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How A Collection Attorney Can Benefit You
Traditionally, the way a commercial creditor sought payment for a delinquent account was to attempt to collect the debt on their own, thus taking time and resources away from their own business in order to secure payment. If that didn’t work, the next recourse was to hire a collection agency, thus incurring more costs by hiring a third-party who may or may not aggressively pursue the claim.
The main, and in many cases, the only tactic of many collection agencies is to send letters to debtors, which are usually ignored. However, when debtors are contacted by a law firm, they know legal action is forthcoming, or very well could occur, if they do not respond. Moreover, debtors who owe money to several creditors often pay those represented by a law firm first.
Hiring a collections attorney specialist offers you numerous benefits:
- Suits will be promptly filed if the demand letter is ignored.
- Collection attorneys can obtain and enforce legal judgements. For example, Massachusetts Sheriffs can seize vehicles or other assets based on collection judgements.
- An attorney can negotiate meaningful payment plans and monitor them for compliance.
- Attorneys understand the legal implications of bankruptcy, divorce, foreclosure, etc. as part of their practice.
- Attorneys are bound by state rules of ethics and professionalism and are subject to sanctions by the court for improper handling of their client’s affairs or funds.
- Most collection agencies simply do not have the legal clout or resources to offer these advantages to their clients.
If you are seeking payment of a delinquent business or commercial account, give us a call, and we’ll take care of the rest, so that you can return to doing what you do best, running your business.