Middletown Collection Lawyers

We Help Businesses Collect Debts

Businesses, banks and other financial lenders sometimes need the help of an experienced and competent collection lawyer to recover money owed. The Middletown collection lawyers at McOmber & McOmber, P.C. have over 40 years of experience of successful debt collection. Our team motivates debtors to repay loans, and if need be, seek legal restitution to recover these debts.

Consumer Debt vs. Commercial Debt

A consumer debt is one wherein an individual agrees to repay a debt used for personal or household purposes. These can include home equity loans, mortgage loans, student loans, automobile or boat loans, credit card debts, revolving lines of credit or credit agreements. The individual is responsible for repayment of the loan and satisfying the terms of the agreement for repayment. Failing to repay this type of loan leaves the individual subject to debt collection, credit reporting and possible litigation.

A commercial debt is one wherein a business enters into an agreement to repay lenders for services or products purchased for business purposes. Banks and other lending institutions fund loans for commercial real estate purchases, buying equipment, inventory or technology for a business, increase working capital or for expanding operations. The business enters into an agreement for repayment of funds and is responsible to meet the stipulations of the agreement or face repossession or litigation.

Our Middletown collection lawyers at McOmber & McOmber, P.C. are experienced in collections for both consumer and commercial debt. It is important to establish the distinct purpose of the loan to enforce the state and federal laws that surround the collections of these debts. The Middletown collections lawyers at our firm understand the parameters of these laws and how to best utilize them for a successful outcome.

The Process of Debt Collection

An experienced collection lawyer will carefully examine the terms of the lender’s loan agreement to determine the best course of action to collect what is owed. When collection agencies have failed to collect a debt, an experienced collection lawyer can demand payment from debtors and sue for non-compliance.

A skilled collection lawyer will first send a letter to the debtor that demands payment. If this strategy fails to prompt the debtor to repay the amount owed, then the attorney can bring suit against the debtor seeking a judgment and, if the agreement or obligation provides for them, demand repayment for attorney’s fees and court costs. Once the lender receives a judgment in their favor, the law firm can then take more aggressive steps to enforce a judgment including but not limited to wage garnishment, liens and repossession of property or assets.

Some collection lawyers, with the authorization of their clients, will offer debtors a reduced amount to repay in the hopes that they collect at least a portion of what is owed to the client. These agreements can help avoid costly litigation or time consuming asset seizure.

Middletown Collection Lawyers at McOmber & McOmber, P.C. Help Businesses and Lending Institutions Collect Debts

Businesses and lending institutions rely on consumers and commercial entities to repay debts owed for money borrowed and services rendered. Failing to do so can significantly affect the success and longevity of the lender’s business. So, it is important to act quickly when a debt becomes delinquent.  When attempts to collect a debt fail, an experienced and skilled collections lawyer can demand repayment. The team of competent and knowledgeable Middletown collection lawyers at McOmber & McOmber, P.C. can help lenders recover what is owed to them by pursuing legal action against debtors.

Call the Middletown collection lawyers at McOmber & McOmber, P.C. at 732-842-6500 or 856-985-9800 or complete our online contact form to schedule a consultation today. Our offices are conveniently located in Red Bank and Marlton, New Jersey and we serve clients throughout the state.