Understanding the Debt Collection Process

Misha Business Litigation

Debt-Collection-Process-Wormington-and-Bollinger-Texas-McKinney-Law-Lawyer-AttorneyJust the words ‘debt collection’ are enough to make anyone cringe. Whether you owe medical bills, credit card bills, utility bills, or to a person, debtors absolutely dread hearing from collectors looking for money. Even if you have taken the necessary steps to begin paying off your debts, collectors can overstep their boundaries, harassing you to pay up now. If you find yourself in this situation, you may require the expertise of a collections lawyer.

Attorneys at Wormington & Bollinger focus specifically on commercial law, creditor’s rights, and commercial litigation. We understand how complicated and frustrating these types of cases can be and are here to ensure you receive the best possible representation out there. As McKinney’s commercial collection lawyers, we have seen it all. Creditors and collectors are often sneaky and use unethical practices in order to try and retrieve the funds owed. If you owe money to a corporation or institution of any kind, contact Wormington & Bollinger today.

What Is Debt Collection?

In a nutshell, the debt collection process is a concept that allows for the fair and ethical recovery of delinquent amounts and past-due payments on behalf of the creditor owed money. In most cases, the lender will work to collect the amount owed on his own, however, private recovery agencies are often brought in to represent the lender as a third party. When a collection agency becomes involved, the entire debt recovery becomes far more complicated. It is important to note that each debt collection agency has to abide by different laws and take into consideration various acts specific to each country and state. This is one of the main reasons why it is imperative that you have a knowledgeable commercial collection lawyer by your side. The debt collection process is not an easy one and comes with a lot of red tape and legalities that can be difficult to keep up with.

Do I Need a Debt Collection Attorney?

There is nothing wrong or illegal about being in debt, but problems do arise when you are no longer making an effort to pay off your debts. If you are in debt and are having trouble making payments, here are a few signs that may indicate that you are in need of a collection attorney:

  • You are receiving frequent calls from creditors at both your home and place of work
  • You are currently having trouble paying back loans
  • You are being threatened with a lawsuit from a creditor
  • You are being harassed by collectors
  • You are being treated unfairly by creditors or collectors

If you are experiencing any of the above, we encourage you to contact Wormington & Bollinger today. It may also be in your best interest to retain the services of a collection lawyer if you are wanting to reduce or eliminate loans in order to avoid debt collectors. In many cases, lenders will work with debtors and come up with a repayment plan that all parties are happy with. To find out more about your collection rights in Texas, contact Wormington & Bollinger today.