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5 Ways to Keep Debt Collectors at Bay
How to stop the collections calls when you're late on payments.
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tootsie47 |
Posted: 11:23 AM On June 22, 2009 |
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| Dont Do that--My old boss tried it and got in trouble for fraud. She listened to her accountant. See a lawyer-not an accountant---actually see a couple. Dont do anything without legal advice |
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Ontrack Financial Group llc |
Posted: 6:45 PM On June 19, 2009 |
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Really there is one way. Ontrack Financial Group llc specializes in dealing with debt collectors and debt collecting law offices. 100% Satisfaction Guaranteed.
www.OntrackFinancialGroup.com |
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Sally |
Posted: 11:59 PM On June 18, 2009 |
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| My bankruptcy was over 10 years ago. Now I'm faced with bankruptcy again. It's not because we lived beyond our means either which it what many people think when you are experiencing financial problems. In the last 6 months I've lost my spouse, his income, no life insurance, no mortgage insurance, 3 properties that I'm unable to sell because of the economy, one is not rented at present, and I'm almost 70 years old. I'm trying to avoid foreclosures and bankruptcy but it's becoming more difficult to do so. |
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Hackensack NJ Attorney |
Posted: 10:17 PM On June 18, 2009 |
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| Bankruptcy really can help most debtors. You don't have to rely upon to me, its easy to ask around and find someone who has filed for bk since 2005 (the year the changes went into effect) and ask them how it worked out for them. For example, if a married couple has less than $37,000 of equity in a house you and makes less than the medium income in your state (or more depending upon the number of the dependants) all of your unsecured debts will be wiped out. Ask around and find out if bankruptcy can help you, odds are it can especially if your credit rating is already in the dumpster. |
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hannes |
Posted: 9:34 PM On June 18, 2009 |
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| bankrupcy should really be the last option. with the new laws in place only part -not all- of your debt will be forgiven and it will be on your record for 10 YEARS!! |
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hannes |
Posted: 9:29 PM On June 18, 2009 |
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| bankrupcy should really be the last option. with the new laws in place only part -not all- of your debt will be forgiven and it will be on your record for 10 YEARS!! |
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dottiededummy |
Posted: 8:17 PM On June 18, 2009 |
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| I'm not a business owner, but my husband and I are up to our eyeballs in debt! We were in the same situation about eight&half years ago,we filed Bankruptcy then, Biggest mistake I ever agreed to do with him. Now we are in the same shape again(this time its worse). But this time the Devil In Hell could't make me file Bankruptcy again! I'll let them take the house, everything in it, cars(3), dogs, cats, and the clothes off my back! My mom would love me to came live with her(82yrs old& lives alone) and yes I do work,Pt sometimes FT. But we are so far behind! |
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GARRY |
Posted: 7:12 PM On June 18, 2009 |
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| I'm in Real Estate, and when the market went south, my income followed and I found myself in a situation where Bankruptcy was my only recourse. I hated it and still do and a Chapter 13, is nothing but a restructuring of your debt and a 5 year payment to a trustee assures your unsecured debt STILL gets paid. When the new bankruptcy laws went into effect, you can bet that the lobbyist's for CC companies and Banks had a BIG say in the restructured laws, to their benefit. I'm in deep doodoo even in bankruptcy and my credit is destroyed after being impecable for years. Under the new laws(don't believe the TV ads attorneys promote that it is to give you a fresh start' as it is untrue, and under chap 7, they take any asset of value to sell. That includes your house(for it's equity), your car or truck and any other thing of value!!!!!I'm in as bad a shape now, as I was before filing. The middle income guy always get's it in the A____, no matter what. |
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rcsims |
Posted: 7:04 PM On June 18, 2009 |
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| I agree. Do not make a particial payment. Even if you just pay a dollar, that restarts the statatory limit. |
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no partial payments |
Posted: 6:04 PM On June 18, 2009 |
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| Do not make partial payments ,that is some of the stupidest advice ever,a bill collector gets paid on % they collect |
