Consumer Complaints against Debt Collectors at All-Time High

The US Federal Trade Commission (FTC) recently published its annual report on the Fair Debt Collection Practices Act (FDCPA). In this report, the FTC alarmingly highlights a sharp increase in consumer complaints about debt collectors. In 2010, consumers lodged 140,036 complaints against debt collectors; these claims of abuse now account for 27 percent of all those filed with the FTC. These numbers are up from 2009, when 119,609 complaints were filed. In fact, complaints about abusive debt collectors outnumber all other categories of consumer complaints. Debt collectors are increasingly relying on illegal tactics to pressure and intimidate debtors the FTC says, likely due to competitive market factors. Many debtors unfortunately do not realize that debt collectors are strictly prohibited from engaging in abusive, fair, and/or deceptive measures during collection. Sadly, even more complaints are believed to... Read More... Consumer Complaints against Debt Collectors at All-Time High

What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

There are now various different forms of bankruptcy designed to be used in a variety of situations. These different forms of bankruptcy are referred to as “chapters” after different-numbered chapters found in the statutes of the bankruptcy laws. Some of the most frequently filed forms of bankruptcy include... Read More... What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?

CACH LLC Buys Millions in Uncollectable Credit Card Debts

If CACH LLC has allegedly purchased the rights to one of your credit card debts, it may attempt to collect from you using traditional methods such as collection letters or telephone calls. If you fail to respond or do not comply with its imposed repayment terms, it will sue you in court to collect. CACH LLC hires law firms to sue with the hope that you will fail to respond (file an answer) to the summons and complaint. There is a hard-to-understand phenomenon in the consumer financial world, and that phenomenon is the en masse failure of consumers to respond to debt collection lawsuits.  In some studies, the failure to respond to debt collection lawsuits is as high as 95%. But, both CACH LLC and its law firms... Read More... CACH LLC Buys Millions in Uncollectable Credit Card Debts

Types of Debt That Can and Cannot Be Discharged in Chapter 7 Bankruptcy

There are incidents where you may not want to discharge all of your debts.  Common examples of a debtor wanting to keep a debt include a mortgage or a car loan.  In these circumstances, you may want to keep your home and/or your car.  To do so, you will need to reaffirm or re-promise... Read More... Types of Debt That Can and Cannot Be Discharged in Chapter 7 Bankruptcy

What is the Chapter 13 Repayment Plan?

When someone files for bankruptcy, a Repayment Plan must be filed within 15 days of the filing of the bankruptcy petition. The Repayment Plan provides for regular fixed payments to a bankruptcy trustee, who... Read more... What is the Chapter 13 Repayment Plan?

What is the Chapter 7 Bankruptcy Means Test, and How is the Test Applied?

A series of deductions is then subtracted from the debtor’s monthly income to determine disposable income.  These deductions include taxes, clothing, food, housing, transportation utilities, insurance, medical bills, reasonable recreation, charitable contributions, etc.  However... Read More... What is the Chapter 7 Bankruptcy Means Test, and How is the Test Applied?

How Can I Save My Financed or Leased Car in a Chapter 7 Consumer Bankruptcy?

Most consumers facing bankruptcy worry that they will lose the car. From losing the car, worries stretch to losing jobs, and being unable to care for their family. These fears are understandable, but usually are put to rest with a good...Read More... How Can I Save My Financed or Leased Car in a Chapter 7 Consumer Bankruptcy?