The year 2020 has brought with it many unsettling changes amid the threat of a global pandemic. In addition to health scares, many people have been forced out of work and a number of small businesses have been threatened with failure because of government shutdowns. Debts are piling up nationwide, and many people have been forced to consider filing for bankruptcy.
Small business is the backbone of America. In Virginia, there are approximately 725,000 small businesses comprising 99.5% of all businesses in the state. On their own, a small business closure may have serious consequences for the owner and employees.
Due to numerous consumer protections like the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA) and state laws governing debt collection, it is important for a creditor to be knowledgable about the legal process for collecting a debt.