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Four Ways That Bankruptcy Can Lead Towards Financial FreedomObtaining financial freedom is part of the American dream for many people. Financial freedom means having the money and savings necessary to live the lifestyle you want and to secure your financial future into retirement. America was founded on ideals such as every person’s right to “life, liberty, and the pursuit of happiness.” Unfortunately, many Americans have not yet obtained financial freedom in part because of the debts that they owe. Bankruptcy is one way that millions of Americans have declared independence from their creditors. In honor of the Fourth of July, here are four ways that bankruptcy can help you achieve financial freedom:

  1. Bankruptcy Halts Debt Collection: It is hard to feel free when you are constantly worried about creditors contacting you demanding repayment or to threaten to take collateral property. The first thing that filing for bankruptcy does is put an automatic stay on debt collection efforts, which means stopping creditors from contacting you.
  2. Most of Your Unsecured Debts Can Be Paid Off or Discharged Through Bankruptcy: The bankruptcy process will discharge your unsecured debts if you are filing under Chapter 7. If you are filing under Chapter 13 you will have a repayment plan that may be a lot more manageable than what you are currently paying. That will provide debt relief.
  3. You Can Protect Your Home During Bankruptcy: Your home is a major part of your financial freedom, and falling behind on mortgage payments may mean that your home is at risk of foreclosure. Filing for bankruptcy gives you clear ways to protect your home. If you are behind on your mortgage payments, filing a Chapter 13 bankruptcy allows you to catch up on late mortgage payments with the repayment plan.   
  4. Bankruptcy Gives You a Fresh Start: Achieving financial freedom requires a plan that includes budgeting your finances and saving money when you can. Being swamped with debt makes it difficult to plan for anything other than trying to keep up with payments each month. By filing for bankruptcy, your debts can be cleared or made more manageable. With your new financial stability, you can implement long-term savings plans that will help you reach financial freedom.

Contact a Denton County Bankruptcy Attorney

The road to financial freedom may seem long if you are saddled with debts. Your first step is to talk to a Frisco, Texas, bankruptcy lawyer at The Page Law Firm, who can tell you more about the bankruptcy process. To schedule a free consultation, call 214-618-2101.

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Five Ways to Recognize Debt Collection ScamsPeople who are in debt can be more susceptible to debt collection scams. When you are worried about debt collectors, a threatening phone call or letter seems believable. At the very least, you do not think you can ignore it. Some scams involve debt collection agencies using illegal practices, while others are from people who are merely posing as a collection agency. How do you know whether an alleged debt collector is trying to scam you? An attorney can tell you, but there are also several warning signs that you can look for:

  1. You Do Not Recognize the Debt: While you may not know every outstanding debt you owe off the top of your head, you probably have a good idea of the creditors that you have done business with. You should be skeptical if you do not recognize the name of the creditor or the amount of money that the collector claims you owe. Take time to check your credit report or other records to confirm whether the debt is real.
  2. The Collector Is Asking for Basic Information: The creditor or collection agency should already have your basic information on file, such as your address, date of birth, and the number of any account related to the debt. If the person you are talking to is asking for this information, they may be fishing for your personal information in order to commit identity theft.
  3. The Collector Threatens to Have You Arrested: Creditors do not have the authority to demand your arrest if you do not pay your debts. At most, they can take civil action by filing a lawsuit against you. It is illegal for creditors to lie by claiming that they can bring a criminal action against you. Someone who threatens you with arrest is likely a scam artist who is trying to make you panic.
  4. The Collector Is Pressuring You to Pay Immediately: A scam artist does not want to give you time to think about what they are asking for because you will likely realize that it is a scam. Instead, they will offer an easy way for you to send them money, such as a wire transfer or online portal. These payment methods may be untraceable, making it difficult for authorities to track down the person or entity that stole your money.
  5. You Cannot Find Information About the Collection Agency: You should be immediately suspicious if the person you are talking to refuses to give you the name of the debt collection agency or contact information. Even if they do give that information, you can search on the internet to see whether this agency is a legitimate company.

If you are being harassed in this manner, it’s probably a good time to consider bankruptcy. 

Contact a Frisco Bankruptcy Attorney

When you are considering filing for bankruptcy, you should not pay any debt collectors without consulting your attorney. A Denton County bankruptcy lawyer at The Page Law Firm may be able to help you discharge that debt instead of paying it. Schedule a free consultation by calling 214-618-2101.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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