Collections Lawyer Helps Clients Locate Hidden Assets
Diligent Long Island attorney assists creditors with difficult debt collection
There are many reasons debtors do not make payments owed to creditors. Financial mismanagement and poor budgeting are to blame in many cases, while greed and bill disputes fuel some stubborn debtors. Fred L. Abrams Attorney at Law engages in debt collection on behalf of creditors who have been unable to recoup what they’re owed. Based on Long Island, Mr. Abrams uses his extensive experience in asset search and recovery to assist clients throughout the United States and overseas.
Accomplished New York attorney can pursue financial recovery for clients worldwide
Passing the burden of debt collection on to a legal professional gives creditors the chance to use their time and resources efficiently. You can concentrate on growing your business rather than chasing debtors.
Once a creditor hires a collections attorney, the collection process typically proceeds through the following steps:
- Letter of demand — A formal demand letter from an attorney is sometimes enough to make a debtor pay up. The letter includes information about the debt, offers options for negotiating payment and states that legal action may be taken if the debt is not settled.
- File suit — If the debtor does not respond to the demand letter or refuses to pay, the collections attorney files a debt collection lawsuit, naming the debtor as the defendant.
- Summons — The debtor must be served with notice of the lawsuit, as well as a summons to respond. If the debtor does not respond, the collections attorney can ask for a default judgment in favor of the creditor. Wage garnishment, liens and other legal tools may be used for collection.
- Litigation — If the debtor chooses to fight the lawsuit in court, the case will proceed through discovery, settlement negotiations and a trial if necessary. Depending on the circumstances, a summary proceeding might be brought to streamline the case against the debtor.
With the assistance of a collections attorney, the creditor may be able to collect on past due bills within a matter of weeks or months. However, if the debtor chooses to engage in litigation, the timeline can be substantially extended.
Experienced lawyer for foreign judgment collections and other challenges
When you are owed an outstanding debt, a collections attorney can use a range of asset recovery tactics to help you overcome obstacles and obtain payment. If you seek assistance with any of the following, Mr. Abrams can help:
- Lien collections — A lien is a legal document that gives a creditor the right to seize collateral used to secure a debt. A collections attorney can help a creditor pursue a lien collection without breaking debtor protection laws.
- Foreign judgment collections — The assets a creditor needs to collect or garnish may be located offshore outside a domestic court’s jurisdiction, and therefore outside the scope of a domestic court order. To sniff out the offshore assets, Mr. Abrams might petition foreign courts for orders directing foreign banks to provide financial evidence about a debtor’s offshore bank accounts. To recover assets a debtor has parked offshore, Mr. Abrams might also try to attach or block the offshore assets as part of forced collection proceedings against the debtor.
- Bankruptcy — The temporary stay that goes into effect when a debtor files for bankruptcy can be frustrating for creditors. If a debtor fraudulently claims bankruptcy or fails to adhere to the requirements of a repayment plan, Mr. Abrams can ask to lift this stay. Then Mr. Abrams may be able to continue his effort to collect what is due and owing by the debtor. Furthermore, if the debtor files a fraudulent bankruptcy petition, the court can dismiss the debtor’s bankruptcy claim.
- Disputes — Collection lawsuits often stem from contractual disputes. One party’s failure to deliver on the terms of a commercial transaction, real estate agreement or other high-value deal can be particularly costly. To win such a lawsuit, you will need to prove the validity of a debt and establish that you upheld your end of the contract. Mr. Abrams can do the legwork to try to substantiate a creditor’s claim.
Mr. Abrams can help individuals, corporations and other business entities in a wide variety of debt collection matters.
Contact a hardworking New York collections attorney for assistance recovering a debt
With more than 30 years of experience in asset search and recovery, Fred L. Abrams Attorney at Law can represent clients in debt collection lawsuits and related matters. To schedule a consultation with Mr. Abrams, call 800-986-1497 or contact us online.