Every company wants to collect its debts legally, effectively, and quickly in today’s fast-paced business world and economic crises. Hiring a debt collection attorney is a legal and wise option for businesses to recover client debts.
Otherwise, you may not recover larger debts or pursue debts from your clients. Therefore, a creditor collection attorney provides legal assistance and ensures everything goes smoothly and according to the law.
Today’s article will list the tools and methods a credit collection attorney uses to collect debts. Read on!
Forced Sale of Real Property
Enforcing the judgment means using the legal process to obtain information on the debtor’s property, including tangible and non-tangible assets. It also remains a lien on real property owned by the person who owes money to the creditor.
It also means the debtor must pay the debt before selling their house or refinancing a mortgage. California law allows judgment creditors to force a real property’s sale owned by the debtor.
However, it is crucial to determine whether the property’s value is more than the liens. Otherwise, forces sales are not an ideal option for the creditor to recover the debt. Hiring a creditor collection attorney can help you optimize the process.
For instance, a creditor collection attorney will perform thorough research and find the most reliable legal options to enforce the property’s sale. A forced sale is ideal for grabbing the debtor’s attention even if they don’t have equity.
The process takes a few months to complete. Still, hiring a reputable, professional, and experienced law firm, such as Collection Attorney USA, can get the job done adequately and achieve optimal results.
A creditor collection attorney follows a step-by-step approach to initiate the forced sale of real property owned by the debtor. First, the attorney will obtain a writ of execution and inform the local law enforcement agencies.
Second, the attorney will record, document, and serve the writ of execution. It requires at least 120 days to optimize the process. Next, the attorney will publish the notice of sale, conduct an auction, and find the highest bidder to document the deed. Thus, you can sell the property and recover your debts.
Collecting from Third Parties
Another critical tool a creditor collection attorney uses is collecting debt from third parties. For example, if the debtor does not respond to the phone calls, emails, and legal notice, the attorney will contact third parties with any business association with the debtor.
The attorney will perform a series of legal actions to recover debt from the joint accounts. However, this requires accurate data collection about the accounts, analyzing the information, and contacting the third parties to pay the debts.
Standard recovery techniques used by creditor collection attorneys are letters, emails, telephonic calls, email communication, and the credit bureau. The purpose is to ensure the attorney recovers the debts efficiently without legal issues.
Wage Garnishments
Wage garnishment is a reliable tool or method used by creditor collection attorneys to recover the debt. It is a legal debt collection tool that focuses on a judicial process and requires the attorney to sue the debtor and get a judgment against them.
Once the attorney gets you a judgment, you will have a court order to start the wage garnishment procedure. For example, the bank will withhold the stated amount from the debtor’s account and transfer the money to the credit until the debtor has paid the entire debt.
Wage garnishment usually lasts for four months. However, you can collect the debt early when you hire an experienced attorney with extensive knowledge of wage garnishments.
Final Words
A creditor collection attorney can provide various legal remedies to pursue the debtors who make excuses or refuse to pay. Collection Attorney USA is a reputable law firm with years of experience in debt collection via legal channels.
We do not harass the debtors and avoid reporting defaults or late payments to credit bureaus. We follow a step-by-step debt collection procedure by sending a demand letter to the debtor, initiating a lawsuit, obtaining a money judgment, and enforcing the real property judgment/sale to recover your debts.
Contact us today for more information or discuss your concerns with one of our expert debt collection attorneys at 1-888-401-4008 or visit us online at https://collectionattorneyusa.com/. We will give you a detailed plan and use legal tools to ensure you get back your money quickly.
