East Orange: 973-677-9000
Paterson: 973-247-9445
Jersey City: 201-659-6226
Toll Free: 888-827-5493
FREE Initial
Consultation Se Habla Espanol
Go to Practice Area Categories

Is there any relief to creditor harassment or debt struggles?

It may take someone in the industry to highlight problem areas. At a minimum, the characterizations offered by former debt collectors provide context to the aggressive tactics that consumers in New Jersey may face when struggling with debt management. 

According to the two professionals, many debt collection agencies buy debts from hospitals, businesses or even other collection agencies that have deemed those debts uncollectible or not worth the effort of collection. Such debts might be sold for pennies on the dollar. According to a 2013 federal study, the nine largest debt collection companies paid only $6.5 billion for approximately $143 billion of consumer debt from 2006 to 2009.

Yet when the debt collection agency comes calling, the debtor must still pay the debt in full, perhaps in addition to late fees or interest. That amount of return creates a huge financial incentive for collection agencies, possibly at the expense of compassion. Unlike other types of creditors or lenders, a debt collection agency may have little incentive to offer debt management options, like installment agreements.

There may be many situations why an individual is confronted with unmanageable debt. An unexpected accident or severe condition that requires expensive treatments or procedures is one example. Someone with a chronic autoimmune disease may have frequent hospitalizations that not only interfere with one's ability to earn income, but also result in a mountain of medical bills. 

For individuals who see no end to their debt struggles, a bankruptcy filing can provide a solution. Whether it is a Chapter 7 or Chapter 13 filing, bankruptcy law creates an automatic stay that requires collection agencies and other creditors to cease their debt collection efforts, at least temporarily. Check out our firm’s website to learn more about how bankruptcy laws might help your situation. 

Source: Yes Magazine, “These Former Debt Collectors Decided to Ditch the Industry, Buy Up Medical Debt, and Forgive It,” Araz Hachadourian, Aug. 17, 2015

No Comments

Leave a comment
Comment Information


Tell Us About Your Case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.



  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
Review Us
Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

FindLaw Network

qr code

7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

Back to Top