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Creditor harassment could be a thing of the past

There are few things more stressful for Texas residents then being constantly reminded of the overwhelming debt they are facing. However, many residents have begun to feel the stress take an even larger toll on their well-being due to creditor harassment.

In response to the increasingly nasty tactics of creditors, consumers have begun to fight back, filing lawsuits in record numbers against credit collection companies alleging violations of federal law.

In these suits, consumers have alleged that creditors have repeatedly harassed them at work, stalked them and have in some cases, even threatened violence. With the unstable economy, creditors have become more aggressive in trying to collect money from consumers who, in many cases simply do not have any money to offer. This relationship, which has been deteriorating for years, has finally boiled to a point where consumers all over the country are taking a stand.

In response to the rising lawsuits, the Federal Debt Commission issued a report in 2010, claiming that that the debt collection system is failing. As a result, many states have begun to enact statutes that are meant to protect consumers from certain collection practices.

For Texas residents, who already have the difficult decision of determining whether their mounting debt would best be solved by filing for bankruptcy protection, they may take some solace in the fact that they have legal rights that can protect them from future creditor harassment. And for those whose debts have far outdistanced their income, options such as Chapter 7 liquidation can act to stop creditor harassment in its tracks while also setting the stage for a return to financial stability.

Source: Investigations -- The Sacramento Bee, "Debtors seethe, sue over collector tactics," April 22, 2012

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