An Attorney's Guide to the Collection of Bad Debts: 3rd Edition
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Once you notice that you might be dealing with a bad-debt scenario, you should contact an attorney. Lawyers, however, tend to get involved with legal matters and sometimes overlook basics. When you have to collect money, you want more than a legal victory; you need a real victory. The whole idea is to get the money. The role of the legal system is to analyze the law and the facts, in order to determine which party is in the right and which is in the wrong. You, on the other hand, are seeking to salvage the situation and recover as much of your money as possible.
A. A Judgment Does Not Mean You Won
It's not over until it's over; meaning, it's only over when you have the money. A Judgment is a determination that you are due money, but does not give you any money. After you have the Judgment, you must commence enforcement proceedings, which may or may not be successful. If debtor has bank accounts, or other assets, you may be successful in recovering your money. At best, a Judgment is an interim step in the process of obtaining your money.
B. Business Judgment Is As Critical As Legal Knowledge
The idea is not only to win the case but also to collect the money that is due you. Unless the debtor is a total deadbeat, you should be receiving offers of settlement throughout the litigation process. Sometimes it is better to grab the money and run, while other times you may be forced to go the distance.
Someone must be in a position to decide if the defendant is good for the money in the event a Judgment is obtained. That person must be in a position where he can get a feel for the defendant's finances and sense how many other creditors are clamoring for the defendant's money. By the time you obtain the Judgment, there may not be any assets available to seize, or you may not be able to uncover any assets.
No one can be right every time and always obtain optimum results. Nevertheless, it is possible to develop skills in this area which help maximize results. Lawyers are very hesitant about making business decisions, because it is.
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About the Book
An Attorney’s Guide to the Collection of Bad Debts is meant to give readers a broad overview of debt-collection techniques, as well as to inform them of some popular debt-collection techniques used by attorneys. The reader should consider this book a type of debtcollection techniques catalog.
We authored this third edition so that it can be read easily and quickly during a day’s commute to and from work. This second edition also contains revised copies of sample legal forms used to facilitate the collection of bad debts.
After reading this book, you will become aware of certain collection techniques, so that you can make an informed discussion with an attorney about potential options available to you.
This book is not to be considered legal advice, and is meant for general information purposes only. This book is not a substitute for the advice of legal counsel.
About the Author
Robert L. Lewis, Esq. is an attorney who has specialized in the collection of bad debts in New York City for almost 30 years through his creditors’ rights and commercial litigation practice. The Law Offi ces of Robert L. Lewis are located at 315 West 70th Street, New York, N.Y. 10023, and their main telephone number is: (646) 753-0450
Abraham J. Perlstein is an attorney with broad legal practice which includes the collection of bad debts, commercial litigation, and commercial and technology contracts. The Law Offi ce of Abraham J. Perlstein, Esq. is located at 1546 East 22nd Street Brooklyn, N.Y. 11210 and the main number is (212) 858-9289