Declaring bankruptcy can be a humiliating and distressing experience for people. People who have made the decision to file for bankruptcy do not need to suffer the added stress of creditor calls.
Creditors can be relentless in calling individuals who have fallen behind on payments. You may receive multiple calls at your home and work or elsewhere on your cell throughout the day. Can you stop these unwanted calls? Yes. The minute you retain a bankruptcy lawyer, you may refer the creditors calling you to your lawyer. In fact, it is advisable to do so right away. Not only will this will discourage creditors from contacting you, but it will reduce the considerable stress you are experiencing. Once you actually file bankruptcy you are protected by bankruptcy laws that make it illegal for creditors to continue to contact you.
Credit representatives are hired by companies to collect what is owed and they are trained to provide intimidating or potentially misleading information that may make you reconsider your choice of bankruptcy. For example, they may state that a bankruptcy could prevent you from obtaining employment in the future, or insinuate that the impact of a bankruptcy will have a negative influence on your credit score “forever.”
Credit representatives may also attempt to discourage you from declaring bankruptcy by offering you substantially lower interest rates and/or payoff amounts. While this may decrease your overall debt in the short term, it may not have a significant impact on your ability to pay off all your debts and avoid bankruptcy. In fact, sometimes these “solutions” only forestall the inevitable need to file for bankruptcy. Some individuals have agreed to such arrangements only to later find themselves in the position of declaring bankruptcy minus the money they paid out.
If you’re in a financial crisis, have weighed your options carefully, and have determined bankruptcy is the best route to salvage your financial well-being, don’t let these callers intimidate or deceive you. Bankruptcy is a tough choice but it is most often times a necessary choice that is made to preserve and protect your own best interests. It’s not necessary to allow creditor calls add to your stress.
