The Bankruptcy Alphabet – K is for Keeping Debt Collectors at Bay

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Many of my clients make their first appointment with me because they are tired of the constant phone calls, letters, and threats from debt collectors. One of the things I do as a bankruptcy attorney is keep these debt collectors and other creditors from bothering you.

Many times, I am able to stop the harassment by filing a bankruptcy case for my client. Upon filing, an automatic stay is put in place, which basically puts a stop to all collection activity. Debtors benefit because they get a break from the 10-20 collection calls per day. Creditors benefit because no one creditor is allowed to rush in and grab up all of the debtor’s assets, leaving nothing for the other creditors. Creditors who continue to contact my clients after we have filed for bankruptcy protection risk being sanctioned by the Court. Knowing this, most debt collectors respect the automatic stay and cease their collection activities as soon as they learn of the bankruptcy filing. (Just one more reason why it’s so important to disclose all of your creditors to your bankruptcy attorney.)

But bankruptcy isn’t the answer for everyone. I have helped some people who are collection-proof by simply writing to the creditors and explaining the situation. A person is collection-proof if they have no assets against which a creditor may levy, no real estate to which a judgment lien may attach, and no non-exempt wages to garnishee. A creditor may sue this person, but will not be able to collect on that judgment. Once the debt collector understands that he isn’t going to get anything by suing, he’ll usually move on to the next debtor.

If debt collector calls are driving you nuts, or if the threat of a lawsuit is preventing you from sleeping at night, contact a local bankruptcy attorney today.

Bankruptcy attorneys from around the country are taking part in this “Bankruptcy Alphabet” exercise. Please take a few minutes to check out these other blog posts on the letter “K.”

401k – by Marin County Bankruptcy Attorney, Catherine Eranthe
Dangers of Borrowing Against 401K – by Los Angeles Bankruptcy Attorney, Mark J. Markus
Kaput – by Lakewood, CA Bankruptcy Lawyer, Christine Wilton
Keep – by Northern California Bankruptcy Lawyer, Cathy Moran
Keep – by San Francisco Bankruptcy Attorney, Jeena Cho
Keep your 401(k) – by Pittsburgh Bankruptcy Attorney Shawn N. Wright
Keep your retirement accounts – by Taylor, Michigan Bankruptcy Attorney, Christopher McAvoy
Keeping Secured Loans – by Hawaii Bankruptcy Lawyer, Stuart T. Ing
Keeping your business – by Miami Bankruptcy Attorney, Dorota Trzeciecka
Keys – by New York Bankruptcy Lawyer, Jay S. Fleischman
Kids – by Colorado Springs Bankruptcy Attorney Bob Doig
Knowing What Bankruptcy Attorney to Hire – by Livonia Michigan Bankruptcy Lawyer, Peter Behrmann
Knowledge – by Omaha/Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Knowledge – by Metro Richmond Bankruptcy Attorney, Mitchell Goldstein
Knowledge – by Michigan bankruptcy attorney Kurt O’Keefe
Know – by Cleveland Area Bankruptcy Lawyer, Bill Balena

Image Credit: dumbledad/flickr

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