If you are considering bankruptcy, one of your concerns may be your ability to have good credit once again. Chances are you may have heard about how bankruptcies can stay on your report for many years after your discharge, and that lenders may be wary of your business because of it.
The Fair Debt Collection Practices Act (FDCPA) was developed in 1977 to protect consumers from unscrupulous debt collection practices. Among its provisions, creditors are prevented from using abusive practices in the process of collecting debts, including using profanity and other harsh language when communicating with consumers, calling consumers at odd hours of the day and threatening to put indebted consumers in jail.
A number of our readers may wonder what shopping for a car will be like for them after they emerge from bankruptcy. Specifically, they may wonder about qualifying for a loan at all, much less financing that they can reasonably afford. After all, they may be insecure about their credit rating as a result of a recent bankruptcy. These are legitimate concerns, especially considering how predatory lenders still operate in the used car market.
People mired in debt may be afraid of losing their home or car, but the stress of constant phone calls from dogged collectors can be too much for one to bear. Fortunately, most debt can be eliminated through bankruptcy, and one of the principal benefits is the automatic stay. This post will describe what the stay is, how it protects debtors who have filed bankruptcy, and how it can be used to promote a fresh financial start.