If you are already dealing with the stress of a staggering amount of debt, you don’t need the added pressure of phone calls and letters from debt collectors. In fact, according to the Fair Debt Collections Practices Act, debt collection agencies must uphold certain standards of behavior when attempting to collect a debt. This means they cannot engage in threatening or abusive language, or call you at inappropriate hours or repeatedly; however, some creditors continue to act outside of the law.
Illegal collection tactics and even lawsuits are intended to frighten people into paying their debts, but debtors have certain rights and protections under the law. The Albuquerque bankruptcy attorneys at Melwani Law can help you understand your rights and learn more about how filing for bankruptcy can protect you from the harassment of debt collectors.
Chapter 7 and Chapter 13 are the two most common forms of bankruptcy filed by individuals, allowing them to stop harassment by debt collectors, eliminate debt, and receive a financial fresh start under the law.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is available to those debtors whose income passes the means test. When you file for Chapter 7, you may be able to keep most of your assets through the use of bankruptcy exemptions and have your unsecured debts discharged. As soon as you file for bankruptcy, an automatic stay ends nearly all collection activities, including garnishments, levies, and those harassing phone calls and letters.
Chapter 13 Bankruptcy
Not all debtors qualify for a Chapter 7 bankruptcy. Our bankruptcy attorneys will help you determine which filing status is appropriate for you and your situation. A Chapter 13 bankruptcy is designed to help debtors repay their debts in a payment plan lasting typically three to five years. As with a Chapter 7 bankruptcy, debtors who file for Chapter 13 bankruptcy are protected by an automatic stay.
Call 866-501-8500 to stop the creditor harassment today!
The Albuquerque, New Mexico bankruptcy attorneys at Melwani Law can explain the advantages and disadvantages of filing for bankruptcy, guide you through the procedure from filing to discharge, and ensure your creditors no longer contact you once you have filed.