With the unemployment numbers in the US continuing to hover around 10%, it's obvious that many Americans are struggling to make ends meet. 2012 is expected to have a large number of foreclosures due to the subprime market. Nowadays, you can't even pick up the phone to talk to a friend without hearing a story about someone you know having trouble paying their bills. Some of the stories go into detail about how aggressive the creditors have gotten. You have to believe some of it is true but a lot of it becomes exaggerated as the story gets spread down the line. Since the credit market collapse there have been many myths that people have taken to their bankruptcy lawyer to eliminate their fears.
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A few of the common myths are:
Can the creditor put me in jail for not paying my bills? This is frequently asked because many creditors threatened this during their collection phone calls.
Can an individual be sued without being notified? This question almost sounds stupid because it should be common sense then that is if you can't be sued without being served and having their day in court.
Can the creditor come to my house with a truck and load up all my property? Well, this can be answered a couple ways. First of all, no they can't unless they have a judgment from the court. Secondly, if they have a judgment from the court they would only be allowed to take what the court order was for. This usually only comes into play when there is secured property involved.
If I'm sued will I have to go in front of a judge and a court room full of people to explain why I can't pay my bills? This is partially true. It depends on the lawsuit and if you're represented by an attorney.
Creditors try their best to terrorize people into paying their bills. Many times individuals who should be spending their money to hire a bankruptcy attorney, give it to the creditor that's on the phone because of sheer fear. It's probably a good time to consider filing bankruptcy when you can't answer your own phone anymore. Collection agencies representing the creditors usually blow a lot of hot air to get people to pay. The bottom line is, if the creditor does everything correctly they will need about 60 to 90 days from the filing of the lawsuit to get a judgment. After that it will take probably another month to enforce it with wage garnishments when trying to come after some property.
Filing bankruptcy will stop creditors dead in their tracks. When a bankruptcy is filed the automatic stay stops all efforts of collection activity against the debtor. No more calls, nasty letters and even lawsuits. Being served with the complaint for some people can be overwhelming, don't get worked up, consult a bankruptcy lawyer to find a way to stop the collections. Don't believe all the propaganda about filing bankruptcy that creditors spout. Most of it is not even true.
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