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Photo of attorneys Shelley Slafkes and Bruce Levitt
Photo of attorneys Shelley Slafkes and Bruce Levitt
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Cracking Down on Debt Collectors

On Behalf of | Nov 26, 2013 | Debt, The Economy & Public Policy

If you have been harassed by debt collectors using abusive tactics, the Consumer Financial Protection Bureau (CFPB) is ready to help. Pursuant to 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to supervise the nation’s debt collection industry. The CFPB is currently requesting input from the public on better ways to balance a business’ right to recover money owed against protecting the consumer against abusive collection efforts. Additionally, advances in technology such as smartphones being used as many consumers’ primary telephones, requires an overhaul of the rules governing collection activity. Although the Fair Debt Collection Practices Act (FDCPA), the main law governing debt collectors, only applies to third-party collectors and debt purchasers, the CFPB is considering writing regulations governing creditors who handle their own collections. This could result in a significant amount of resistance to the CFPB’s efforts. Only time will tell what the CFPB can accomplish in protecting consumers from intimidating tactics used by collectors. However, if you are overwhelmed by your debt and you are ready to obtain financial relief, contact the attorneys at Levitt & Slafkes to discuss your options. Filing a Chapter 7 or Chapter 13 bankruptcy could immediately stop the collection activity against you and allow you to obtain a fresh financial start.   If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, P.C., at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.