Are you tired of the phone calls and voice messages asking you to call some 1 800 number so you can be reminded; how many payments you are behind? Perhaps you are like I was, hesitant to open the mailbox for fear of seeing a notice to appear in court. If you are you are either hoping for a miracle or wondering if filing for bankruptcy can keep the creditors from taking all of your stuff please read on.
The good news is that for the most part, creditors don’t want your stuff. They just want their money plus interest. If you give them their money, they will go away for good. If you don’t pay them, they will be relentless in their efforts to get you to pay up. There are times when folks are forced to liquidate their assets to help pay off their debts. It depends on the case and the circumstances surrounding the debt.
The bad news is that most creditors have money and time on their side to wait for you to pay up. When they get tired of waiting they may sell the debt to someone else who will patiently but methodically try to get you to pay.
Now in fairness to the creditors they are not sharks. Outside of the unscrupulous Lenders, most creditors are fair and not seeking to crush you mentally, emotionally and financially. It just seems that way when you are dealing with financial difficulties.
So can filing for bankruptcy stop the harassing calls and letters?
Well, to be quite honest, you can in most cases stop the harassing phone calls without filing for bankruptcy. You simply need to do 2 things to get the calls to stop. First, tell the company calling that you no longer want them to call you and if they do you will file a harassment complaint. Second, write them a letter and reiterate the request for them to only communicate with you in writing. It worked for me and the calls stopped immediately.
Now keep in mind that just because the calls stop it doesn’t mean that your problems are going away. It does mean that your phone won’t be ringing off the hook and you won’t have to listen to endless messages asking you to pay up.
Now what about the creditors seeking to collect on the outstanding debt that you owe? Can filing for bankruptcy stop them? The answer is maybe. It depends on your assets, liabilities, income and types of debt you owe. The key is to figure out the following;
- The positives and negatives associated with filing for bankruptcy
- How will you be filing i.e., with or without an Attorney
- What options do you have if you don’t file for bankruptcy
- Is it better to file and have some of your debt wiped out or let the creditors sue you to collect what you owe them (the problem is law suits may have you in court more days than you could imagine
- Are you ready to travel down the road of filing for bankruptcy
I know that financial woes are stressful and considering filing for bankruptcy is difficult. For most cases, once you file for bankruptcy the creditors go into a wait and see mode. They will wait and see if your case goes through or gets dismissed. So the sharks will still be in the water waiting to see if they will get a chance to bite at you again or be forced to swim away.