Debt Collection

Debt collection involves the pursuit of payment on debts owed by consumers or businesses. Two types of agencies usually carry out debt collection: debt collection agencies and debt buying agencies. The former operate on behalf of creditors and receive a percentage of the collected debt as payment, while the latter purchase debts from creditors for a fraction of the debt’s worth and then pursue the debtors for the full balance.

Hiring a debt collection agency is more financially sensible than selling your uncollected debt to a debt buyer, especially when you do not have to recover money instantly. But when a collection agency fails to resolve your case within a reasonable period of time, it is best to let an experienced debt collection attorney handle your case. In fact, hiring an attorney in the first place can save you from the pitfall of paying a debt collection agency and then turning to an attorney when the agency fails to deliver. An experienced debt collection attorney will work to resolve your case by employing legal debt collection techniques that include:

• Applying a judgment lien to the debtor’s property that will satisfy the debt when the property is sold.
• Employing an execution and levy that will satisfy the debt by effecting the seizure and sale of the debtor’s property.
• Winning a wage garnishment against the debtor that will result in a percentage of the debtor’s earnings being paid towards the satisfaction of the debt.

Debt collection is typically portrayed as a vexation to debtors, but no creditor enjoys having to take debt collection measures. Yet, debt collection is sometimes the only way to receive the money that you both need and deserve. Hiring an experienced debt collection attorney will ensure that both your claim and the debtor are treated professionally.