Over the last 10 years, many Americans have one thing in common and that's being buried in debt. Because of this most of us are searching for solutions of how to become debt-free or at least have less debt. Prior to 2005, many people who overindulged in the loose credit market found themselves having to file bankruptcy before the bankruptcy code changed. Now, seven years later, they are not capable of filing bankruptcy, or at least chapter 7 bankruptcy, because enough time has not passed. When the code changed back in 2005, a person can only file Chapter 7 bankruptcy every eight years. Previously it was every seven years. Back then, many people wanted to jump on the bandwagon and get it done before changes made it too hard to file. The changes were supposed to make it harder to qualify and back then many people were making money hand over fist. No one knew that the economy was going to take a severe downward turn in 2007. If people knew this, they might have tried to hang on until the meltdown.
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Now, there are many of these individuals that are waiting to file bankruptcy as soon as they're filing date matures. There are some things that these individuals can do in the meantime to try and knock down their debt. Much of that debt that is being collected on is from collection agencies that bought the debt for pennies on the dollar. These people are rude, nasty and impersonal. Many of these debt collectors, buy old debt, some of which can't even be legally collected on, for just about nothing. They try to revive the debt and go after the consumer. One thing for sure, a person shouldn't tell one of these unscrupulous collectors is that they're not capable of filing bankruptcy for X. amount of days/years. They will use this to their advantage to try and manipulate money out of the debtor.
One thing to remember is much of this debt is past the statute of limitations and not collectible. They know that if they can get the individual to start making payments, it will re-open the account in the statute of limitations will start over. Never acknowledge the debt exists. What you need to do is kill some time until you can file bankruptcy. If the creditor continues to call and becomes very aggressive, send a certified letter to the collection agency stating, "Pursuant to section 1692c(c) of the Fair Debt Collection Practices Act, please cease all communication with me." Don't let them continuously call your employer as that is inappropriate behavior. If the collector has a case, their only remedy would be to take legal action against the debtor. This could be a costly proposition for them.
The bottom line is, when it's close to the filing date where you can file bankruptcy, contact a bankruptcy attorney and see if they can run interference with the creditors until the petition to be filed. Creditors these days to become more and more aggressive and will do and say just about anything to get money out of people. Consumers can't be bullied by these thug tactics and should pursue legal action against those that don't play by the rules.
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