Our monthly newsletter, financial guides, and interactive calculators help you stay informed about your finances.
Use our convenient SecureSend page to securely deliver a file directly to a member of our firm.
We offer a broad range of services for business owners, executives and independent professionals. Please call us for a free initial consultation.
Table of Contents
If you answer yes to any one of the following questions, you should take action:
If you find several of these statements describe your credit habits, it may be that you need to take steps to manage your debt before bill collectors start calling and your credit history is endangered.
Here are some specific steps you can take if you are in financial trouble.
Personal bankruptcy, a serious step, should be considered only if other means have been exhausted, and only if it is the best way to deal with financial problems. A skilled and trusted bankruptcy lawyer should be consulted.
If you fall behind in paying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector." The Fair Debt Collection Practices Act prohibits certain practices by debt collectors.
What to do: To stop a debt collector from calling you, write a letter to the collection agency telling them to stop. Once the agency receives your letter, it may not contact you again except to say there will be no further contact. Another exception is that the agency may notify you if the debt collector or the creditor intends to take some specific action.
If you believe a debt collector has violated the law by harassing you, you have the right to sue a collector in a state or federal court within one year from the date you believe the law was violated. The following practices are specifically prohibited.
Harassment, Oppression, or Abuse. For example, debt collectors may not:
False Statements. For example, debt collectors may not:
Unfair Practices. For example, collectors may not:
You have the following rights:
You may also take legal action against a creditor. If you decide to bring a lawsuit, here are the penalties a creditor must pay if you win: