Discover the truth about Chapter 7 bankruptcy in Indianapolis, IN. Get insights from a Chapter 7 bankruptcy attorney at McManus and Associates. Call today!
Two of the most common options to get out of debt are bankruptcy and debt negotiation. Which is right for you? Here's what you need to know to decide.
My creditorsare calling me non-stop. They evenstarted calling me at work! Can they dothis? Let meexplain the Fair Debt Collection Practices Act or FDCPA. The FDCPA makes it illegal for debt collectorsto use abusive, unfair, or deceptive practices when they collect debts. Some examples that are prohibited by theFDCPA are: Repeatedly calling on the phone to harass . Debt collectors can’t contact you at inconvenient times or places. The can’t contact you before 8am or after9pm, unless you agree to it. They alsocan’t contact you at work if they are told you are not allowed to get callsthere. Use profane or obscene language. Threaten you with violence or harm. They cannot lie. They can’t misrepresent the amountyou owe, lie about being attorneys or government representatives, or falselyclaim you’ll be arrested, or claim legal action will be taken against you if itis not true. Contact you if you have retained a bankruptcy attorney. If you have retained an attorney to represent you in a bankruptcy, yourcreditors need to contact the attorney. If you are currently in a bankruptcy and a creditor calls that is listedin the case, let them know you have filed, give them your case number and yourattorney’s phone number. If theycontinue to contact you directly, let your attorney know because the creditoris now in violation of the bankruptcy stay. Our firmunderstands how stressful it is to be worried all the time about who is on theother end of a phone call. We arecommitted to helping relieve you of that stress and getting you a freshstart! Give us a call for a freeconsultation to know all your options!
When you are receiving letters from collection companies and are getting harassing phone calls from creditors you are probably feeling desperate to make it all stop. You may even feel tempted to dip into your retirement savings to pay off your debt and just make it go away! DON’T DO IT! Reasons to leave your Retirement alone… You need to realize all the potential implications of moving forward with raiding your IRA or 401k. Taking money out of your retirement fund in order to pay down debt can lead to negative consequences. For example, withdrawing money out of your retirement account may bring about tax penalties and other fees you aren’t expecting. This may put you in a worse situation than you were before. Secondly, taking away from your future to deal with your present issues is short-sighted. You have spent years building up your retirement and that is not easily replaced. You may think paying off your debt with you retirement money is giving you the fresh start you desire, but you will still be behind because you will have to start your savings all over. Finally, and MOST IMPORTANTLY, retirement funds are almost always protected in a bankruptcy . This means, if you file bankruptcy and get rid of your debts, your retirement funds will stay intact, giving you peace of mind that you will have access to those funds in the future. This option will truly give you the fresh start you desire!
