One of the prime reasons that many people decide not to file for bankruptcy protection is a perceived harmful impact on their credit. Why perceived? It is true, a bankruptcy will stay on your credit report for 10 years. Nevertheless, not filing bankruptcy will allow your debts to grow, become charged off, and be sent to a collection agency. The fact is, despite the consequences of filing a bankruptcy, it will often improve a person’s credit situation, not harm it.
Many people share some common misunderstandings and misconceptions about bankruptcy. Moreover, these myths can impact their ability to make good decisions. A consultation with Harris S. Ammerman Esq., a bankruptcy attorney in Virginia, Maryland and Washington, D.C., can help you fully understand bankruptcy. In the meantime, today’s article addresses some of the most common myths about bankruptcy.
Credit is a very powerful tool, but debt can become a monster. If you are reading this article, you likely discovered it researching how to deal with debt collector harassment. These deliberate, pestering attacks can come in many forms. When a debt collector intentionally annoys, abuses, or threatens, it can cause stress and anxiety.
There are many horror stories people will tell about debt collectors. One of the more terrifying is when a debt collector calls a family member, demanding payment from them. While most professionals will not employ such unscrupulous tactics, it is not unheard of. That said, the only time when a creditor or collector can rightly demand payment from a family member is if that person is a party to the debt. If the debt is from a joint account, or the family member co-sighed, then a collector may seek payment.
Over a person’s life, there are few decisions as stressful and emotional as filing bankruptcy. Many people have carefully and sensibly sought the advice of a qualified bankruptcy attorney to inform their decision and come to the best solution to resolve their financial issues.