"Collections" refers to the process by which creditors attempt to get nonpaying debtors to pay what is owed. There are many laws in Versailles, Kentucky regulating the conduct of collections agences.
What if I Am Owed Money in Versailles, Kentucky?
If somebody owes you money and is refusing to pay, you have several 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.
The law prohibits creditors from engaging in any form of violence against the debtor in an attempt to collect. It also bars them from using abusive language or contacting third parties about the debt owed by the debtor.
What you can do, however, is send an invoice of the debt to the debtor, along with a firm (but civil) demand for timely payment. If the debt is significant, you might also want to hire a collection agency in Versailles, Kentucky. You should make sure that any agency you hire is reputable, and has not been cited for violations of the laws governing collections.
What if Someone Is Trying to Collect Money Against Me in Versailles, Kentucky?
Of course, if you owe money and have the ability to pay it, you should do so. If the collections caller is behaving civilly, you should do the same. In any case, it is never a good idea to ignore the issue, because that will definitely not make it go away.
Your best option in Versailles, Kentucky might be to contact the creditor directly, and try to work out some type of new repayment plan. The sooner you do this, the more receptive to your ideas the creditor is likely to be. If this isn't successful, you can demand that the collectors stop contacting you by phone, and they will usually be obliged to do so. Of course, this doesn't make the debt go away, and you should only take this route if you are prepared to defend against a lawsuit from your creditors, since demanding that they stop contacting you generally leaves them with no other option but to sue.
If you have hired a Versailles, Kentucky attorney to help you through this process, he or she might advise that you declare bankruptcy. Once this occurs, creditors are legally barred from attempting to collect against the debtor. Of course, this is a major decision, and should not be made lightly.
How Can a Versailles, Kentucky Collections Attorney Help?
If you believe that a creditor is violating the law in its attempts to collect from you, you should get in touch with a Versailles, Kentucky attorney, since you might actually have a claim for damages against the creditor.
If you are thinking about filing for bankruptcy, a good lawyer in Kentucky can help you with that process, too.