It is estimated that more than one million Americans file for bankruptcy each year - and that number appears to be on the rise. If you have found yourself unable to repay creditors what you owe, and they are harassing you for payment, you may want to consider the benefits of filing for bankruptcy.
Buying Your Debt
When a creditor does not receive payment, or receives consistently late payments, they will repeatedly inform the delinquent debtor and request payments plus interest. If the debtor continues to neglect his or her payments, his or her account will be handed over to a different branch within the credit company that specializes in obtaining overdue payments. After several more billing attempts, the credit company may opt to "sell your debt" in a last minute effort to cut their losses.
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If a credit company does decide to sell your debt to a third party collections agency, you can be certain that the collections agency will not be as respectful or pleasant to work with. After your debt has been transferred, you can no longer absolve your debt with the creditor - you must work through the collections agency.
Even though collectors purchase your debt for a fraction of the total amount you owe, they will attempt to collect the total amount. Because collections agencies have no interest in retaining a positive relationship with you, they may use harassing and or threatening means to coerce you into payment. Many people have reported persistent calling at odd hours, messages at their workplace, and an influx of mail.
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