Do you need a good debt collection attorney? If you extended a loan to someone and are having trouble recovering the money from them, you could benefit from a debt collection attorney. If you owe a debt that you are unable to repay and are being harassed by debt collectors, you could also benefit from a debt collection attorney.
What do debt collection attorneys do?
In an ideal world, every time you make a loan with someone, they’ll promptly repay you. In an ideal world, every time you take out a loan, nothing unexpected will arise that will prevent you from repaying. However, we don’t live in an ideal world. This is why debt collection attorneys exist.
If you are the debtor, you could benefit from a debt collection lawyer if:
- You have more debt than you are capable of making payments on. Even responsible people find themselves in this position. Our health care system is a mess; over one million families file bankruptcy every year as a result of devastating medical bills. When the housing market crashed a few years ago, many real estate lawyers advised their clients to walk away from their mortgages, even though it seemed sensible when they got them. Sometimes you get blindsided with job loss. Whatever the reason, if your debts take so much of your income that you don’t have the money to meet your family’s living expenses, you would benefit from working with a debt collection attorney to work out a manageable agreement with your creditors.
- You are being harassed by creditors. Collections agents can be very feisty while trying to get money out of debtors. They’ll hound you at work. They’ll contact your family members in search of you. They’ll call you at home at all hours of the day and night. A debt collection attorney can advocate for you, to give you peace of mind.
- The treatment you’ve received from a collector is illegal. There is very little that a collection agency will stop at to get their money back. Sometimes they’ll lie to you. Sometimes they’ll make threats that will intimidate you into putting yourself in financial turmoil to repay them. No matter what reason you are unable to repay your loan, you’re a human who has civil rights. Many collectors get away with these tactics because their debtors don’t realize there are debt collection laws protecting them. You don’t deserve to be treated this way; a debt collection attorney will help you reach a settlement with your collectors while protecting your rights.
If any of these points describe you, it’s a good idea to get in touch with a debt collection attorney as soon as possible. Some actions collection agencies take cannot be undone by your lawyer, such as putting a garnishment on your paycheck. You’ll fare better if you have a debt collection attorney advocating for you before judgements like this are taken.
If you are a lender, you could benefit from a debt collection attorney if:
- If you made a personal loan to a friend or family member who has abandoned repaying you. If you are not in the lending business, you probably do not realize you have a recourse for recovering your money. A debt collection lawyer will help you figure out a plan for getting your money back.
- You are a lender who is struggling to recover your money from your loans. Your debt collection attorney will develop a strategy for helping you get your money back from the loan. They’ll go to the table for you and negotiate a repayment plan that satisfies both your best interest and that of the person who owes you money.
When you are on the lender side of the dispute, your debt collection agency will likely charge you on a commission basis. This means that when you recover any money, a portion of the payment will go to the attorney who worked to recover it. If they do not recover any money on your behalf, you don’t pay them anything.
Do you have any other advice or questions about debt collection lawyers? Please share your input in the comment section below!