Businesses should be acquainted with ways they can collect debt owed
PARSIPPANY, NEW JERSEY, UNITED STATES, January 31, 2023 /EINPresswire.com/ — With roughly 100+ years of combined experience among the attorneys at Snellings Law, their team of energetic and seasoned commercial law lawyers offers a range of debt collection services to businesses throughout New Jersey. They note that though debt collection services are always needed, the service was particularly in high demand during the coronavirus pandemic. If bankruptcies are an indicator of how bad it was, then New Jersey was an unfortunate example. Bankruptcies in New Jersey involving both consumers and businesses were double the numbers of what they are today.
Snellings Law cautions, however, that even though the economy has remained strong, it’s never time to be lazy with debt collection. In fact, they argue that the contrary is true. With an improving economy, business owners should implement and maintain a solid plan to collect outstanding debts. Having a dedicated team of professionals on their side can make the process much more efficient and effective. This is where law firm debt collection services in New Jersey come in.
Debt Collection Agency vs. Law Firm Debt Collection Services
There are debt collection agencies, but there are also law firms that offer debt collection services. Both approach debt collection in very different ways. According to the legal team at Snellings Law, many of their business clients who seek debt collection services often wonder if it’s easier or better to hire a debt collection agency over a law firm. The answer given by Snellings Law is simple: no.
A law firm – at least one like Snellings Law – offers more than mere debt collection. For starters, with an attorney, there’s the implied threat of a lawsuit, and that service alone carries more weight with a commercial debtor than a letter or phone call from a debt collection agency. Lawyers, too, can take action on the threat to sue. Plus, if a lawsuit is filed and a subsequent judgment is entered against the non-paying debtor, the lawyers at Snellings Law to enforce the judgment and obtain payment. Again, that is not a service a debt collection agency can provide.
Law firms like Snellings Law can offer comprehensive debt collection services with the following benefits.
– Legal expertise: Lawyers are experts in the law and know how to navigate the legal system to collect debts.
– Faster results: Law firms have the resources and experience to move quickly and efficiently to collect outstanding debts.
– Greater leverage: As mentioned, the threat of legal action can be a powerful tool in getting debtors to pay up.
– Lower risk: Law firms can handle the process of debt collection on behalf of the business, which can reduce the risk of damaging relationships with customers.
What’s more, a law firm can offer complementary legal services related to debt collection or other non-debt business legal matters. For example, Snellings Law offers debt collection services involving all types of debt from loans (from mortgage to student to personal loans) to bounced checks and more. They also address things like construction liens and bank levies and litigate when business disputes arise and cannot be settled. By retaining a lawyer for your debt collection and other business needs, you can develop a strong working relationship that can help your business grow and thrive.
What to Look for in New Jersey for a Law Firm Debt Collection Service
Not all debt collection law firms offer the same quality legal services or standards of care. Consider the below criteria when seeking a law firm debt collection service:
– Experience: Look for a law firm that has experience working with businesses in your industry and understands the specific challenges you may face.
– Reputation: Research the firm’s reputation and read reviews to get a sense of the quality of its service.
– Transparency: Make sure the firm is upfront about its fees and the process it will use to collect debts.
– Communication: Choose a firm that is responsive and easy to communicate with to ensure a smooth process.
Costs are another important factor. Creditors should consider how the attorney charges for their services. Do they offer services on a contingency basis, hourly basis, or fixed rate basis? Then, creditors want to consider the above benefits and criteria and see how the costs measure.
Why Debt Collection Matters for New Jersey Businesses
Debt has two sides of a coin. On the one side is the debtor who can’t or won’t pay, and on the other side is the business that requires debts to be paid to continue operations. Businesses cannot stay competitive if they are struggling to maintain a regular cash flow – and debtors paying their debt is part of that system.
Hiring a law firm for debt collection services can be a wise decision for businesses in New Jersey. The process of debt collection can be complex and time-consuming, but a dedicated team of professionals can streamline the process and increase the chances of successfully collecting outstanding debts. Look for a firm with experience in your industry, a good reputation, transparency, and good communication. And always keep in mind that laws and regulations for debt collection can vary by state, so make sure you understand the regulations in New Jersey.
About Snellings Law
Snellings Law LLC is a New Jersey law firm specializing in commercial litigation and commercial debt collection. At the helm is attorney Robert S. Snellings with significant experience in banking and commercial law. He aims to help businesses in New Jersey succeed and so has curated a legal team for that purpose. The attorneys at Snellings Law are committed to protecting the legal rights and financial interests of their clients. They provide legal services in banking law, collections, commercial litigation, and construction liens. Taking on even the most challenging cases, the attorneys at Snellings Law do so with expertise and commitment.
New Jersey is home to the attorneys at Snellings Law. They have studied here. They live here. They practice law here. They know the local business dynamics and how the national scene interacts. They are thinkers and doers as much as they are creative and collaborative. They strategize to ensure each client receives quality legal services that move their interests or businesses forward.
For anyone with questions about collection matters related to their business, the attorneys at Snellings Law have an answer. Based in Parsippany, Snellings Law represents businesses throughout New Jersey, including Morris County, Union County, and Bergen County. Snellings Law is available for a strictly confidential case review at 973-265-6100. Additional information about the firm can also be obtained at www.snellingslaw.com.
Robert Snellings, Esq.
email us here
The content is by EIN Presswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.
Comments are closed.