The larger and more aggressive debt collection agencies will have Uncle Sam looking over their shoulder in January. The new Consumer Financial Protection Bureau intends to rein in the abusive collectors and give harassed consumers somewhere else to go other than the overwhelmed Federal Trade Commission which previously had responsibility for keeping collectors at heel. Collection firms that follow the law will still be able to do their job; the C.F.P.B. is not a safe harbor for anyone with legitimate delinquent debts. Complaints about aggressive and illegal dunning practices have been the number-one consumer gripe to the FTC for years.
If "desperation" needs another definition, this would probably be it. The all-purpose sales-meetup-social connector known as Craigslist is hosting a new category; people seeking co-signers for loans. That's right. Folks who can't get loans on their own because of bad credit or lack of employment are seeking out strangers willing to endorse their loan application and pay it off if the borrower defaults. What could possibly go wrong with this plan?
The answer is yes. Bankruptcy will get rid of the debt but will not stop your mortgage company from taking your home back via the foreclosure process.
In the event that you are denied employment by a private employer because of a bankruptcy you likely will not have rights against that employer.
With April 15th only a few days away, many people are working hard to come up with the money to pay the Government. For those who are self employed, estimated tax liability payments are due every quarter starting April 15th. The IRS will allow you to pay your tax debt with a credit card, but you can expect to pay a 2% "convenience fee".
Join us for an information-packed webinar with bankruptcy attorney Jamie Miller. This workshop will offer you expert guidance on the different bankruptcy options; as well as the benefits that bankruptcy can offer you to help you take control of your financial life. It is time to get the fresh financial start you deserve. Go to MillerMillerlaw.com and click on the "Registration Now" star to sign up.
Bankruptcy might seem like the end of the road, but the stigma is not nearly as severe as it once was. In the past, it meant that the chances of getting approval on unsecured personal loans applications were practically nil, while even those lending firms who might be willing to take a chance would still be more likely to say no.
The Huffington Post chronicles this incredible story in which a debt collector allegedly called 911 on an 85 year old woman:
There is no perfect time to file for bankruptcy. Ideally, you should wait to file at a point when you have not touched your credit cards for several months and your credit card charges over the past year have not taken a big jump. Further there is less chance that you will face any objection if you have made at least the minimum payment over the past 6 months or longer.
All too often, clients come into our office, review their credit report, and are shocked to see what is listed. Sometimes this is because there are old items that have been forgotten, but another culprit is identity theft.