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Collections Law/My accounts were frozen
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Question
I just went to purchase something and come to find out my accounts were frozen for a credit card that was charged off 9 years ago when I was a freshman in college. I just learned that my assets were frozen on the 13th of July. I am wondering should I file for Chapter 7 bankruptcy inorder to get the money back or should I contact the creditor that I owe the money to, and try to work something out in order to get my accounts unfrozen
It is always best to negotiate with the lender before considering BK. You may be able to settle the debt for well under the current balance or make payment arrangements. Make sure you don't let them pressure you into making arrangements you cannot afford.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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