New Technology For Debt Settlement
If you’re considering bankruptcy, it’s likely that you’re already being harassed by creditors. One immediate benefit of bankruptcy is what’s called the automatic stay. It’s a court order for relief from creditors that goes into effect without delay when you file for bankruptcy. The automatic stay prevents creditors from continuing to harass you about debts related to foreclosure, credit cards, payday loans, repossession, IRS debt, medical bills, and other debts. Creditors who violate the automatic stay face serious legal penalties. In Illinois, if you need protection from creditors and you’re considering bankruptcy, you should first seek the counsel of an experienced Chicago bankruptcy lawyer.
Collection agencies are changing the way they do business. Collection agents who make a living by yelling at people over the telephone are rapidly disappearing. Instead, some collection agencies are inviting consumers to settle their debts through online virtual debt negotiation. With online debt negotiation, collection agencies can eliminate the cost of hiring real collection agents; they also avoid lawsuits and other legal actions. The consumer has to initiate the online communication, so agencies eliminate harassment and breach of privacy issues. All debtors are treated equally, if impersonally, by online debt negotiation. If you’re comfortable making financial arrangements and transactions online, virtual debt negotiation and settlement is an option to consider.
Today, about ten percent of the nation’s collection agencies offer virtual debt negotiation, but thirty percent intend to implement it in the near future. It’s one of numerous options available when your debts begin to spiral out of control. Bankruptcy is another option among many. If you are in or near Chicago and you’re being overwhelmed by debts that you simply have no ability to pay, don’t panic. Instead, take the first step toward resolving your financial issues and discuss your options at once with an experienced Chicago bankruptcy lawyer.
