Creditors know the hassle of collecting debts from select debtors at times. It can be hard to pursue someone to repay the money you are owned, especially when they are keen on defaulting. The good news is you can hire one of New York collection lawyers and follow the legal course to get back your debts. Let’s start by saying that collection lawyers are different than of collection agencies. An agency will use various methods to remind the debtors to pay money, but they cannot sue or take legal action – a collection lawyer can. Here’s more on what you must know about collection lawyers and why you should hire one.
Enforcing money judgments can be hard
You will be rather surprised to know that money judgments are often hard to enforce, and more than 70% of all judgments are not collected. With a collection lawyer by your side, you can go all out and have an aggressive approach for getting back your money. Most law firms have their own team of experts, who work extensively and ensure that all details of debtors are found and used for collecting debts. For instance, in case a company owes you money but the owners refuse to own up to the debts, the collection lawyer can take down the corporate veil to hold the owners responsible.
Find a reliable collection lawyer
As in any industry, not all collection lawyers are the same, and it makes sense that you talk to an attorney in-depth to get your debts back. Start by understanding if debt collection is their primary expertise, or at least if they dedicate a considerable part of their work to this. Secondly, check with the collection lawyer to know how they approach a case. For example, if a debtor is untraceable, or has managed to transfer and sell their assets, what are the various ways in which money can be recovered. A good lawyer will give all the legal options that can be considered for collecting debts, and their expertise is key in such cases. Find a lawyer, who isn’t scared and has the resources, to chase the big defaulters and companies.
If you are wondering whether you should engage an agency too, the answer depends on your circumstances, but collection lawyers should be able to give you insight as to when to take legal action. Check online for top law firms in NY for debt collection matters now.