The Very Basics Of Debt Collection Part Three

In parts one and two in this set of articles on the very basics of debt collection, I spoke about the differences between an in house collector and a third party collection agent. I let you know about the different types of ways that debt collectors will locate the debtors, and described a number of statements that the debt collector must say before they can proceed in their attempt to collect debt from you.

Debt Collection Agencies Step Up To Bat As Young Adults Slip More And More Into Debt

For American individuals just starting out, the most current analysis of trends in our economy points to the fact that incomes are decreasing. Many financial analysts and leaders in the collections industry have reason to believe that this paradigm change will be a permanent one. Out of all of the demographics in the United States, young adults are the most uninsured when it comes to health care coverage. A massive thirty percent of these individuals have absolutely no insurance to speak of. And even though a large portion of uninsured young people are employed, many have just begun their careers and work at low wage jobs for employers who offer limited or no health care benefits.

Declaring Bankruptcy: Automatic Stay And How It Protects You From Creditors

U.S. Bankruptcy Code imposes something called an automatic stay the moment that a petition for bankruptcy is filed. The automatic stay will usually halt the commencement, enforcement or appeal of actions and judgments against a debtor from the creditors they owe money to that are attempting to collect these debts incurred prior to the bankruptcy petition. In addition, the automatic stay protects property of the bankruptcy estate itself from collection actions and proceedings.

Will A Debt Settlement Program Affect Your Credit History? Pt. 2

In the last article I spoke about debt settlement programs and whether it pays to agree to one or not. Keeping all of this information I relayed to you in mind, if you decide that debt settlement isn’t the best option for you, there are four other main options: remain delinquent, come up with extra money to make payments, work with a credit counselor, or declare bankruptcy.

Fake Debt Settlement Schemes To Be On The Lookout For Part Two

In the last article I spoke about potentially shady debt consolidation schemes that you should be on the lookout for. Read on to find out more:….

Detroit To Call On Debt Collectors

The city of Detroit has spent almost $50 million since 2004 tearing down deserted buildings. Getting rid of the eyesores has been beneficial, but feeble collection efforts have left taxpayers footing the bill.

Federal Agents Arrest Two In Buffalo For Debt Collection Scam

The U.S. Attorney’s office forwarded a criminal complaint Friday in U.S. District Court charging Timothy E. Arent and Neil G. Wieczkowski, both of Buffalo, N.Y., with mail fraud and conspiracy to commit mail fraud. Arent is also charged with bankruptcy fraud. The charge of mail fraud has a maximum penalty of 20 years in prison and a $250,000 fine. The bankruptcy and conspiracy fraud charges each carry a maximum penalty of five years in prison and fine of $250,000.