Bankruptcy and Debt Collection Laws: Finding Help

It is always best to be as informed as possible about your options when suffering from debt collection attempts. There are laws on the books that protect the consumer, to a degree, from aggressive actions taken by a creditor. Ultimately it's not a bad idea to consider bankruptcy if you're at a financial point of no return.

The Fair Debt Collection Practices Act

The FDCP is a body of debt collection laws that restrict the activity of bill collectors. It affords the consumer certain protections which are then actionable if they are violated. This piece of legislation has been around since 1977 and has seen various amendments since that time. But the fact remains that a collection agency cannot break any of these laws.

This and other acts that affect the consumer can be found at www.ftc.gov. It's a relatively easy to understand and you can always use it against a collector that's operating in the hopes that you're ignorant of the law. In a sense, you're arming yourself with information that can buy yourself some relief for a short time.

Searching for Information On The Internet

There exist many good Internet forums that are dedicated to the matters of financial troubles. A majority of the information comes from people who have been there before and are willing to share their experiences. Other times posters are well versed in how the law works and can assist you in how to apply it for your own benefit.

You may find that you'll have to put your entire story out on the Internet for all to see. Be sure to use an anonymous screen name and supply information that is general enough to not be directly traced back to yourself. Posters are generally helpful and will be able to give you an honest opinion of your situation.

Legal Assistance

The best thing to do is to work with a lawyer. While the FDCP and the Fair Credit Reporting Act are accessible to consumers and usable, an attorney can use the debt collection laws very effectively. A debt collector figures that the average debtor is not going to have the time or inclination to sue them for their transgressions, so they can get away with murder. It's quite different when you refer them to your attorney for information.

It's also good to at least consult with an attorney about your financial problems. You'll have someone who can take a look at your problems and give you the best advice of how to manage your debts. Whether it's bankruptcy or negotiating a balance down, you'll be able to get relief from the endless calls.