A debt collection attorney is an attorney like all others.
All attorneys graduate from law school with a JD, or juris doctor. All attorneys receive this degree, regardless of their specialty or focus during their career. Some attorneys may choose to further their legal education by pursuing a secondary degree, such as an LLM (master of laws).
Attending and successfully graduating from law school does not qualify one to practice law. In order to practice law, you must take and pass the Bar Exam in the state you want to practice in. A person can only practice law in a state where they are officially admitted to the Bar.
A debt collection attorney regularly collects monies owed by one party to another. Debt collection attorneys largely deal with “breach of contract cases.” These cases involve situations where one party performs a request of another (e.g., selling goods or services), and the recipient of the services fails to pay the provider.
A debt collection attorney can assist in recovering your money regardless of whether a formal contract exists.
What Distinguishes a Debt Collection Attorney From Other Attorneys?
Debt collection attorneys deal with nonpayment and, in some cases, seek reimbursement of monies paid. Because debt collection attorneys regularly handle the same types of cases, they are familiar with and can anticipate excuses and defenses frequently raised by the non-paying party.
Debt collection attorneys have established policies and procedures to expedite the handling of debt collection claims. The protocol varies at each stage of the debt collection process, including demand, mediation, arbitration, litigation, judgment, and judgment enforcement.
Many creditors do not wish to invest more money chasing bad debt. A collection attorney should offer a fee structure that ensures a good recovery for the client.
Most debt collection attorneys will work on a contingency fee basis, meaning the attorney is paid only if they successfully recover the monies. However, if the creditor desires a different fee arrangement, most collection attorneys are willing to work on a hybrid fee arrangement or reduced hourly rate.
The goal of a debt collection attorney is to collect and deliver value at a fair and reasonable fee so that the client realizes the maximum amount of money in their pocket.
Should You Use a Debt Collection Lawyer Who Offers Other Services?
It might sound appealing to have your general counsel handle your debt collection case along with other services. However, this might not be the best idea. Ask your lawyer for their honest opinion. They would likely prefer that you use a lawyer who specializes in debt collection. Any attorney can write a letter demanding payment, but if that fails, you may find yourself in a difficult position.
For maximum results, make sure to use a debt collection attorney who specializes in the area you’re looking to collect. Frank, Frank, Goldstein and Nager has the experience that pays. Contact us for a consultation.
