Gregory D. Delev Debtor and Creditor Law Blog on Lawyers.com

In Ohio, attorneys who specialize in Creditors Rights do just that; they defend the rights of creditors who lend money or extend credit. We hear so much about protections under federal and state laws that protect debtors and admittedly, the concept of creditors’ rights may sound strange when so much attention is given to debtors’ rights.

It is easy to forget that in our “free market system” both parties are equal participants to the transactions and that without debtors asking for credit there would not be creditors and vice –versa, “It takes two to tango.” It is understandable that we want to protect citizens from unscrupulous lending collections practices, and yet creditors are not afforded protection from unscrupulous debtors. Of course creditors are entitled to not lend money, and as long as they comply with Ohio collection laws, at least in most cases, have the right to be paid back.

The essence of the Free Market System is that it permits individuals the freedom to take risks to improve their lives. At its core is the freedom to contract and this freedom is the fundamental catalyst to the nation’s economic success, whether it is extending credit for the weekly supplies of small businesses or massive projects requiring enormous amounts of capital. The opportunity to take such a chance creates risks for both the creditor and the debtor.

Without a legal system that enforces contracts and imposes the consequences for the party that defaults on their obligations, as well as in certain situations limits the extent of risk, then the incentive to borrow and lend would eventually dry up, strangle the American Dream and send the nation’s economy into a nose dive. The reliability of the U.S. legal system is crucial to our nation’s success.

While in recent years much attention has been given to the abusive practices of creditors, such as predatory lending and abusive collection practices, little thought is given to how these laws are used by debtors to their advantage to defraud creditors to avoid paying otherwise legitimate debt. Allowing creditors to collect with impunity is just as wrong as allowing debtors to default with impunity.

It is crucial that both parties recognize that success, by its very nature, is risky for both parties, and to ensure everyone will take risk, the legal process provides equal protections for both creditors and debtors, giving all of those who took risk and failed a chance to start over. On the one hand, denying either party equal protections or permitting them to abuse their obligations is equally detrimental to both creditors and debtors. This would lead to economic chaos in the form of higher interest rates, fewer people willing to extend credit and, more generally, result in a crisis of confidence. As the financial crisis of 2008 has revealed, faith in the financial system is arguably as important as the hard economic indicators. As such, it is essential to realize both debtors and creditors have a responsibility to ensure the economic system remains viable and free of excessive regulation and excesses. No one appreciates unfair practices by Ohio debt collectors, but we must also recognize that many debtors are equally unscrupulous in using laws that are designed to prevent abusive tactics by creditors to their own advantage.

If you are struggling to receive payments from debtors or if the work of collections agencies is not producing desired results, contact Ohio debt collectors at Delev & Williams, L.L.C. for legal assistance.  Call us toll free 1-866-967-8235 and speak to one of our collections attorney in Ohio.