Judgment Enforcement & Recovery:
Get a Collection Lawyer in New York
Businesses have to take risks, which include extending credit to clients. When a client refuses to pay bills and invoices on time, there are several options to consider. Many companies often rely on debt collection agencies to manage their collections better. If you have already sued a debtor and have won a judgment, you will have to ensure that the debtor pays. More than 70% of all judgments go uncollected. The statute of limitations in New York allows twenty years to enforce a judgment. While that may look like a lot of time, it can be hard to judge as time passes by. Instead of trying to understand and review the legalese, consider hiring a collection lawyer in New York. In this post, we are sharing more on how an attorney can help.
Reviewing the work of attorneys
Judgment collections are often tougher than most businesses and creditors imagine. If a debtor has no intention to pay, you may have to twist things to “make them” pay. For instance, a debtor could be hiding assets or may claim that they have no money to pay you. If you want to take further action, you will have to use investigative resources to gather data. For any business, that could mean losing time and money. Instead, you can hire a collection lawyer, who will not only locate the debtor (if your debtor is elusive) but also take steps for judgment collection. Attorneys can also try other procedures to ensure that the debtor pays, which often means working in the background to collect info.
We have hired an agency for debt collection. Do we need a lawyer?
The short answer is yes. Collection agencies have a valuable role for businesses, but there is only this much that an agency can do for your company. Your debt collection agency cannot pretend to be a lawyer and enforce a judgment. Also, agencies can only adhere to certain means to collect debts. Debtors, especially those who don’t intend to pay, often declare fraudulent bankruptcies or take evasive steps, and an attorney can tackle all of that and take measures to attach/seize the debtor’s assets. In many cases, when a debtor genuinely doesn’t have the resources or assets to pay, your lawyer may ask to settle the judgment so that you can recover something than nothing at all.
An attorney can help you with collections and judgments better than anyone else. Just hire the right one.
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