The visits are continuous. Occasionally, an automated service requests the caller to remain on the line until the collector can be reached. Occasionally, the individual speaks English sporadically and reads from a script. Sometimes it is a very smooth-talking individual who threatens, lies, and provides incorrect legal advice, as well as examines all of the assets that credit reports indicate are held by this unfortunate individual and inquires about the current value and balance owed on each one.
Chapter 13 Bankruptcy eliminates all contact from creditors, makes arrangements to pay debts over a five-year period, and provides these individuals with time to improve their financial situation. A consumer will complete a credit counseling course in which the credit counselor will examine the consumer's monthly income and expenses in depth. There will be a review of a comprehensive inventory of all outstanding obligations with monthly payments. If this consumer has sufficient funds remaining after paying his or her monthly expenses to satisfy the majority of his or her outstanding obligations, a repayment plan will be proposed.
When the necessary paperwork and fees are lodged with the bankruptcy court, a trustee is appointed. This trustee will examine all filings and establish a payment schedule with the bankruptcy court. The trustee will manage the paperwork, monthly money collection, and bill payment. Once the court has approved the plan, the only obligation is to make the monthly payment to the trustee. If the terms of the plan have been met after five years, any remaining debt will be eliminated.
This process eliminates intrusive phone calls, pays off most, if not all, of the consumer's debt, and gives them peace of mind and a sense of accomplishment. These individuals had a problem, sought and discovered a solution, and implemented the plan.""
" - https://www.affordablecebu.com/