Do I Require the Services of a Debt Collection Attorney?

Do you have a legal problem as a debtor or a creditor? Here are some scenarios in which a debt collection attorney might assist you.

What you’ll discover:

What Is the Role of a Debt Collection Attorney?
How Do I Determine Whether I Need a Debt Collection Attorney?
How Much Does a Debt Collection Lawyer Charge?
What Should I Expect From a Debt Collection Attorney?

Debtors despise receiving phone calls from debt collectors, while creditors despise it when debtors ignore their calls. If you find yourself in any of these situations, you should get legal advice.

What Is the Role of a Debt Collection Attorney?

If you are a creditor or a debtor, a debt collection attorney may represent you. A lawyer may assist you in devising tactics to recover money you’ve lent out or to shield yourself from overzealous creditors. Your lawyer may handle paperwork or represent you in court.

How Do I Determine Whether I Need a Debt Collection Attorney?

If you are in debt, the following are some indications that you may want the services of a debt collection attorney:

Creditors phoning your home or office on a regular basis
An inability to repay debts at the moment
A creditor has threatened to sue you.
Collectors treating you unjustly

You could also think about hiring a debt settlement attorney to assist you minimize or eliminate debts in order to avoid debt collectors.

If you require payback for a loan and the debtor isn’t paying, a debt collection attorney may advise you on the best way to get your money back. You can also think about hiring a creditors rights attorney, who works entirely for creditors to assist them reclaim their money.

How Much Does a Debt Collection Lawyer Charge?

Attorneys bill in a variety of ways, so there is no one solution. Many debt collection lawyers charge on an hourly basis. Other lawyers charge on a contingency basis, which means you won’t have to pay anything up front, but your lawyer will take a percentage if you win your case. If you do not win, your lawyer will not get paid. If your lawyer chooses to charge in this manner, you are most likely on the creditor side since you have more to gain than on the debtor side. Discuss how your lawyer bills up front, so that you may both agree on a charge you’re comfortable with.

What Should I Expect From a Debt Collection Attorney?

If you are a creditor, an attorney may assist you in devising a strategy to recoup the money you lent. If you go to court, the timeline and amount you get will be determined by the judge’s decision. You and the debtor will be able to discuss terms if you are able to settle outside of court.

As a debtor, you will face the same results, but instead of getting money, you may expect to repay the amount borrowed, or potentially less if your attorney is able to negotiate a lower sum.

In any event, the situation should be settled and neither party should disturb the other again. A debt collection attorney is your greatest protection against being taken advantage of, so if you feel you can’t manage a creditor or a debtor on your own, an attorney may assist you.