Significant events in an individual’s life such as the loss of a job, divorce, death of a loved one, severe illness, or significant property loss can make repaying creditors difficult for any individual. Often times, changing circumstances only exist for a short period of time but can lead to a growing backlog of bills and result in past due payments. Once debts are past due, creditors often will send reminders, interest and fee statements, and written warnings. If an unpaid balance remains they will often begin collection calls or turn over the account to a collection agency which will conduct the collection calls and attempt to collect on the past debts. These calls often begin to border on harassment quite quickly and can begin to take a toll on an individual in financial distress.
Denver Bankruptcy FAQ: