Beware of Zombies
(August 10th, 2005 under New Bankruptcy Law )
Is there an old unpaid debt in your past that you thought had been forgotten, written off or was otherwise dead and buried? Don't be shocked if you get a call from a collection agency trying to bring it back from the dead. A new breed of debt collector (referred to by some as "zombie" debt collectors) has made a business out of buying old debts -- some of which a creditor may no longer even have a right to pursue in court -- and trying to collect. Be aware that giving in to someone trying to collect an old debt could revive an expired statute of limitations period, adverse tax consequences or credit score damage. A good discussion of this issue can be found here:
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P74812.asp
Mac McMahan
This entry was posted
on Wednesday, August 10th, 2005 at 5:36 pm and is filed under New Bankruptcy Law .
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