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Once you file for bankruptcy does that make it so creditors and collection agencies must cease calling you or garnishing your wages?
I can see the words used are English...but they don't combine to make a meaningful sentence, question or comment. They are jibberish.
Well now I can make sense of it..but I'll bet you mean "cease" - as in stop...not seize - as in to take. And the tense and grammar are wrong.
Yes, the "automatic stop" tat happens as soon as BK is filed means all collection actions must stop. That does not last forever, and creditors can ask for the stop to be lifted to continue their action.
What else can I help you with?
How much do creditors generally sell bad debts to collection agencies for?
Twenty cents
How do you find out what collection agency you owe to?
An easy way to find out what collection agencies you owe money to is by pulling your credit report. Credit reports will list balances with all creditors as well as if any balances were turned over to collection agencies.
Can collection agencies pursue you for debts incurred after you have filed a bankruptcy?
NO NOT IF THE DEBTS ARE IN THE BANKRUPTCY. If they are included in the bankruptcy, give them your case info/ lawyer's name. After that they can be fined if they continue to call. If the depts are incurred after the bankruptcy then yes they can.
Is there a resource for finding out collection agencies names and addresses for bankruptcy?
Get a copy of your credit report from the three major credit bureaus. You can get one free copy from each per year by law. You can obtain this free copy at http://annualcreditreport.com (see link below). These reports should have the contact info of your creditors (and collection agencies) listed. Google / Phone book combination is the best.
How do you know if you have debt in collections?
You can know if you have debt in collections by checking your credit report, receiving collection notices from creditors, or being contacted by debt collection agencies.
What are Arizona's laws concerning original creditors collection agencies third party collectors lawsuits bankruptcy and SOL?
Wow! I am afraid that would take a considerable length of time to impart all that info. In general original creditors do not have to follow the FDCPA when pursuing collections (but they usually do).All other collection agencies do have to adhere to the FDCPA. Only attorneys can initiate lawsuits. Federal BK statutes apply in Arizona, but there are state exemptions which can also be used (simplified explanation). The SOL is 3 years on credit card debt. You may want to consult www.azleg.state.az.us for more info. Or email me if I can be of any further help.
If your credit cards are in collections do you have to report the name and address of the credit card company or the collection agency that has taken over the account when filing bk?
The new bankruptcy law requires that you list the original credit. However, I recommend reporting both. It doesn't cost you any extra money because the bankruptcy court mails out the notices and the harassing phone clals will stop sooner if you notify the collection agencies as well as the creditors.
Is it true that creditors cannot report delinquency as long as you pay at least 10 dollars?
No, this is not true. Creditors and collection agencies have a legal right to report any amount owed regardless of payments being made. It is beneficial, however, to negotiate with a creditor or collection agency in this respect. If you agree to pay a certain amount of money each month, they may hold off on credit reporting. Talking with collection agencies and creditors is always advised. It can eliminate stress and sometimes debt!
When filing bankruptcy do you list the original creditors or the collection agencies?
You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you or send their demand letters. Please be very careful to include ALL the creditors you wish to declare bankruptcy on. Once you file your petition you cannot add creditors later. You can actually amend your BK Schedules anytime prior to discharge, so if you forget someone, its not too late. However, you will have to mail the notices of Commencement of Chapter 7 yourself and will be responsible for renoticing the creditors if notices are returned due to a dead address or forwarding expiration. I recommend listing both the collection and the original creditor. The collection agency may have purchases the debt and be more than a collection agency at that point. Also, listing the collection agency means that that they will be notified of the automatic stay directly by the court and the phone calls will stop sooner. Regardless of what you do, remember that the new law that goes into effect in October 2005 requires you to list the original creditor at the address on your statements. I am a bankruptcy attorney and I always list both the original creditor and the collection agency or attorney representing the original creditor so that the creditor cannot later complain that they did not receive proper notice of the bankruptcy. I always pull a fresh credit report from all 3 bureaus on the date the petition is filed so that I don't miss any creditors who may have bought an account or that are representing a creditor in some way.
Once you file bankruptcy do credit card companies and collection agencies still charge late fees and monthly fees?
They might, but it would do them no good as long as your bankruptcy goes through to discharge. If they were listed as a creditor on your bankruptcy, the automatic stay prevents them from pursuing you for the debt, or late fees and monthly fees related to the debt. However, if your case is dismissed for some reason before a discharge is granted (because, for example, you fail to show up at the meeting of creditors), none of your creditors will go away, and all late fees and monthly fees will continue to accrue.
Can you negotiate a credit card settlemnt?
It's certainly worth a try. Many collection agencies are open for negotiation, but usually on their terms. Original creditors will not negotiate!
Why original creditors sale accounts to a collection agency?
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
