Any operating business may need to collect debts from past-due clients. In today, difficult economy, a lot of clients may not be able to pay their debts on time. You have probably given your debtors enough time to pay for your services or products. If this time lapses, you will have to start your collection efforts. If your invoices are not getting paid, you may want to consider hiring a collection lawyer in New York to help you get debts paid. An experienced lawyer is well versed in the legalities of debt collection and can provide you with the right advice on pursuing the matter. For debts that are big enough that can go to court for a lien or judgment, an attorney is a perfect option. Here’s what you can expect when you work with a skilled debt collection lawyer:
You Can Recover What You are Owed Quickly
When you hire a debt collection lawyer to collect outstanding debts from a client, you can usually expect a positive outcome more quickly than when you hire a debt collection agency. Debtors will usually not want to appear in court and explain the reason they cannot pay their debt to a judge. Your attorney can file a lawsuit to collect debts and recover unpaid accounts receivables. With an attorney, you do not need to wait longer for real action.
You Can Save Money
Hiring a debt collection lawyer means you take the middle guy away from the picture. You work with them directly instead of working with a debt collection agency that will later hire an attorney when their letters and calls fail. This will save you time and any extra charges you may need to pay when you hire an agency.
You Take Advantage of their Expertise
A reliable debt collection lawyer can give you legal advice and represent you in court. Also, they know the right methods to use to find hidden assets your debtor may have and how to use a subpoena or do searches to find hidden bank accounts and corporate interrelationships that could satisfy a judgment.
You Don’t Have to Pay Them Upfront
The majority of debt collection attorneys work on a contingency fee basis. Thus, they only get paid a fee when they successfully collect money from your debtor. If you work with a collection agency, you will need to pay it a fee no matter the outcome of their collection efforts.