Often added to the legal and emotional turmoil of a divorce, custody, parentage, child-support or other family-law dispute are pressures over unpaid bills and debts. Banks and other creditors sometimes try to collect for a while, but when they give up, they "charge off" the debt and sell it to a "debt buyer" for 3 or 4 cents on the dollar. Then, a semi-automated collection campaign can begin.
In this Episode 32, parts One and Two, Recorded on 8/10/2021, Barry, Kevin and guest Michael Wood, an experienced Chicago consumer-law attorney, discuss:
- The clear-eyed (ruthless) way that banks and other creditors look at consumer debt.
- How consumers live with financial uncertainty as they navigate life's ups-and-downs.
- How -- on the other hand- banks and creditors face no uncertainty at all -- since they calculate, predict and price for the expected 'defaults.'
- How "debt buyers" snap up unpaid consumer debts at 3 or 4 cents on the dollar, but then attempt to collect the full amount through semi-automated pressure campaigns and lawsuits.
- How you can now use a government-authorized website to "pull your own credit report" not once a year, but every week (for free!) - Annualcreditreport.com
FOR THOSE DEBTORS INVOLVED IN A FAMILY-LAW DISPUTE:
- Remember that the banks, creditors and "debt buyers" operate on a for-profit basis.
- While banks and creditors at least provide some goods or services, "debt buyers" provide only collection pressure and stress.
- Family-law disputes are stressful enough, but debt buyers and their attorneys try to collect payments by further increasing people's stress and turmoil.
- Debt buyers contact neighbors and extended family -- everyone in the consumer's physical and emotional vicinity -- to increase the collection pressure.
- A consumer-law attorney may be able to help.
Custody and Divorce Lawyers Barry C. Boykin and Kevin R. Johnson have more than 50 combined years of experience. They know first-hand the court battles, stress and struggles that people endure as disputes are resolved in the family-court system.
Barry and Kevin try to bring hope and clarity to a troubled world, where lawyers, judges and other professionals see the best and worst of human behavior on public display.
Our Guest: Chicago consumer-law attorney Michael Wood (312) 757-1880
Free, weekly (no longer once/year) access to your own 'credit report': Annualcreditreport.com
CARPLS - legal resources www.carpls.org
Illinois Legal Aid Online www.illinoislegalaid.org
Who we are:
Attorney Barry C. Boykin - www.gclclaw.org/barry-c-boykin
Attorney Kevin R. Johnson - www.divorce.nu
Guest: Attorney Michael Wood - https://communitylawyersgroup.com/