Legal Question in Credit and Debt Law in Wisconsin

I am not familiar with the type of letter you mention, but any time that you have trouble with a collector, your first option should always be to consult with a bankruptcy lawyer. They can not only file bankruptcy for you but also negotiate with the creditor from the position of strength of a threatened chapter filing, for a discount on the claim, provided that you are able to make a lump sum payment to consummate the settlement. The fact that the original lender went out of business is irrelevant, provided that the 3rd party collector represents the current owner of the obligation, since American law allows all debt obligations to be sold and recognizes the new owner the same as the old.

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