Filing for bankruptcy is an extremely big decision to make in your life. While it can certainly help you get a clean start on your financial foreseeable future, it also stays on your credit record for a minimum of seven years. Therefore, it can be very tough to obtain personal lines of credit after filing for bankruptcy.
But, if you're bogged down in dealing with creditors it could be your best option. Most often, those who have filed for bankruptcy will start getting letters and phone calls from creditors to remind them of owed money. As soon as you file for bankruptcy and have turned over the names and addresses of your loan companies to the bankruptcy attorney, you don't need any specific long drawn-out details for the credit card companies or collection agency reps. The bankruptcy lawyer can take care of almost everything after you file.
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Typically, even before the petition is filed and your creditors have gotten notification, you can just tell the creditor over the telephone about your bankruptcy proceedings. You can provide them the name and contact number of your lawyer, but you do not have to answer any questions they may have. Actually, if you've hired an individual bankruptcy attorney, it is their job to take care of these items for you.
Just remember, debt collectors will tell you all sorts of insane stories hoping to get money from you because they have typically bought the unpaid debt from the lender. Because they now own that debt, if they cannot collect, they lose cash. It is likely they have purchased your debt for about half of what you owe and may possibly make you an offer to settle the debt for less than you earlier owed and if they're successful, you will have that debt removed from bankruptcy, but that is generally not to your advantage.
Keep in mind you are declaring bankruptcy because you can't settle the bills and unsecured debts will likely be written off along the way. Your best bet is to always simply and pleasantly tell them about the bankruptcy and offer the contact name and number of your attorney before effortlessly ending the conversation.
It's also wise to keep track of your contacts with your debt collectors just in case they carry on and call you after being informed of your pending bankruptcy. Once they have this info, they should stop calling. However, if they continue, it could be considered harassment, which can be illegal. Thus, be sure to talk to your attorney if your creditors carry on and call you even after they have your attorney's information for contact purposes.
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