Mar 20, 2013

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Need Collection Assistance for the Money Owed to You?

Whether you own a medical facility, small business or corporation in Marshfield Wisconsin, chances are if you send out invoices you have money owed to you. You need a company you can trust, who is knowledgeable in all of the collection laws, and will work hard to get your money. Don’t pull your hair out trying to figure everything out and go after the money yourself. Not only can it be highly frustrating, but you can also get yourself in a lot of trouble if you’re not familiar with the legal aspect of collections.

Hiring the right firm

Finding the perfect firm that specializes in collection law in Marshfield WI doesn’t have to be a daunting task. There are a few factors to take into consideration to help you decide. If you own a company or corporation that has a customer base in multiple states, you need to make sure that the firm is aware of all applicable laws for those states. It may even help if they have multiple locations to ensure they can handle the work load. It is recommended that the firm you hire have access to cutting edge software to assist in the collections process. Everything goes by much faster with less risk of mistakes. There are two nationally recognized collections programs, National Association of Retail Collection Attorneys, and ACA International. Make sure the firm you hire is part of at least one of these programs. If you own a medical facility in the area, ensure they are a part of the Wisconsin Clinic Credit Managers Association.

Types of collection tactics

A party who is entitled to collect a monetary sum is legally defined as the creditor. Prior to the collections procedure the creditor must first go to court and be granted a judgment. This judgment empowers the creditor with the legal sanction to request payment on the client’s behalf. Keep in mind these tactics are usually only used in the event that all other conventional methods such as calling and invoicing have failed. The first tactic of collections is wage garnishment. This is where the creditor contacts the debtor’s employer and can take up to 20 percent of each paycheck until the debt is paid off. However, if the garnishment causes the debtor’s income to fall below the poverty line only the income in excess of the poverty line is able to be garnished. Another collection tactic is to levy bank accounts. In Wisconsin it is perfectly legal to take the money owed to their client out of the debtor’s bank account for payment of the debt. The last type of tactic is a lien of property. The creditor may place a lien on the debtor’s assets such as a house, property or vehicle. This means that the debtor may not sell the property until the debt is paid off, or they must pay the debt back with the proceeds of the sale. There are statutes of limitations in the state of Wisconsin and these should be discussed with the collections firm you hire.

Daubert Law Firm LLC provides legal assistance in all collection matters. They have over 350 collection agencies nationwide and will work diligently to get you every penny you deserve.

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