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Question
I have a large amount of credit card debt, all on cards issued in the U.S. during my employment on a TN visa. I now have one card that's gone to third-party collection (CollectCorp which is in both U.S. and Canada) and other cards to soon follow. I've been unemployed for some time and, if I could, I would declare U.S. bankruptcy. I seem to have no way 'out' at this time.
If I can know what may unfold, if I can't be proactive at least I can be somewhat prepared. Can you offer any advice on what my rights are when it comes to dealing with debt collectors and what action(s) they may pursue against me?
Any help you can offer will be much appreciated. Thank you so much for your time.
First, you cannot pay out what you dont have. And debt collectors cannot do anything to you short of getting a judgment against you which is a civil matter, not a criminal matter. They cannot put you in jail for an unpaid debt.
If you have no income or assets with equity you are relatively safe. A creditor may obtain judgment and go after bank accounts if they know where you bank. This is private information and they cannot obtain this information easily unless you disclose it to someone.
Your best option for now is to write your creditors a letter advising them of your situation and when you get back to work you can start paying them again. For now concentrate on getting abck to work, then take care of business. Relax you are safe.
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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. We are well versed in Loss Mitigation practices and the legal collection process. We have 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. We actively promote 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
28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.
Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.
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