"Collections" refers to the process by which creditors attempt to get nonpaying debtors to pay what is owed. There are numerous laws in Monticello, Kentucky regulating the conduct of collections agences.
What if I Am Owed Money in Monticello, Kentucky?
If somebody owes you money and is refusing to pay, you have various options at your disposal. However, in doing so, you will be governed by very strict consumer protection laws that govern the collection of debts. Breaking these rules can hurt your chances at successfully collecting, and might even expose you to civil liability.
For example, it should go without saying that creditors are not allowed to use threatened or actual violence when trying to collect. They are also not permitted to use abusive language to the debtor, or contact a third party about the debt.
One thing you are allowed to do is send a written demand for immediate payment. The demand should lay out the exact amount you believe is owed, so the debtor cannot plausibly claim ignorance of that fact. If a lot of money is involved, it might be prudent to hire a Monticello, Kentucky collections agency. If you go this route, it is critical to make sure that you hire an agency that is trustworthy, and follows the relevant law to the letter.
What if Someone Is Trying to Collect Money Against Me in Monticello, Kentucky?
If you truly owe the money that is being sought, and can afford to pay it, you should do so. If the collection caller is behaving in a cordial manner, you should try to do the same. In any case, the worst thing you can do is ignore the issue hoping that it will go away. It won't.
Luckily, you have some options in Monticello, Kentucky. First of all, you should attempt to directly contact the creditor, and see if some adjusted payment plan can be worked out. If this doesn't work, you can ask the collectors to stop contacting you by phone, and they will typically be obliged to do so. Of course, this doesn't make the debt go away, but it might give you some time to collect yourself and prepare a legal defense. Once this happens, the collection agency can only contact you to inform you that it intends to sue you for the debt owed.
If you have retained the services of a Monticello, Kentucky attorney, they might advise that you declare bankruptcy, depending on your specific situation. In any case, you shouldn't consider bankruptcy before weighing other options, and discussing the matter with an attorney.
How Can a Monticello, Kentucky Collections Attorney Help?
If you believe that the collections agency is engaging in illegal or abusive activity, you should consult with a local attorney in Monticello, Kentucky, as you might actually have a claim for damages against the collection agency.
If you are thinking about bankruptcy, a good Kentucky bankrutpcy attorney can help guide you through the process.