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Differences between using a collection agency and an attorney
An experienced collection attorney is generally one who is dedicated to collecting as much of the debt as possible, and is not looking for a quick and easy way to make a fee.
There are significant differences between using a collection agency and an attorney. A collection attorney can file a lawsuit to collect a debt, whereas a collection agency cannot do that, without the assistance of an attorney. Since the likelihood of success in collecting a debt is increased the closer to the original invoice date, using legal recourse swiftly generally produces not only better results, but it helps bring money to our clients much faster.
Bankruptcy vs Payment
In legal terms, there is only one option that a business has in order for it to no longer be obligated to pay debts: file bankruptcy. Although this may seem like a good option on the surface to escape debts, bankruptcy leaves a long record, inhibiting a business’ ability to borrow funds, seek investors and build credit accounts long into the future. Barring this, the only legal (and ethical) recourse a business has is to make payment or a settlement on their debt.
Swift and Effective
Another difference between a collection agency and a collection attorney is simply one of time. While the initial process is the same, an attorney can communicate clearly and effectively that the only way, short of bankruptcy, to get out of the debt is to pay its creditor. As offers of payment come in, you have the choice of when to accept offers or when to continue to look for full payment. With a collection attorney at the helm, you can move quickly through the legal process until your debt has been collected, giving you the ability to pay your own obligations and continue running your business.
For more information about our collection process, and to see if it makes sense to have your accounts handled by experienced attorneys, please contact us. Remember, there is never any fee to have us evaluate your claim. Call or email us now.