PERSONAL VS. BUSINESS DEBT
FEDERAL AND STATE LAWS DIFFER ON CONSUMER AND COMMERCIAL DEBT COLLECTION
The Fair Debt Collection Practices Act (FDCPA) provides the regulations regarding consumer (personal) debt. Therefore, although each creditor’s situation is different, collection methods for personal debt are fairly straightfoward. An individual who has used personal credit to finance their business may still be protected under FDCPA.
However, FDCPA does not apply when one business is attempting to collect monies owed from another business. This is known as commercial debt and falls under federal and state business law.
Collection of this nature is best facilitated by an attorney with the experience and distinct skill set required to ascertain a debtor company’s ability to pay.
COMPLETE AND EFFECTIVE LEGAL REPRESENTATION
The debt collection attorneys at Figliola and Romano are experts in both consumer and commercial collections in Rhode Island, Massachusetts and Maine.
Please feel free to call us today at (401) 289-0404 or send us an email to arrange a complimentary consultation to discuss the details of your debt collection needs.