Kentucky residents with overwhelming consumer debt may be interested in repayment options, including those that come after debt is discharged in bankruptcy. Depending on the specifics of the debt, some borrowers may still wish to pay these debts when there is no legal need to do so.
Federal law protects debtor from abuse by collection agencies
Natives of Kentucky who have used a debt collection agency to reduce monthly payments and settle debts may find it interesting that there is a federal law that protects an individual's rights whenever a bill collector is being abusive to a consumer. In some cases, a collector will call an individual multiple times, demanding payment in an unprofessional manner.
How Chapter 13 bankruptcy affects a mortgage
Kentucky homeowners who are having financial difficulties may be wondering how filing for Chapter 13 bankruptcy affects their mortgage. When this specific type of bankruptcy is filed, the mortgage lender typically wants to prevent the foreclosure process as much as the homeowner.
Bankruptcy not the only option for debtors
Debtors facing harassing creditors and credit collection agencies have options beyond declaring bankruptcy in Kentucky. Some people may find relief through working with a debt settlement company or a credit counselor.
What can be done to stop debt collectors from contacting me?
Creditors have the legal right to contact debtors via various means, including through mail and over the phone. Debts that collectors might go after include unsecured credit cards, medical bills, home loans and auto loans. The Fair Debt Collection Practices Act determines what creditors and debt collection agencies can and cannot do. When a consumer defaults on a debt that they owe, the creditor can hire a debt collection agency to collect on that debt.
