Frequently Asked Questions about Business and Commercial Law
Q: What actions and disclosures must a collection agency provide to a debtor when commencing a collection?
A: A third-party collection agency must comply with the federal Fair Debt Collection Practices Act (FDCPA). Pursuant to the FDCPA collection agencies must provide the following information to the debtor either in the initial communication or in writing within 5 days thereafter: (1) the amount of debt, (2) the name of the current creditor, (3) notice about the 30-day period in which the debtor may dispute the debt, (4) notice about the obligation of the collection agency to send the debtor verification of the debt if the debt is disputed and (5) notice that if the consumer requests it within 30 days, the debt collector will provide the name and address of the original creditor, if different from the current one.
Q: What is bankruptcy?
A: Bankruptcy is a legal way to seek relief from creditors. A debtor often files for bankruptcy protection when he or she owes creditors more than he or she has the ability to pay. Very broadly, under federal bankruptcy law, debtors' assets are used to pay off debt or payment plans are set up.
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Business and Commercial Law Attorneys
Fischer, Porter & Thomas, P.C.
Advisory, Transactional, and Litigation Legal Services
Caring, Responsive, Committed
Whether your business is just getting off the ground, or experiencing growing pains, the business and commercial law firm of Fischer, Porter & Thomas is available for insightful counsel and guidance.
Our business and commercial law lawyers handle diverse areas including start-up issues (business formation and choice of entity); organization matters (shareholder agreements, trials and arbitration mergers, dissolutions in northern New Jersey and Bergen County); transactions (contracts, leasing, licensing, government regulation compliance); employment law, commercial real estate; and business litigation (contract and trade secret disputes, non-compete agreements). Our many small to midsize business clients are located throughout northern New Jersey and in Rockland and Orange counties and the New York City metropolitan areas.
Business and Commercial Law - An Overview
Business law and commercial law are broad legal topics that encompass business, commerce, consumer transactions, and the formation and management of business entities. Some of the more important areas of commercial law include sales, secured transactions, negotiable instruments, and debtor and creditor law.
An attorney with experience in business and commercial law can help you with all of your questions.
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The Sale, Lease and Distribution of Goods
Contracts for the sale, lease and/or distribution of goods are primarily governed by state law. However, most states have adopted the Uniform Commercial Code (UCC) with regard to these topics. An attorney who is experienced with the UCC can help you with your questions.
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Secured Transactions and Negotiable Instruments
Secured transactions and negotiable instruments are two important areas of commercial and business law. In a secured transaction a borrower agrees that the lender may take property owned by the borrower as collateral should the borrower default on a loan; in other words, it is a way to secure a loan. A negotiable instrument is a writing that promises the payment of a fixed amount of money. Both of these areas are essential to modern business loans and everyday transactions.
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Consumer Credit: Debtor and Creditor Laws
Credit allows people to promise to pay in the future in order to buy or borrow in the present. Credit is vital to our commerce system and is used every day by businesses and consumers. An understanding of the law governing credit is vital to protect your own interests, whether you are the creditor, a business owner, an entrepreneur or a lending agency.
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The Forming and Managing of Business Entities
The forming and managing of business entities are important areas of business and commercial law. There are a variety of common business organization forms. However, most businesses are well served by a variation of one of the four major organizational forms. These major forms include: (1) the sole proprietorship, (2) the partnership, (3) the limited liability company and (4) the corporation. Each form has its specific advantages and pitfalls. A core focus on liability and tax implications should guide a new business owner in his or her selection.
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Business and Commercial Law Resource Links
Commercial Law League of America®
Organization of attorneys and other professionals who represent the credit industry in debt collection, bankruptcy and commercial litigation.
Federal Trade Commission - Fair Debt Collection Practices Act (FDCPA)
Provides a link to the FDCPA and to other resources about the Act, which requires fair treatment of consumers by debt collectors.
National Association of Credit Management® (NACM®)
NACM is a membership organization that is a resource for credit, collection, and financial management professionals, providing information, products, and services designed for effective business credit and accounts receivable management.
United State Small Business Administration (SBA)
The SBA aids, counsels, assists, and protects the interests of small businesses. A great resource for all things business related.
Federal Trade Commission (FTC)
The Federal Trade Commission enforces a variety of federal antitrust and consumer protection laws. It works to eliminate acts or practices that are unfair or deceptive.
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The information in this Business and Commercial Law Information Center is intended to be general and may not address your particular litigation needs and/or business or commercial law issue. To schedule a confidential consultation with one of the experienced, widely respected trial attorneys who are business and commercial law attorneys, contact Fischer, Porter & Thomas.
From our offices in Englewood Cliffs, New York City, the trial attorneys at Fischer Porter Thomas & Reinfeld, P.C. represent clients throughout New York and New Jersey, including the following in New Jersey: Paramus, Englewood, Englewood Cliffs, Fort Lee, Teaneck, Alpine, Cresskill, Demarest, Edgewater, Cliffside Park, Ridgewood, Hackensack, Tenafly, Clifton and Jersey City. In New York, our lawyers assist clients throughout the New York City metropolitan area, including Nyack and Piermont, White Plains, Westchester, Manhattan, the Bronx, Brooklyn, Queens and Staten Island. Our law firm also represents clients throughout Bergen County, Essex County, Passaic County and Hudson County in New Jersey; as well as Nassau County, Bronx County, King County, Westchester County, Orange County and Rockland County in New York.
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