Find a Collections Lawyer
Debt recovery for your company can be easily accomplished but this is hardly commonplace and sometimes it is necessary to hire a professional to handle the process. As a business owner, you have your own customers, clients, and important responsibilities to handle in their own right and dealing with delinquent debtors can be draining on better-utilized resources, time, and your patience.
Depending upon the circumstances related to the debt you’re attempting to reclaim, it can be a prudent idea to handle the situation on your own, hire a collection agency, or enlist a qualified attorney to ultimately accomplish court ordered debt collections. Businesses are unique entities similar to the way all of us are unique as individuals, and every debt collection situation can have its own specific details and nuances.
Not every debt collector or lawyer is created equally and not every one of these professional firms will be suited for your needs. There are a few things to consider when seeking out assistance in the process.
The Beginning Steps to Reclaim an Outstanding Debt
The first step in any debt collection ordeal for your company is to acquire any information related to securing the debt. Debt collection agencies often have specialties in specific areas of debt collection. Some are specialized in securing funds for large companies, while other collectors may be catered towards minuscule collections for small businesses and home operated companies.
Lawyers are no exception in this area also providing specialization for specific needs, though even a big corporate lawyer will normally be willing to provide their legal consult and direct you towards a proper resolution. Regardless of the direction you choose to go, it is important to have all information prepared on what sort of debtor, and therefore what type of collection practice will be best for your needs.
Once you have a few collections agencies or legal professionals in mind, it’s important to run a personal risk-reward scenario on the potential benefits of each process. Debt collectors are often a more affordable option when the debt you are seeking to reclaim is small as their fees are not usually as much.
When enlisting a professional experienced in collections lawyer cases you do have a higher chance of reclaiming the totality of the debt, but the costs can be higher. If the debt dispute is not resolved with a settlement or negotiated agreement, then the case will go to court for a judgment. This is a time-consuming process and most debt collection lawyers keep a record of the hours invested into a case; adding to your overall expenditure.
This is an incredibly important phase of beginning the collections practices. Having an idea of what your expenditures are going to be versus the amount of the actual debt you’re seeking to reclaim is a vital part of the procedure. If you find that the amount you’ll likely spend on the case is less than, or even close to the amount you’ll be reclaiming, then it probably isn’t worth the time and effort to hire a professionals assistance in the matter.
The Advantages of Legal Intervention in Debt Collection
There are many situations where it is advantageous to hire a debt collection agency over a legal professional, but it’s important to weigh in the different factors when deciding what your ultimate action might be.
The first thing to keep in mind is that once you have hired a debt collector, there is no likelihood that you will be receiving the full and total amount of the debt owed. Debt collectors, like attorneys, usually operate on percentage based success income. What this means is that if the debt is successfully recovered, the collections professional will be taking a percentage of the overall debt for their fee attributed to the services they have provided you.
It is recommended to exhaust all the resources that you have at your own disposal before hiring a professional to intervene in the matter as many of the initial steps that will be taken like phone calls, and sending letters in attempts to reclaim the debt will be similar to what a collections agency would offer you.
A lawyer, on the other hand, can often achieve the resolution that you are seeking successfully and in a shorter amount of time. Something about receiving a demand letter written on legal stationary seems to persuade debtors to own up to their debt when faced with possible negative legal ramifications for their actions.
Dealing with debtors can be a frustrating and time-consuming ordeal. It is a slow and taxing process that can be damaging to your resources. In a perfect world, the situation would ideally work with you demanding a resolution to your debt owed, and the debtor pays, but this is, unfortunately, more a dream than anything based in reality.
Debt Collection with a Miami Law Firm
If you’re a business owner in the South Florida area and have exhausted all of your resources, you may feel as though there is no recourse. Luckily though there are options available to you to aid your situation and set your business off on the path towards financial recovery.
There are protections in place for debtors, Florida debtor exemptions, the Fair Debt Collection Practices Act, and several other perks, so why shouldn’t companies have recourse as well? In these situations the best thing to do even when ultimate enlisting the aid of a debt collection firm, is the consult of a qualified and experienced Miami law firm.