Bankruptcy Court: Forum for Consumer Claims

November 13, 2012

If you’re thinking about declaring personal bankruptcy, it’s important that you understand that what you own is just as important as what you owe. Sure, you own tangible assets like your house, car, and television. However, you may also own intangible property, such as a consumer rights claim. In fact, the value of your consumer rights claim could have a significant impact on the outcome of your bankruptcy and your financial future.

 

Creditors and debt collection agents operate under the rules and regulations of a number of federal and state statutes, such as the Truth-in-Lending Act (TILA), Fair Debt Collection Practices Act, Texas Debt Collection Act, and Texas Deceptive Trade Practices Act (DTPA). Litigating a creditor’s violation of these important consumer protections could give your bankruptcy estate and you unexpected financial rewards.

 

What are some examples of a creditor’s violation of a debtor’s consumer law rights? One of the most common ways that creditors run afoul of this important area of the law is that they pursue debt collection efforts too aggressively. The law prohibits creditors from calling you at certain times or from depriving you of personal property if doing so would breach the peace. Likewise, some loans violate federal law by their terms. TILA requires, for example, that a creditor offer a debtor loans that “reasonably reflect their ability to repay . . . and that are understandable and not unfair, deceptive, or abusive.”

 

Ready to find out whether you have an intangible asset such as a consumer law claim and how it might affect your rights? Don’t underestimate your negotiating position. It may be stronger than you think.

 

To speak with the dedicated bankruptcy professionals at the law firm of Fears Nachawati, talk to our attorneys today. With years of experience and expertise, we know how to fight for your rights as a debtor and a consumer. Call us today for your free consultation.

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