Collections law in Arkansas, Tennessee, Texas, Indiana, and Kentucky
In Arkansas, Tennessee, Texas, Indiana, and Kentucky, collection law is often confusing. Additionally, as a creditor, collecting payment from a debtor can be time-consuming, frustrating and stressful. An experienced law firm can use judicial, non-judicial, and statutory processes to obtain payment for debts. Hosto Buchan provides trustworthy advice from a team of highly qualified attorneys. The following are ways a skilled collection lawyer can help you with collections:
- Attachment: Attachment, or a writ of attachment, is a document ordered by the court for the seizure of a piece of property in order to satisfy payment of a debt.
- Garnishment: By obtaining a judgment or court order you may be able to collect payment for a debt by seizing property that a debtor does not possess.
- Replevin: You may be able to seize personal goods to satisfy a debt through replevin.
Business debt collections
Operating a business has many advantages. However, one of the greatest challenges of any business is collecting payment. A debtor may fail to make payment for a variety of reasons. He or she may have financial difficulty, prefer to delay payment, or intentionally avoid payment altogether.
Following are recommendations for debt collection:
- Do not harass the debtor: Make sure the debtor is fully aware of debt, but do not harass him or her. Excessive harassment may lead to a tort claim in court which can significantly affect your chances of collecting payment.
- Send a demand letter: In addition to a phone call alerting the debtor of the money he or she owes, you may also want to send a demand letter if the debtor fails to send payment. Emphasize the urgency of payment and be sure to save a copy of all correspondences with the debtor.
- Hire an experienced law firm: A legal office with experience in collections law is an invaluable asset to your business. Knowledgeable attorneys can use skill and tenacity to help you collect debts.