Collections of Obligations
Typically, the debt collection procedure begins with three phone calls. The majority of creditors will give you the benefit of the doubt that you simply neglected to make your payment on time and will call to remind you. Experts concur that avoiding phone calls from debt collectors is a poor practice. You should always answer at least one of these debt collection calls to determine who claims you owe them money, the amount of the purported debt, and the due date. This contact could be the difference between negotiating a payment plan and having your wages garnished, being sued, or having your property seized.
Stop Making Calls
The only method to stop a creditor from calling is to settle the outstanding debt. Nonetheless, there are a number of methods to settle the debt. Obviously, you can pay off the debt in full and be done with it, but the likelihood is that you cannot afford to do so. You could also elect for debt consolidation or another form of negotiation, but this does not always result in an immediate cessation of collection calls. Filing for bankruptcy can halt collection calls, wage garnishment, lawsuits, and asset seizure.
When you file for bankruptcy, the court automatically issues a stay order prohibiting creditors from contacting you or making additional collection attempts. This order is served to your creditors, notifying them that they must now negotiate with your bankruptcy attorney or trustee. There is a meeting of creditors to enable them to ask questions and present claims for repayment, but many creditors do not attend. Once your debts are discharged, the automatic stay order becomes permanent, preventing creditors from ever attempting to collect the discharged debt. It is essential to note, however, that co-signers and joint parties on a discharged debt may still be held liable by the creditor. Therefore, it is essential that you discuss these types of jointly liable debts with your attorney to ensure that they will secure the other party.""
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