Filing Bankruptcy in Scottsdale Archives - Page 5 of 5

“Debt buying” affects millions of Americans and takes place when large companies buy and sell billions of dollars of debt. Credit card companies, hospitals, personal loan companies, banks and other lenders regularly sell and resell debt – and this may include debt that you owe.

For example, if you open a Visa account with a local bank and eventually stop repaying on your loan, the credit card company terminates your account and starts sending collection letters. The credit card company may decide to sell your debt for cash. Depending on how delinquent the debt is, a debt buyer may pay only 4 or 5 cents on the dollar. Your debt will then be packaged along with other similar debt and sold in bulk to a debt buyer at this discounted rate. The debt buyer will then attempt to collect the debt by calling you or the buyer may retain a lawyer and sue you.

Debt buying is legitimate as long as the debt buyer follows the rules. Debt buyers also realize that most consumers do not know the rules so the debt buyers often take advantage of a consumer’s limited knowledge.

Some debt buyers practice illegal tactics including:

Repeated collection calls that violate the Fair Debt Collection Practices Act ban on harassment and after hours calls
Misleading consumer into consenting to autodialed calls
Failure to respond to consumer disputes of debt
Farming debt to law firms for litigation without appropriate documentation
Threatening consumers with lawsuits for debts where the statute of limitations has run
Collecting on debt where the debt buyer has no documentation

The Consumer Financial Protection Bureau is starting to go after debt buyers who pursue illegal practices. For example, the CFPB recently imposed a $79 million penalty against to large debt buyers – Encore Capital Group and Portfolio Recovery Associates.

The bankruptcy attorneys at Canterbury Law Group are uniquely qualified to represent you in your debt related litigation. If you’re experiencing actions from debt buyers that may be illegal, call us today to schedule your consultation. 480-744-7711

At Canterbury Law Group, we believe that no one should feel embarrassed or ashamed when having to file bankruptcy. Bankruptcy has been a significant issue in society since the very beginning, as our founding fathers rejected the idea that a person should be saddled with their debts for life. That’s why the founding fathers included bankruptcy as a fundamental right for all United States citizens.

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

At Canterbury Law Group, we help our clients understand Scottsdale bankruptcy rules and exemptions as well as expose the myths commonly associated with bankruptcy. Filing for bankruptcy in the phoenix land area can settle your debt. We also help you decide which options to debt relief fit your situation the best. Our firm can assist you in putting an end to any of the following:

Creditor Harassment:

Repossessions
Wage Garnishment
Foreclosures
Collection Lawsuits
IRS Problems

As Scottsdale bankruptcy attorneys, we often find that clients are surprised at learning they can keep assets when filing bankruptcy.

These assets may include:

Your home (even with mortgages) – Equity in your home (up to $150,000 per person)
Your qualified retirement plans – (IRAs, 401Ks, etc.)
Most day-to-day personal property – (furnishings, televisions, clothing, autos.)
Pets

Let our dedicated legal experts evaluate your financial situation and determine the best course of action needed to provide you with a fresh financial start.