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Onebadyear |
Posted: 5:31 PM On June 18, 2009 |
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| Did not guarantee a corporate loan, however the collection agency is coming up with papers that show that I did. When the company was sold 5 years ago that loan was looked at carefully and I was told there there was only a second lien on the assets. The company closed down due to the economic downturn and a hurricane that shut it down for too long. How would a bank all of sudden come up with papers different from my original loan? I cannot get the original papers since it was sold to the new owners, but I specificaly remember the transaction was not guaranteed. Any idea how to clear this up? |
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InvestigatorBEB |
Posted: 12:14 PM On June 18, 2009 |
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| BB -- My web site is Frauds and Scams dot com. I investigate financial cases for a living. I would encourage you to seek the advice of someone other than your 'accountant friend.' |
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thebigddy |
Posted: 12:11 PM On June 18, 2009 |
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Been down this business road before. The best thing to do when starting or running a business to NOT SIGN a personal guarantee. If business goes bad, move your assests to a new Corpaation and walk away from the exisiting business. Start new checking accounts, and new corporation filings. In Arizona, just start a new LLC for $60. Forward your old phone line to a new one with voice mail on it and let the creditors go to voice mail hell. Tell your customers that you had to resturcture and the new company is.... They will follow you. And dont feal bad. Remember that no held a gun to the creditors head to give you the loan. Its part of business and they know it. Thats why you pay interest, its part of the risk. Don't pay them off.. Its better to feed your family then theirs..
I would rather go home and tell my wife I have money for food than go home and tell her that the kids will starve. Protect your family. |
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namvette68 |
Posted: 11:48 AM On June 18, 2009 |
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I filed for bankruptcy protection in 1995 when my son's mother emptied all my accounts and ran to Texas.
I had to pay for everything, find a sitter, and try to make ends meet.
I lost my employment and the bills were more than enemployment.
I sought help, but I was told I didn't make enough to satisfy my creditors.
I found an attorney to file the papers for bankruptcy for me, but I never went through with it. I didn't have enough to pay him either. Things have gotten no better since. If you make a decent wage, you can pay bills. The country has been starving the working class for years. Now all the people that did it want more. It must be nice. I support 2 families. Mine and theirs! |
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fuggiy |
Posted: 10:40 AM On June 18, 2009 |
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| I found out the best way to stop debt collectors is 'pay your bills and stop buying more than you can afford' Try tighting your belt for a change. It actually works. Too much easy credit and too many people taking advantage of it and thinking you don't really have to pay it back cause it's really someone else's fault for letting you have it in the first place. |
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MRM |
Posted: 10:22 AM On June 18, 2009 |
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| I have an 'S' Corp. As is typical an startup must accumulate operating cash via secured means - personally signed for credit cards, laons, lines of credit, leases and even Home Equity lines. In my case everything is secured so all debts are personal as well as corporate. Plans were to grow to a point where cash flow (via sales) exceeded expenses at some point and debt was retired when it did. Economy stopped that progress. No all corporate debt is also personal. In Wisc your home is NOT protected. )Personal Equity exceeds debts so personal bankruptcy is not allowed. Even so- both company and myself would need to be prtoected for that to work lest they go after the other one to collect. There is no option ut t sell all I own to pay this off - including my home. No wonder OJ lived in Florida and kept his $2.5 million protected. Lesson - dont do business in Wisc |
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BB |
Posted: 9:47 AM On June 18, 2009 |
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| I'm in the exact position described and don't know what to do anymore. As accountant friend of mine suggests selling my companies assets to a newly created company that I create. He said the credtors cannot do anything becuase the old company won't exist anymore or have any assets. He even said lawsuits would be worthless and nothing can be done. I can basically walk away from the old debt without bankruptcy. I just don't know if this could really work. |
