Filing for bankruptcy after consolidating credit cards
But you should first consult a qualified credit counselor.You may be able to lower your cost of credit by consolidating your debt through a home equity loan or home equity line of credit.This includes collection agencies, lawyers who collect debts as part of their business, and companies that buy delinquent debts and then try to collect them.The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
You may be able to get debt relief through: Bankruptcy and debt settlement can reduce or eliminate debts, but they severely impact your credit.But you should first consider other debt management options.Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.To find out if you qualify, contact your local Armed Forces Legal Assistance office.
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A debt collector may not: Report any problems you have with a debt collection company to your State Attorney General's Office, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB).