The FTC recently imposed the second-steepest penalty ever imposed on a debt collector. According to the New York Times, Asset Acceptance, one of the largest collection companies in the country, recently agreed to pay a 2.5 million penalty to settle charges that company deceived consumers in the process of trying to collect debts.

I suppose that this is supposed to be good news and maybe even an indication that the federal government is finally poised to take action against an industry that nightly leaves thousands of grandmothers and single mothers across the country in a state of terror, waiting for collectors to make good on their false promises to sic the sheriff on them or have them imprisoned. However, given the profitability of the debt collection industry, the penalty doesn’t even rate as a slap on the wrist.

The original post is titled Asset Acceptance Fined for Illegal Collections Activity , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .

Practicing bankruptcy law in the greater Washington, DC area, we often get this question from nervous government employees and defense contractors: "If I file bankruptcy, will I lose my security clearance?"

The answer is: It's not the bankruptcy itself that is the problem. It's the underlying circumstances leading to the bankruptcy that is the determining factor.

Think about it. If you got a very serious illness and racked up a million dollars in medical bills you could not pay, and needed bankruptcy relief to stop the collection calls, lawsuits and garnishments, does the bankruptcy -- in any way -- reflect upon you personally as a security risk? Was the illness your fault? Is it evidence of a personality defect that would make it more likely you would breach security? I think you know the answer.

Where the circumstances leading to the bankruptcy were financial irresponsibility, then that's another matter. But then, the late charges, delinquencies, high credit balances, judgments, tax liens, etc. would already exist on your credit report. If anything, the bankruptcy would actually show you acting responsibility by exercising your legal right to "wipe the slate clean" and get the "fresh start" the law allows.

The US Air Force Academy's website discusses this issue and provides some interesting guidance: (The highlighted text is mine.)

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