used to pay off creditors. For businesses, filing for Chapter 7 bankruptcy means selling off company assets and using that money to pay off creditors up to the amount raised through liquidation.
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What Not to Do When Filing for Bankruptcy

As people say, bad things often happen to good people. Nowhere is this truer than when people are forced to file for bankruptcy after a serious illness or divorce. The great thing about bankruptcy is that it will pardon a petitioner of most of the debt they owe.

That being said, a bankruptcy filing is still a legal process, and as such, it requires a petitioner to accomplish all steps accurately and avoid these missteps so that the court won’t dismiss his or her plea.

Failing to Declare All Income Sources

An important part of the bankruptcy process involves declaring all your income sources to demonstrate that you do not have the means to pay off creditors. This means that if your child works part time after school, his or her income should be declared in your filing, too.

Questions to Ask Before Filing for Bankruptcy

Perhaps one of the toughest ones you’ll ever have to make is whether or not to file for bankruptcy. While it’s a great way to discharge unsurmountable debt, there are many considerations you should keep in mind before filing a petition.

Should I File for Chapter 7 or Chapter 13 Bankruptcy?

In Chapter 7 bankruptcy, most of your unsecured debt like unpaid credit card bills will be discharged. Secured debt, such as mortgages or car loans, won’t be forgiven, though. To have these loans to be dismissed, you’ll have to return your house or vehicle to creditors.

                                                                                         

Chapter 13 bankruptcy, on the other hand, restructures your loan so that you can repay a portion of it over the course of three to five years. Unlike the latter, this may help you hold onto your properties.