No one intends to fall into debt, but, as the old idiom goes, “When it rains, it pours.” Sometimes, a person’s hand is played by fate, and unfortunate circumstances quickly rack up a daunting case of credit debt. In the span of a single year, a person can suffer unexpected medical expenses, unemployment, divorce, and a series of questionable financial decisions. But when debt starts to accumulate, creditors start making their calls. However, in many cases, people are simply unable to pay their debts in a timely manner.
Whether you’re planning to file for bankruptcy or attempting alternative debt-relief options, there is one important fact you can’t forget: you can’t just ignore your creditors. It’s true that creditors can be frighteningly persistent. If you dodge their calls, they are not above contacting your family and friends if it means getting one step closer to you. But what legal collection actions can creditors actually take? To be frank, this depends entirely upon the type of debt you owe, the amount that needs to be collected, and the limits of state laws.
Creditors occasionally walk the line when it comes to dealing with debtors, so it’s important to understand your legal rights.
Legally, creditors can do the following:
However, it is illegal for creditors to do the following:
Before you face the legal penalties of not paying your debts, it’s important to discuss your options with an experienced legal representative. At Bach Law Offices, Inc., our Northbrook bankruptcy attorneys can review your financial situation, explain your options, and help you determine if bankruptcy can benefit your circumstances. Our firm is devoted to helping clients alleviate their debts and establishing the next chapter of their lives.
Contact Bach Law Offices, Inc. at (847) 440-5998 to schedule a consultation.
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