No one likes to get delayed in the collection of debts. Every company wants to collect its debts as effectively and quickly as possible. But there are some legal restrictions on the collection of debs too. Your actions may counter you afterward. As a result, you might be deprived of your money by your debtors. Herein, hiring a debt collection defense lawyer Chicago will help you collect money from your debtors legally yet effectively and faster.
Being a creditor, losing the money you owe to someone can be frustrating. But there are ways how a debt collection attorney can help you save your money. That said, here are some ways to collect your money from your debtors. Read on.
Sale of property
Most of the time, while taking debts, the debtors generally lien a part of their property which equals the value of the debt. By law, the creditor can sell the property to obtain their money back if the debtor becomes insolvent.
A debt collection attorney generally calculates the value of the debt and the value of the lien property and establishes a legal connection to the sale of the part of the property or the entire property. Such professionals will work on paperwork and submit the proper documents to get your money back by selling the debtor’s property.
Third parties
Creditors can also try to collect their debts from third parties if they cannot generate money by selling property. This can include collection from joint accounts and legal representatives too. However, note that this requires a lot of legal work and documentation. Hence, hiring a debt collection lawyer does the job for you.
Wage garnishments
Wage garnishments are usually the most suitable and effective way to collect your wages. Although it too requires a lot of legal work, it can be very effective and useful if you are a creditor. You can sue the debtor in court, and then the bank will pay you the money owed to you. The bank, on the other hand, will hold your debtor responsible now. The best advantage is that you are no longer associated with the case now.
Whenever you are in doubt of a debtor not paying you money, contact a debt collection attorney as soon as possible. Take legal actions because once the debtor becomes completely insolvent, it can be hard to recover any money. It is not advisable to harass or misbehave with the debtor. Rather, take effective yet legal steps that can cause no counter to lashes.
