Trying to get your customers or clients to pay an overdue debt can be time consuming, frustrating and exhausting. Debtors often find that there are no repercussions for ignoring unenforceable requests for payment. Many business owners will enlist the services of a collection agency to recover payment, but these agencies often do little more than harass debtors and prove powerless to collect your debt. There are many reasons why hiring a collections lawyer is the most effective step you can take toward getting the money that you are owed.
There is a vast system of rules and regulations designed to protect debtors, including federal fair debt collection regulations, credit reporting rules and HIPPA rules. By hiring an attorney to collect on past due bills, you can be certain that your debt collection practices are in compliance with current regulations.
Collection agencies specialize in sending letters to debtors in an attempt to collect on a debt. However, these letters don’t have the same force as an attorney’s formal demand letter. Debtors will often wait for a collection agency’s letter to ripen into a lawyer’s demand letter before making payment. They know that if they ignore the formal demand, a lawsuit will be filed against them and their assets could be seized or their wages garnished in order to collect the debt.
Unlike a collection agency, lawyers are governed by state rules of ethics and professionalism and are subject to court sanctions if they improperly handle recovered debts. Collection agencies do not have such a powerful oversight mechanism in place to ensure that your matter is handled professionally. Some national collection agencies are known to hold collected funds for long periods of time. Some also have a reputation for failing to regularly report on the status of clients’ collections.
An experienced collections lawyer can also help you draft or review clients’ contracts, credit applications and form agreements to prevent problems before they occur. Setting strict ground rules from the outset as to what will happen if payments are not promptly made, including provision for late fees and other costs, can be the best weapon in your arsenal for collecting your debt quickly and painlessly.
Middletown Commercial Collections Lawyers at McOmber & McOmber, P.C. Recover Overdue Business and Personal Debts
If someone owes you money, we will thoroughly investigate the debt and develop a customized strategy to maximize your recovery. The aggressive Middletown commercial collections lawyers at McOmber & McOmber, P.C. recognize your need for a cost-effective approach and we will work with you to achieve your debt recovery goals.
With offices located in Red Bank and Marlton, New Jersey, we represent clients throughout New Jersey. To learn how we can help, contact us at 732-842-6500 (Red Bank), 856-985-9800 (Marlton) or complete our online contact form today.