There are very few things I have found as stressful and irritating as calls from creditors. So many people I know are experiencing this right now. With the economy as horrible as it is, many have lost their jobs. Some people have the added stress of having ARM mortgages. Add the skyrocketing gas prices, soaring food costs and it is a lethal mix. When you simply can't make the payments anymore, the calls begin. They will call your cell, your job and/or your home. They are determined to get their money.
You want to know what the worst part is? It is when the creditors call non stop and you start stop answering your own phone, not because you are screening them- but because you don't want to argue with a stranger.
Some people may not feel empathy towards a person in this situation. Why should they? They are dealing with the consequences of poor management of their finances, right? Well, not all the time. Some people end up in financial problems because of an illness, an accident or because of my personal favorite- a cheating spouse.
Right now, my best friend may have to file bankruptcy. After 15 years, her husband cheated on her. After cheating on her, he decided to leave and destroy her credit and finances. He stopped making payments on his BMW. It was repossessed. He also stopped paying the mortgage to the house he is currently living in. That is going into foreclosure. Her lawyer told her the banks that hold those loans may put a lien on the house she is living in (with their 13 year old daughter).. To make everything even more complicated, he took out $100,000 from his pension, blew the money and didn't pay the income taxes on them. Her phones ring all the time. Why? The creditors are harassing her to make the payments. For this reason, she doesn't even answer the phone. Unfortunately for her, nothing can be taken care of until the divorce is finalized. Who knows when that is going to be over! What a nightmare...
Here's some interesting information on bankruptcy:
Filing Chapter 7 bankruptcy can help you eliminate your credit card debt, stop garnishments, stop repossession, stop foreclosures and end creditor calls.
Filing Chapter 13 Bankruptcy will help you reorganize your debt and in most cases reduce the amount of money you must repay.
Having creditors blow up your phone is no way to live. If you are avoiding answering the phone because of creditors, you need to do something. For more information on bankruptcy, visit the site Riverside Lawyer . They are bankruptcy lawyers in CA. They have a very informative site regarding bankruptcies. They also have many free resources available. (Live in CA? By calling 951-241-8070, you can setup a free consultation). You have options. Find out what they are and take action...
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