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Bankruptcy May Be Your Option

Creditor harassment may accompany financial challenges

When financial challenges make it difficult to meet your debt obligations, creditor harassment in the form of threatening letters and annoying telephone calls soon become a part of your daily life. Technology has provided debt collectors with a means to increase the pressure on you through automated calling systems in a practice commonly referred to as “robocalling.”

Debt collection agencies have found robocalling to be effective in encouraging repayment of delinquent loans by borrowers. The federal government is about to begin allowing debt collectors to robocall consumers who are in default on student loans. Borrowers currently are in default on $94 billion of student loans owed to the federal government.

The new rules for collecting delinquent student loans would allow robocalls to be made to a borrower’s cellphone. Debt collection robocalls to cellphones has be a source of over 200,000 complaints even before the path was opened to using automated systems for student loan collections.

Although student loan debt is generally not dischargeable in a Chapter 7 bankruptcy, a debt relief plan that reduces credit card debt, medical debt and other financial obligations might help make overall debt more manageable. Achieving manageable payments through a Chapter 13 repayment plan might be one method of resolving financial challenges and reaching the goal of a fresh start.

A consultation with a Tulsa, Oklahoma, attorney who is knowledgeable in bankruptcy law and consumer debt relief might be good source of guidance and legal assistance. An attorney is in the best position to advise you about methods to prevent foreclosure and end creditor harassment while achieving a fresh start financially.

Source: KOCO, “Debt collectors now can robocall to collect student loans,” David Goldman, Oct. 30, 2015

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