Debt Collection Strategies and Considerations
If you or your business are owed money by a debtor, it can be a frustrating experience trying to collect those funds. There are many considerations and pitfalls to avoid in the debt collection process. Hulsey, Oliver & Mahar has decades of experience helping individuals, banks, companies, and other entities in debt collection actions. Together, we can develop a strategy and guide you through the debt collection process.
Typically, our first goal is to utilize pre-suit collection strategies to collect all funds owed to our clients. These strategies vary from case to case, and include written demands via letter, and phone calls between the attorney and the debtor. If we can collect or successfully negotiate the debt with relatively minimal work, it saves our clients time and money.
In the event that we have to file a suit in a collection action, there are a number of legal and equitable claims that we can assert. Further, we can select the best court and forum for the collection, based upon the unique circumstances of each case. We frequently add successful claims for attorney’s fees that are added to the debt, so that our clients are made whole upon collection of the debt.
Merely obtaining a judgment in a lawsuit against a debtor rarely guarantees payment. Often, we have to pursue the judgment debtor to collect on the judgment. We have numerous legal tools at our disposal for locating assets and collecting a judgment, including written post-judgment discovery, depositions, garnishments, attachments, liens, and levies.
When attempting to collect a debt without the help of an experienced attorney, creditors should be aware of the dangers associated with violations of the Fair Debt Collection Practices Act. Damages associated with violations of the FDCPA can be substantial, and attorney’s fees can be awarded to the prevailing party in addition to statutory damages. The FDCPA does not apply to everyone seeking to collect a debt. A knowledgeable attorney can guide you through the dangers associated with violating the FDCPA.
We also frequently counsel clients on business practices and other steps to take in order to avoid any debt collection problems altogether. Obtaining accurate references, financial information, and credit information on the front end of any transaction is one important step. Payment arrangements, such as progress payments as work is completed, are also useful in certain circumstances to avoid large collection accounts.
If you’d like meet with an attorney experienced in debt collection, please contact the law firm Hulsey, Oliver & Mahar, LLP to schedule an appointment. Call 770-532-6312 today!