CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Bankruptcy Can Help You Deal with Debt Collectors

Debt comes with a great deal of baggage, especially when you’re overwhelmed by it. Nobody wants to have debt, but an affordable mortgage or car payment each month is manageable and considered “the norm.”

However, when you have so much debt that you barely have enough to afford you’re living expenses each month, or that you’ve fallen behind on payments, debt becomes downright crushing.

What Happens When You Fall Behind?

Anyone with serious debt problems who has fallen behind on payments knows how aggressive debt collectors can be.

For many, collection efforts are the worst part of financial problems. They can handle damage to their credit and giving up their ability to get loans in the future, but they are unable to deal with the endless phone calls and letters demanding payment.

And this is assuming the actions by a debt collector are within the law. There are plenty that straddle the line between legal and illegal practices, and some that just step right over it, willing to risk their right to collect a debt because they know they might be able to intimidate you into paying.

Knowing Your Rights

The good news is there are laws in place to protect you from aggressive creditor harassment.

Debt collectors can still cause a great deal of trouble, but there are things they are legally not allowed to do and if you can prove they are doing these things it will work in your favor.

Collectors have a limited number of tools in their toolboxes early on, so many try to shame debtors into paying their debts voluntarily. If they know a debt is too small or too old to pursue in court, they might try to convince you to pay without legal action. Understanding the statute of limitations on a debt and knowing what actions cross the line between legal and illegal can go a long way in helping you deal with collection efforts.

Knowledge is power and the more you know about your rights as a debtor the better.

To learn more about what debt collectors can and cannot do, read these guidelines from the FTC.

Know Your Options

Once you know enough to protect yourself against daily collection efforts, you can focus on your options for resolving the debt.

Obviously, the best option is to pay off the debt in full and meet your obligation, but this is rarely possible for people who have fallen behind on debts. If they could’ve afforded their payments creditors would not be harassing them in the first place.

You also have the option of settling the debt for less than the total amount owed or consolidating multiple debts into one single debt with one single monthly payment. Both of these options can help, but they also have consequences and you’ll want a complete picture of what you’re getting into before making a commitment.

Every situation is different and it’s important to consult a debt expert before making your choice.

Bankruptcy

One of the best ways to deal with collection efforts is to file for bankruptcy. It won’t solve all of your financial problems, but it will stop debt collection immediately. By law, once you file, creditors must stop contacting you regarding your debt. Not following this strict boundary can get them into trouble.

If you’re drowning in debt and the daily calls and debt collection efforts have gotten out of hand, bankruptcy can help. For more information or to schedule a consultation to discuss your options, contact the Law Office of Robert M. Geller at 813.254.5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

5 Common Budgeting Mistakes Newlyweds Make and How to Avoid Them

Budgeting mistakes are common, especially when you’re young. Not all newlyweds are young adults, but many first-time marriages do involve...
Read More

When Should Married Couples File for Bankruptcy Together?

There's no easy answer to the question of timing when it comes to bankruptcy. In some cases, it may make...
Read More

Can Your Spouses Debt Force You Into Bankruptcy?

If you're married and your spouse has a lot of debt, you may be wondering if that debt can force...
Read More

Do You Need a Bankruptcy Attorney If You’re Divorcing with Financial Problems?

Divorce and bankruptcies are more common than many people realize. Financial problems make a stressful transition even more difficult. If...
Read More

Can You File Bankruptcy without Your Spouse?

Filing for bankruptcy is a decision that should not be taken lightly. It can affect your financial life and the...
Read More

How Seniors Can Avoid Bankruptcy

Seniors are at a high risk of bankruptcy, but there are ways to avoid it. What do you need to...
Read More

What Happens If I Own Too Many Assets to File for Chapter 7?

Does hiding assets in bankruptcy protect them from your creditors? If you own too many assets to qualify for Chapter...
Read More

How to Find the Best Lawyer for Filing for Bankruptcy after Retirement

Many retirees decide to file for bankruptcy as a way to get a fresh start. But finding the right lawyer...
Read More

Does Declaring Bankruptcy Affect My Retirement Savings?

When you're struggling with debt, the thought of bankruptcy might cross your mind. But what would that mean for your...
Read More

Is a Reverse Mortgage Right for Me?

Reverse mortgages in Florida are loans that allow homeowners 62 and older to borrow against the equity in their homes....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions