Tag: debt

Key Terms You need to know for Debt Collection

Posted by perrylawoffice on

 

If you owed money and are thinking about filing a lawsuit to attempt to collect, here are some key terms to become familiar with:

  • Debt/Delinquent Account/Deficiency amount: This is what someone owes you. The amount of money a person or company owes you.
  • Debtor/Defendant: This is the person who owes you money.
  • Creditor/Plaintiff/Client: This is the person who is owed the money.
  • Court Costs/Filing Fees: This term is used to explain the cost of filing the lawsuit and paying for service of court pleadings to the debtor.
  • Private Process Server/Sheriff Service/Certified Mail: These are methods to serve a debtor the legal pleadings. The type of service to use depends on certain facts and situations.
  • Contingency Fee: This is a fee structure where the attorney and creditor split the amount collected. Attorney does not get a fee unless monies are collected. This is the most common fee agreement between collection attorneys and clients.
  • Statute of Limitations (SOL): This is a the deadline to file a lawsuit. Each type of debt has a different deadline to file a lawsuit. If you miss that deadline, you are not eligible to file suit against the person or entity who owes you money. Some SOL are very short so do not sit on the debt and not do anything. Depending on the debt, the SOL starts at different times. Most common is date last payment made.
  • Judgment: This is the decision of the court on whether a person owes someone money or not. The Judge/Magistrate can give a judgment for Creditor stating the Debtor owes $X or could rule in favor of the Debtor.
  • Judge/Magistrate: A judge is elected. A magistrate is appointed by a Judge and usually handles less complicated cases. Most Small Claims courts have Magistrates vs Judges. Both can give final judgment.

Contact Perry Law Office an experienced Fort Wayne debt collection attorney today. Call our Fort Wayne, Indiana law firm at (260) 483-3110 to discuss legal collection services at any stage of delinquency. We offer retail (consumer) and commercial (business to business) Debt Collections.

 

Collecting On a Debt Is Not As Easy As It May Seem

Posted by Perry Law Office on

There is a misconception that getting a money judgment against someone, means they will pay you. In general, that is NOT the case. We, at Perry Law Office, have found that on average it can take up to two (2) years to collect on a judgment depending on the various circumstances and how old the debt is. There are of course those rare circumstances when you get paid immediately upfront. But in most circumstances that is not the case. Getting the money judgment is only the first step. Debtors, tend to move. Debtors, tend to switch jobs. Debtors, tend to be unwilling to voluntarily pay a debt they owe. Debt Collection takes some time and hard work. Finding employment, personal assets, or bank accounts can be very difficult. Not to mention, finding the debtor and getting proper service in order to enforce your claim against them.  The experienced staff and attorneys at Perry Law Office, are equipped to find these debtors and collect from them. Perry Law Office can find where they are working and garnish their wages, levy on their bank account, or set up voluntary payments. If someone owes you money and you are not sure how to collect, hire an experienced lawyer to help you collect the money owed to you. Hiring an attorney is not as painful as you may believe. In most cases, you do NOT have to pay the attorney any attorney fees. Like at Perry Law Office, our fee is typically done on a contingent fee basis, meaning if we do NOT collect, you do not owe us anything. Call Perry Law Office to discuss how we may be able to help you recoup your money.