The Transference of Debt
When creditors lend money to individuals who become unable to repay their debts, several things will likely follow. Generally, debt is passed through the hands of various companies and agencies before it is written off as a loss.
If you are unable to repay your debts, and creditors are beginning to harass you, you may want to consider the benefits of filing for bankruptcy. While you will likely have to make some sacrifices and lifestyle changes, filing for bankruptcy may be the quickest way to resolve your outstanding debts and get back on your feet. For a free consultation with a New Orleans bankruptcy attorney from the law firm of Kervin & Young, LLC call 504-599-5906 today.
From Creditors to Collectors
After repeated billing attempts, a creditor will turn over your debt to a different branch of their company that specializes in debt collection. Because the company still hopes to retain a positive relationship with their customers, credit companies generally do not resort to harassing or invasive tactics. However, as a last resort, they may sell your debt to a collections agency.
When a collections agency purchases your debt, you no longer owe the credit company any money. They have written off your losses and moved on; however, the collections agency has not. These third-party collectors may pursue the full amount that you owed to the credit company, even if they paid a portion of that price to “purchase” your debt. Third party agencies are typically much more intrusive.
Contact Us
If you are being harassed by a credit company or collection agency and feel trapped by your debts, contact a New Orleans bankruptcy attorney from the law offices of Kervin & Young, LLC. Our team of experienced bankruptcy attorneys can help you get back on track to financial freedom. Call us today at 504-599-5906 to discuss your case with a professional.
The Transference of Debt
When creditors lend money to individuals who become unable to repay their debts, several things will likely follow. Generally, debt is passed through the hands of various companies and agencies before it is written off as a loss.
If you are unable to repay your debts, and creditors are beginning to harass you, you may want to consider the benefits of filing for bankruptcy. While you will likely have to make some sacrifices and lifestyle changes, filing for bankruptcy may be the quickest way to resolve your outstanding debts and get back on your feet. For a free consultation with a New Orleans bankruptcy attorney from the law firm of Kervin & Young, LLC call 504-599-5906 today.
From Creditors to Collectors
After repeated billing attempts, a creditor will turn over your debt to a different branch of their company that specializes in debt collection. Because the company still hopes to retain a positive relationship with their customers, credit companies generally do not resort to harassing or invasive tactics. However, as a last resort, they may sell your debt to a collections agency.
When a collections agency purchases your debt, you no longer owe the credit company any money. They have written off your losses and moved on; however, the collections agency has not. These third-party collectors may pursue the full amount that you owed to the credit company, even if they paid a portion of that price to “purchase” your debt. Third party agencies are typically much more intrusive.
Contact Us
If you are being harassed by a credit company or collection agency and feel trapped by your debts, contact a New Orleans bankruptcy attorney from the law offices of Kervin & Young, LLC. Our team of experienced bankruptcy attorneys can help you get back on track to financial freedom. Call us today at 504-599-5906 to discuss your case with a professional.