Business Litigation Lawyer
In the world of debt collection, debt collection law firms are real. These firms employ lawyers who are willing and able to take debt cases to court. Often, when a collection agency buys a debt, if the debt never gets paid, it will then pass the debt onto a collection law firm. The debt collection firm is quicker to act and to bring a lawsuit. Often, debtors are more afraid of debt collection law firms because there is more of a chance of a lawsuit.
If you are in contact with a debt collection law firm, what can you do?
Determine Your Response
Once you receive contact from a debt collection firm, it’s time to figure out what to do. Most of the time, once you reach the point where collection agencies or law firms are contacting you over the debt, you don’t have money to pay those debts. You may feel overwhelmed as you try to ignore the phone calls and letters. Once your debts reach the law firm, however, you could be facing a lawsuit.
Before you respond, make sure that all of the debts belong to you. Sometimes, there will be inaccuracies. It’s important to point out any inaccuracies in your debt as soon as possible. If you have a legal defense, you may even be able to dispute the repayment.
Speak With a Lawyer
Once you know how you might respond, you need a lawyer to represent you. A lawyer can also help guide you on what steps you can take. In some cases, if all of your debts belong to you and there is no way for you to pay them off in a timely manner, you may want to consider bankruptcy. Bankruptcy can stop the firm from harassing you and likewise provide you with a way to get out from under your debt. There are different forms of bankruptcy. If you file for Chapter 7 bankruptcy, you do not have to repay those debts. If you file for Chapter 13, you would have a repayment plan.
If you receive a notice from a law firm, this could be a debt collection law firm. When this happens, your debts may be on the edge of a lawsuit. It is crucial that you respond and have a plan going forwards. Set up a consultation with a bankruptcy lawyer, to find out what your options are for handling your debts.