3 rd Party Collections
Each state has a different statute of limitation. In order for us to accurately answer that question, we would need to know certain specifics of the debt. For the most accurate answer, it's best to give us a call so we can discuss that with you.
Certainly, you can.
We have nationwide network and we also work internationally, we can collect your debt.
Commercial collections involves the collection of past-due receivables owed to a business by another business, or an individual for a business related debt. It can be distinguished from consumer collections which involves collection of debts owed by individuals that were incurred primarily for a personal, family or household purpose.
Our collections practice is generally focused on representation of business creditors that are owed money by other businesses or individuals. We routinely handle claims where the debtor is an individual where the basis of the claim is business related, such as a personal guaranty, or some other basis for personal liability of an individual in connection with a business debt. We do not currently accept volume retail collections (such as defaulted credit card debt) involving consumer debtors. We will accept non-commercial claims where the debtor is an individual depending on the nature of the claim, the documentation or other evidence supporting the claim, the age of the claim, its value, and our evaluation of its collectibility. Please contact us for a free initial consultation to evaluate your claim.
A collection agency sends a series of dunning letters to a debtor and usually combines its mail campaign with a series of phone calls. Many collection agencies operate on a high volume basis and handle all claims that are referred to them using a "cookie cutter" or "assembly line" approach where each claim is handled the same way (regardless of the circumstances of the debt or debtor involved). An attorney uses the law courts and legal process to collect the debt. Depending upon the specifics of the case the legal strategy can be tailored accordingly.
For each claim that is accepted for collections, the first stage in the collection process is to investigate the debtor and its financial situation (assets and liabilities). This is done by accessing a variety of public records and private data sources available to us, including private subscription only data bases to which we subscribe. Based on the results of the initial investigation, a final demand letter may be sent to the debtor. We may combine this with a phone call to the debtor or personal visit to the debtor's business premises. In some circumstances this step may be skipped entirely and a law suit will be commenced immediately.
The second stage of the collections process is to file a lawsuit. This is a litigation to collect the past due receivable. The goal of commercial collections litigation is to obtain a judgment or settlement. A collections case is not undertaken in the anticipation of contested litigation. A collections case is one the debtor is not anticipated to raise any substantial defenses, and typically is the type of case where creditor could obtain summary judgment (judgment by motion prior to trial) based on the underlying documents and a supporting affidavit. See the FAQs regarding commercial and civil litigation below for more information about litigation generally. In appropriate instances the collections attorney will seek to obtain a pre-judgment remedy against the debtor, such as an attachment against assets of the debtor, or an injunction to preserve the status quo or prevent fraudulent transfers of assets.
Once a judgment has been obtained the third
stage of the collections process is judgment enforcement. The collections
attorney seeks to enforce the judgment against assets of the judgment debtor
and turn it into cash using a variety of judgment enforcement tools permitted
There are a variety of legal tools that a collections attorney can use to seek to enforce a judgment on behalf of a judgment creditor. In New York a collections attorney can serve restraining notices and information subpoenas upon banks holding or believed to hold accounts of the judgment debtor, and upon third parties that owe the debtor money (such as the debtor's customers or clients). In New York a judgment debtor can be compelled to answer written questions under oath or to participate in an oral examination under oath regarding the identity and location of the debtor's assets. The sheriff or marshal can be instructed to seize the debtor's bank accounts and execute and sell other assets, such as business equipment, vehicles, and real estate, among others. There are other devices that can be employed depending on the nature of the debtor's assets.
The answer to this questions depends upon a number of factors including the age and size of the receivable and what it is for, whether the debtor is still engaged in business, whether the debtor has unencumbered assets, whether or not the debtor is a defendant in other litigation, and whether there are prior unsatisfied judgments against the debtor. In addition, the more information you are able to provide regarding the debtor, such as where the debtor banks, or the debtor's primary customers or clients, the better the chances of recovery.
This is an injunction that goes into effect automatically upon the filing of a bankruptcy. It strictly prohibits the commencement or continuation of any acts to collect on a debt that arose prior to filing the bankruptcy. This includes enforcement of judgments, creating or perfecting liens, and many other actions. (It does not apply to collecting alimony maintenance and support).
You have been bitten by the preference bug. In order to maintain some semblance of equality, the bankruptcy code does not allow a debtor to prefer one creditor rather than another by repaying some creditors before the bankruptcy is filed but not others. Thus, any payments made on a prior debt within 90 days before a bankruptcy filing (or within one year if you are a relative or insider of the debtor) is recoverable by the bankruptcy Trustee UNLESS you have one of the many defenses available. You should check with an attorney if this should arise. You may also wish to take preventive steps if you are accepting payments from a client who you think may be going bankruptcy soon. See more about dealing with lawsuits from a bankruptcy trustee.
No. However, you may have rights to pursue in the bankruptcy depending on what chapter was filed and whether you are secured by any of the debtorâ€™s property.
Shortly after the bankruptcy filing, the court sends out a notice of bankruptcy that includes information regarding the date, time and place of the first meeting of creditors, the deadline for filing proofs of claim, and deadline for filing objections to discharge.