Most people are probably aware that personal bankruptcy is a legal option for consumers overwhelmed by debt. At the same time, though, most people have serious misconceptions about what actually happens during the bankruptcy process. Those who file for bankruptcy are generally allowed to keep many of their assets, which might be a pleasant surprise for some readers.
Debt collector faces sanctions for deceptive methods
A person can feel a tremendous amount of pressure when he or she knows that bills are beginning to stack up. In this situation, it may not be clear what to do or who can be trusted. As recent action by the Federal Trade Commission shows, some organizations may try to take advantage of people in this situation.