The fraternity of lawyers plays a crucial role in the world of business and commerce. It is the responsibility of the legal experts to ensure the legality of commercial transactions and advising corporate establishments on their legal rights and duties. In order to cater to the string of professional responsibilities, lawyers need to possess sound expertise on contract law, tax law, accounting, securities law, bankruptcy, intellectual property rights, licensing and zoning laws, etc. Members of the legal fraternity are also instrumental in drafting and negotiating contracts for corporate mergers and acquisitions.
Accumulating debts are a major concern across the United States these days. Both business establishments and the consumer segment are being adversely affected by this problem. The problem has aggravated to such an extent that the nation is suffering from a kind of economic stagnation at present. In this situation, the fraternity of commercial lawyers in Birmingham proves to be equally helpful to both the parties in resolving the problem.
Previously, businesses used to depend on professional debt recovery agencies to settle issues with their customers. However, these agencies were accused of practicing abusive and unethical debt recovery practices, which grossly denied the consumer rights of the defaulters. Thus, it was necessary to put an end to the extortionist debt recovery policies of the collection agents. In this backdrop, the Fair Debt Collection Practices Act (FDCPA) was implemented. By virtue of this law, abusive debt recovery practices are now a criminal offence in America.
Implementation of the law facilitated drastic changes to the US collections practices industry. Commercial establishments are now depending largely on the fraternity of legal experts to recover debts from customers. Professional lawyers involved with collections practices do not resort to any unlawful or unethical means while dealing with debtors. Rather, they stick to the norms mentioned in the rulebook. Debtors are never harassed, threatened or tortured – neither mentally nor physically – while recovering the money.
Pending debts are a great concern for the debtors as well. In course of time, when debtors realize they are not being subjected to threat and abuse, they become less combative. Eventually, they contact the legal experts to reach feasible settlement with their creditors. Thus, legal services in Birmingham, in majority of cases, effectively resolve the problem of debt issues, making everyone victorious in the process. Hiring a competent law firm provides more mileage to businesses than the professional collection agencies in dealing with the issue of debt recovery.