Debt collectors and bankruptcy

Do debt collectors want to be your friend?
Do they empathize with you, and want you to get back on your feet?
Do they really care that you’re trying as hard as you possibly can to pay your debts?
Do you think they’ll stop calling ten or eleven times each day if you finally say the ‘right’ thing?

No. No. No. and No.

Just like us, debt collectors are in business to make money. They drive to work, go to their cubicles, grad their cups of coffee, put on their headsets, and hit enter on their auto-dialers with one goal in mind. That is to get you on the phone and to cajole, coerce, and convince you to send them money.

Making money in the world of debt collection relies on two simple concepts: buy debt for pennies on the dollar, and then play the numbers game where you pay full-freight on that debt that they bought at those clearance sale prices.

Debt collectors are pretty damn good at that numbers game, and they enhance their odds by threatening to sue you, shaming you by accusing you of being a dead-beat, and embarrassing you by telling you that they’re going to tell your boss, your pastor, your kids that your a thief.

Some break the law and get in big trouble with the Federal Trade Commission or (what’s left of) our State’s Office of Consumer Affairs. Others are ‘ethical.’ Check out this Valentine’s Day article published in the Washington Post about one ethical debt collector.

I laughed a long time after reading this article.

And then I got mad all over again. Mad for you if you’re the victim of these calls, mad for my clients who tell me about these calls, and mad that this is a legal business model.

Here’s a quote: “Maybe there’s money in a 401(k) that can be tapped, or a relative who can make a quickie loan. Or perhaps there’s a little jewelry — have any gold or mismatched earrings that can be hocked and make this unpaid bill go away?

Call my office to find out why you should never, never fall victim to this B.S.. Even if you think you won’t ever file bankruptcy you should educate yourself about your options.

Free consultation with me Attorney Shannon McDuffie (404) 418-8879.