"Collections" refers broadly to the countless tools that creditors have at their disposal to acquire payment from debtors who are not paying what they owe. There are many Midland Park, New Jersey laws and regulations concerning the conduct of collections agencies, and what they can and cannot do in order to collect.
What if I Am Owed Money in Midland Park, New Jersey?
If you are owed money and the debtor won't pay, for whatever reason, you are entitled to seek collection by any lawful means. Of course, the means of collection that are considered "lawful" are quite limited. You should be aware of the rules that govern collections before you proceed, as violating them can hurt your chances of collecting, and even expose you to liability.
For example, when trying to collect, creditors are not allowed to use abusive language, contact any third party regarding the debt, and of course they are not allowed to use threats of violence in an attempt to get their money.
You may, however, send a written demand for timely payment which lays out to the debtor clearly how much is owed. If a large amount of money is owed to you, it might be a good idea to hire a collections agency in Midland Park, New Jersey. These agencies usually take their fee in the form of a percentage of the debt collected. You need to research agencies thoroughly however, and make sure the one you hire does not engage in illegal practices.
What if Someone Is Trying to Collect Money Against Me in Midland Park, New Jersey?
Of course, if you owe money and have the capacity to pay it, you should do so. If the collections caller is behaving courteously, 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.
However, you do have some options in Midland Park, New Jersey. First of all, you should make an effort to get in direct contact with the creditor, as opposed to the collection agency, and try to work something out. If this fails, you can tell the collections agency to cease calling you, and they normally are obliged to do so. Of course, this doesn't expunge the debt, but it can buy you some time. You should know, however, that when you show that you are not interested in dealing with the creditors or collectors directly, they will usually resort to a lawsuit.
If you have retained the services of a Midland Park, New Jersey attorney, they may advise that you declare bankruptcy, depending on your individual situation. In any case, you shouldn't consider bankruptcy before weighing other options, and discussing the matter with an attorney.
How Can a Midland Park, New Jersey Collections Attorney Help?
If you believe that a creditor is violating the law in its effort to collect from you, you should get in touch with a Midland Park, New Jersey attorney, since you may actually have a claim for damages against the creditor.
If you are thinking about bankruptcy, a seasoned New Jersey bankrutpcy attorney can help guide you through the process.