Unpaid Debt: Your Rights As a Business Owner

Even some of the most outwardly successful businesses can be hindered by crippling debt due to complex legal statutes or restrictive loan agreements. When your unpaid debt starts to pile up, it is a sure bet that collection agencies are soon to send their task forces your way. Oftentimes, these debt collectors can be so focused and ruthless in their jobs, they actually violate your rights as a business owner when pursuing payment.

What are my rights as a business owner in debt?

Before you can determine if your rights have been violated by a collection agency, you first need to understand the basics of your rights. The Fair Debt Collections Practices Act (FDCPA) was established in 1977 with the implicit intent to protect people with unpaid debt and keep them from feeling criminalized or victimized by debt collectors.

Under the FDCPA, you are granted certain rights and protections, such as:

  • Protection against any threats or abusive language
  • Protection from having your debt publically disclosed when inappropriate
  • Protection from being contacted at odd hours – before 8 AM and after 9 PM
  • The right to sue if your rights are violated

In addition to declaring what your rights are and how they must be upheld, this important piece of legislation also sets guidelines on how the collection agencies must behave.

Conduct that is required for them to follow includes:

  • Always identifying themselves whenever they contact you
  • Giving the name and address of the original creditor
  • Disclosing the lender’s right to dispute your debt
  • Providing verification of the debt – specifically the amount owed

In my years of litigation, I, Attorney Cohen, have found that credit collection agencies believe they are above the law, or that they can get away with whatever they please if they are intimidating enough. It is important that you stand up for your rights and take legal recourse if you are a business owner being harassed for unpaid debts. When you come to me and my team at Cohen Law, you can rest assured that a Miami business litigation lawyer with experience and compassion will be in your corner and uphold your best interests.

The sooner you act, the sooner you will find a welcome sense of relief. Please don’t wait any longer – contact me today for all the help you need.