If you are to the point where you are considering filing bankruptcy, you are probably overwhelmed by wage garnishments, creditor phone calls, and have a mailbox full of collection letters you don’t want to read. Since creditors have gotten more creative about obtaining and using local phone numbers, the calls are hard to avoid even when you screen them.
As for your credit score—you probably cringe while you watch the score go lower and lower as the number of past due accounts go up. At this point, you may not even qualify for a consolidation loan. Fortunately, when you file bankruptcy, you can get relief from some of these stressors. You can read more about bankruptcy here (http://www.zerodownbankruptcy.com/).
Announcing Bankruptcy to Your Creditors
When you file bankruptcy, every creditor you owe money to receives a letter informing them of your status. In some cases, these letters even go to creditors you are not including in the bankruptcy. This is done to inform them of your status so that they can follow the laws regulating contacting debtors to seek payment.
Creditor Calls and Letters Stop
One of the first things you will notice is the reduction of both phone calls and the letters that used to fill your mailbox. Once your creditors know you have filed bankruptcy, they are required to stop contacting you regarding your debts. The status of your debt will be decided by the courts. Until that decision takes place, your accounts and debts are essentially frozen. At the same time, if there are accounts you wish to keep open and that you have been making payments on, you should continue making your regular payments.
Prevent or Stop Wage Garnishments
If your wages are currently being garnished for debts, those garnishments may cease when you file bankruptcy. You can expect garnishments related to child support and felony convictions to continue. Otherwise, all other creditors must stop collecting payments from your paychecks. Get more information about stopping wage garnishment here (http://www.zerodownbankruptcy.com/bankruptcy-news/wage-garnishment/surprising-facts-about-stopping-wage-garnishment/).
While no one wants to resort to bankruptcy, for many it turns out to be a relief. The constant phone calls and reminders of your debts can cause tremendous stress. You can relieve that stress by consulting our bankruptcy lawyers and requesting a discharged bankruptcy on your behalf.
Our Bankruptcy Lawyers Can Help with the Stress
If you can’t pay your bills, the added stress from collection agencies and creditors can become overwhelming and difficult to handle. Filing bankruptcy can help alleviate some of that pressure, allowing you to work on starting over and building a better financial future.
Please share this post with friends and family who may have questions about bankruptcy and dealing with creditors, wage garnishment, and collection agencies.
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