Here is the conclusion to our three-part blog 7 Ways to Handle Creditors and Collection Agencies. Additional steps you can take to effectively deal with creditors who are contacting you about outstanding debt are to:
5. Get an agreement for a lower payment in writing.
If you are able to get a creditor or collection agency to agree to a lower payment on your debt, make sure to specifically request the new agreed-upon amount in writing. Just because you get a verbal agreement over the phone, this won’t mean anything if creditors later decide to go back on their word. If, however, you have the new payment agreement in writing, you can ensure that the creditor will comply with the agreement and you won’t have problems down the line.
6. Figure out a plan for paying down your debt.
If you are being contacted by more than one creditor or collection agency about outstanding debt, take some time to develop a repayment plan. Having a plan and being able to tell creditors this plan may be effective at stopping them from calling you, especially if you are able to explain that you will be paying them regularly (and you are able to follow through with this plan).
7. Consider whether you should file for bankruptcy.
When multiple creditors or collection agencies are contacting you about debt and you have no way of making payments on all (or any) of this debt, it may be time to seriously think about filing for bankruptcy. While pursuing bankruptcy can stop creditors from contacting you and from filing lawsuits against you, it can also end up helping you:
- Discharge a substantial portion of your debt
- Obtain a financial fresh start.
Denver Bankruptcy Lawyer at Lindquist-Kleissler & Company, LLC
If you are buried in overwhelming debt or are facing a serious financial crisis, Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler can help you figure out your best options for resolving your financial issues.
For more than 34 years, Mr. Lindquist-Kleissler and the other legal professionals at Lindquist-Kleissler & Company, LLC have been providing both individuals and businesses with the highest quality of legal services when it comes to debt relief and bankruptcy (including civil litigation matters associated with bankruptcy). From simple to complex bankruptcy cases, Mr. Lindquist-Kleissler can always be trusted to maximize utilization of Colorado Bankruptcy Law, guide his clients through bankruptcy, and help them resolve their case as efficiently and favorably as possible.
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For a free 30-minute consult and a free bankruptcy packet, contact us by calling (303) 691-9774, or email us using the form on this page. You will pay nothing up front to obtain trusted, professional advice regarding your case and your options.
From our office in Denver, Arthur Lindquist-Kleissler represents clients throughout the Great Denver Metropolitan area and Colorado, including (but not limited to) Aurora and Arapahoe County.