In Missouri, consumers are likely to face debt collection if their accounts are overdue. Typically, creditors turn the account over to a collection agency when the accounts are more than three months overdue. The collection agencies often harass consumers until they receive a full payment; however, consumers have rights against these actions. A debt collection lawyer in St. Louis, MO provides solutions to manage these debts.
Stopping Harassing Phone Calls
Consumers have the right to stop any harassing phone calls from collection agencies. This law stops all phone-based communications between the collection agency and the consumer. The attorney can submit a request in writing to the collection agency to stop any communications outside of the postal service. This also prevents the collection agency from contacting the consumer on their job.
Preventing Wages Garnishment
Wages garnishment is available only to specific accounts. The creditor must file a legal action against the consumer to acquire garnishment. However, the attorney can communicate with the collection agency to arrive at a settlement to stop these legal actions. This can prevent the loss of additional income based on any sudden increases in the account balance.
Arriving at a Settlement Offer
A settlement offer presents either a lump sum payment or installments. Typically, the value is less than the total account balance. In some cases, it is 50% less than the original balance. However, collection agencies are known to increase the balance to collect additional funds used to purchase the account from a creditor.
When Bankruptcy Is Necessary
Bankruptcy is necessary when the debt is related to a real property or an automobile. The action presents an automatic stay that stops these actions based on the type of bankruptcy claim filed. This can equate to six months for chapter 7 and up to five years for chapter 13.
In Missouri, consumers must take immediate action when they are approached by collection agencies. These agencies can present major issues and attempt to garnish the consumer’s wages. Those who need legal assistance from a debt collection lawyer in St. Louis, MO can visit Stlbankruptcyfirm.com to schedule an appointment or to acquire more info now.
