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Your Rights to a Brighter Financial Future: Fair Debt Collection Practices and Bankruptcy

Posted on in Bankruptcy

It would be a fair assumption to conclude that in most American homes there is a designated place for the stack of incoming white envelopes housing our financial obligations. For some the pile will disappear each month as bills are satisfied with a clear surface for the next month's collection. It is a cycle that many of us consider a mundane task; the bill comes in, we pay it month after month but for those whose mound of debt never dissipates that may be another American reality in the making.

According to a recent Gallup poll, although retirement remains the primary financial concern of 59 percent of middle-aged Americans, the reality of staggering medical bills, mortgage delinquency, failure to even pay the minimum amount due on credit card bills and in general, not having the means to pay down debt remains a constant concern for at least 40 percent of all Americans.

If you find yourself past the level of minimal concern and are struggling with your own personal mound of incoming white envelopes more than likely you are falling behind financially. Worse yet you are now receiving continual telephone calls and notices from more than one debt collection agency.

While you contemplate contacting an experienced bankruptcy attorney to discuss your financial situation take comfort that under the Fair Debt Collection Practices Act you may find a temporary safe haven in your financial storm for dealing with the debt collection agencies.

As amended into Public Law September 30, 1996, the Federal Trade Commission (FTC) recognized the widespread use of abusive and deceptive practices by many debt collection agencies and drafted an amendment to the Consumer Credit Protection Act to put a stop to unfair collection practices which often lead to personal bankruptcy, marital instability and the invasion of individual privacy.

To further review the Act's legal stipulations, contact either a bankruptcy attorney in your area or request resource materials available through The National Consumer Law Center to assist you with navigating the debt collection process.

If you are one of the many Illinoisans facing insurmountable financial difficulties, the experienced legal team of Newland & Newland, LLP can help. We will discuss your legal rights against unfair and unlawful debt collection practices as well as discuss bankruptcy as an option to minimize your financial debt. With compassion and over 20 years of experience our team will guide you to a brighter personal and financial future. Contact us to schedule your consultation today.

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