Every debt collection is different and has its unique circumstances and facts. Thus, your collection lawyer in New York should have established and refined procedures for collecting what is owed to you. They have best-practices they constantly embrace to increase your chances of a successful collection. Here’s how your debt collection lawyer will work in your favor:
Follow a Proven Procedure
An experienced debt collection lawyer will take an aggressive approach to debt collection. To demand payment, they make legal calls and letters. Also, they perform investigations as well as to conduct title and asset searches. They check court records to determine if your debtor has been pursued by other creditors. Then, they will report their findings to you.
A neutral third party can mediate your situation and assist you as you try to reach a debt payment arrangement you both agree on. Mediation may be an option for you if both parties prefer to remain on good terms. The mediator will encourage you and the debtor to be creative, so you can reach a mutual agreement outside of the courtroom. When you reach an agreement, the mediator will seal it with a written irrevocable and binding document.
Use the Court System
A reliable debt collection attorney can enforce the debt collection laws in the state as they start collecting on bad debt. Collection efforts they can explore include bank and wage garnishments as well as sheriff levees or judgments. Such methods are likely to lead to seizing the real or personal property of your debtor. Your lawyer could advise and supervise this process.
If you end up using the court system for collecting debts, you need to get a judgment from a country or district court. A debt collection attorney will assist you as you go through and complete this process. With the judgment, you can get a writ of garnishment that can provide you with the authority to collect the debt owed to you from the bank account of the debtor. Additionally, a writ of execution on the personal property allows you to legally confiscate some of the debtor’s property.
Whatever collection method your attorney will use, can be rewarding. However, you need to ensure there is a balance between the debt amount and the costs of collection. It is then essential to carry out credit and background checks early on, so you don’t have to deal with these issues.