Creditors and collection agencies can be relentless to get you to pay your debts. Sometimes the harassment can get so bad, the collectors actually violate the Fair Debt Collection Practices Act. At the Richmond Law Offices Of Fisher-Sandler, we know that it’s not that you don’t want to pay what you debts, it’s that you can’t.
The good news is there is a way out. We are talking about an honorable way to get you and your family out of this terrible situation. If you feel like you have done all you can do, it may be time to consider other options.
You may wonder, is it time to file bankruptcy or can you ride out the harassment and things will get better? The answer will largely depend on the facts of your situation. Someone with a long spell of unemployment and bills piling up, for example, would probably be eligible for a Chapter 7 Bankruptcy In Richmond Va, which can erase a lot of debt, and can prevent the temptation to dip into hat retirement savings to stop creditor harassment (and they will often ask if you have any retirement money you can use.)
A lot of times, people consider bankruptcy not because of the amount of debt they owe, but from the high level of harassment they get from debt collectors. The first round of collectors usually fairly civil, but you may still get calls every single day, asking you to pay. When the original creditor writes off that loss and sells it to a collection agency, that’s collection efforts can escalate. These callers have been known to say some awful things to goad and shame you into paying and sometimes people can’t take it anymore.
One of the immediate benefits of bankruptcy is what is called an automatic stay. It requires all creditors and collection agencies to cease contact with you on matters regarding the debt. This break is designed to give you a chance to sort out your affairs and establish whether you will, in fact, move forward with the bankruptcy process.