If you've fallen behind in making payments on a loan or some other type of debt that you have, then it's likely that you've already started receiving calls from debt collectors. While they may already have reached the point of being annoying, their collection efforts are only illegal under the Fair Debt Collection Practices Act (FDCPA) if they rise to the level of being abusive or harassing. You may wonder what types of behaviors fall under this umbrella.
Trying to get out of debt in New Jersey can feel like an uphill battle. If you are also dealing with constant calls from debt collectors, it may seem like you will never be free of debt and harassment. Educating yourself is one of the best steps you can take to protect your assets and peace of mind.
New Jersey is one of the most expensive states to call home in America. This makes falling into debt an especially terrifying experience. What makes it worse is all the debt collectors calling to reclaim their money by any means available to them. This can make people feel afraid and may cause them to become depressed.
The actions taken by debt collectors in New Jersey may cause you embarrassment and countless sleepless nights. What is perhaps even more heartbreaking is that Forbes notes for consumers 62 and older, debt collection tops their complaints at the Consumer Financial Protection Bureau. When moving into retirement, the last thing anyone wants to be grappling with is debt collection and the threats that often follow.
People swamped with debt often face constant harassment from creditors plus the threat that unpaid utility companies will switch off their power or water. That is why many people file for personal bankruptcy. If you find yourself in a debt crisis, the automatic stay provision that bankruptcy offers can be just what you need to stop the harassment and give you greater peace of mind as you seek to rebuild your financial situation in New Jersey.