At Pisanti Attorneys we understand that any business is likely to suffer due to a lack of payment from their debtors. Those finances are important to keep any business afloat by paying their own creditors and paying their own bills. However, it can be difficult waiting for those debtors to pay their debts as the creditor will have no idea whether that income will come later or if it will never arrive at all, resulting in a loss from them that could be very difficult to recover. That is why businesses and individuals will enlist the services debt collection lawyers.
Having a Debt Collector at your disposal offers to collect a debt on your behalf by agreement that the creditor receives 80% of each payment received by the Debt Collector.
When a debtor is unable to meet his obligations, various procedures for addressing the debt problem are available to both the debtor and creditor. The creditor may, for example, demand payment from the debtor. If the debtor fails to pay, the creditor can issue summons and obtain a civil judgment against the debtor.
If the judgment debt is still not paid, the creditor may issue a warrant of execution to have the debtor's property attached. The property so attached, can then be sold in execution and the credit is entitled to satisfy his claim from the proceeds of such sale. If the debtor has no movable or immovable property that can be attached, the creditor may by way of an emolument attachment order attach part of the salary of the debtor to satisfy the creditor's claim.
Unfortunately it costs money to collect such debts and most creditors are reluctant to pay more money to collect bad debts. However, if a creditor does not take any steps to collect what is due to him, he may lose his claim due to prescription.
The best way to collect the debt is to be cost effective, not on an individual basis, but overall. Even if only a small percentage of the debt is collected, it means money in your pocket, which you would not have otherwise.
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