On March 25, Bloomberg.com published a troubling report detailing the incentives offered to collection agencies attempting to collect on delinquent debts. While it should come as no surprise that collections agencies are pushing the legal limits with their methods, at Abelmann Law we find it particularly concerning that the agencies are failing to advise individuals of the various repayment options available to them. In many cases the result is increased financial hardship for families that are already struggling under a heavy debt burden. Meanwhile, “successful” debt collection agents are rewarded with cash bonuses, foreign trips and gift certificates.
While the above-mentioned report focuses on debt collection practices in the student loan industry, we think you will agree that the problem does not end there. If you are being hounded by creditors, we would like to talk to you about your options. Bankruptcy may not be your best option, but we will be more than happy to tell you this and provide counsel with respect to your other options. If bankruptcy is the answer, then we are here to discuss Chapter 7 and Chapter 13 bankruptcy with you and assist in making this very important decision to get back on your feet with a fresh start.