The Fair Debt Collection Practices Act, more commonly referred to as the FDCPA, is a USA laws that is designed to protect consumers who have creditors who are attempting to collect a debt from them. It has several features that are designed to accomplish this.

One of the most important things the FDCPA does is provide consumers with a way of disputing debts that they don’t feel they owe to supposed debtors. It also gives a way for consumers to keep track of debts they are responsible for. The FDCPA has teeth. There are penalties that can be applied to companies who break the fair debt collection act.

If the creditor is represented by an attorney, they cannot be contacted without violating the act. There are also specific hours set up that a creditor can contact a debtor. If attempts at contact are made outside of these hours, they are in violation. Creditors are also banned from publishing the consumers name on a ‘debt list’, contacting the consumer after the consumer has asked for validation of the debt and using abusive or profane language.

Bankrupcy is a legally declared inability or severely reduced ability of an individual or an organization or company to pay their creditors.

Bankruptcy is effectively the statutory procedure under federal law by which a person, known as the “debtor” under goes a judicially-supervised liquidation or reorganization.

This process is meant to benefit of creditors where the debtor is usually relieved of much of his indebtedness through discharge. The creditors are given a portion of the debtor’s liquidated assets.

The word bankruptcy is often misspelled as bankruptsy, bankrupsy, or bankrupcy, among other versions, but all these words mean the same thing.

Chapter 13 Bankruptcy - Chapter 13 services from Legal Helpers bankruptcy attorneys, the largest U.S. bankruptcy law firm. Receive a free online consultation. Completely eliminate your debt.

When you file a chapter 13 bankruptcy, you will also be giving up one half of your income tax refund every year. This will be for three or five years depending on your time allotment by the court. The income tax refund money is applied to the unsecured debt that may not receive any type of payment at all. You should not take on any new debt during the chapter 13 bankruptcy. This could cause you to fall behind on your bankruptcy payments and result in a termination of the court agreement.

Did you know that the FDCPA (the Fair Debt Collection Practices Act) strictly regulates the activities of debt collectors and collection agencies and states that overly aggressive or misleading collection practices are against the law?

Yes indeed. The FDCPA prohibits many of the practices that we have come to associate with debt collectors. While debt collection is a legitimate function of all businesses, the FDCPA only allows a business entity or collection agency to take reasonable steps in trying to collect debts.

Since residential loans are smaller, there are naturally more institutions able to compete in the market. But commercial financing products usually involve very large amounts of money, so many small institutions can’t keep up.

This makes the market less competitive compared to the many institutions that fight for the residential market share. Large banks are in the forefront of commercial lending, increasing their bottom line. This is a boon to bank stockholders and management alike.

East Coast Commercial Finance offers a more flexible and personable alternative to the large banks.