Chicago Collection Law Attorney

Collection legal service is fairly straightforward. Someone owes you money and, for whatever reason, you have not been able to collect it. That is where a Chicago bankruptcy lawyer such as Jay F. Fortier, P.C. comes to bat for you. Give us a call, we have some of the most reasonable rates in the Chicago area and our service is prompt, skilled and aggressive. We can produce results.

Advice from Chicago Collection Law Lawyer

If you have been unable to collect what is owed to you after making reasonable efforts on your own it’s time to contact a collection law firm such as The Law Office of Jay F. Fortier, P.C. We work with creditors who work in many different industries. We know how frustrating it can be to try to collect on a bad debt and how much time, effort and money goes into it. In Addition, the federal Fair Debt Collection Practices Act, which is intended to protect debtors from harassing or abusive debt collection practices, provides significant liability for debt collectors who violate its provisions.

Once you hire us it may, in many instances, take only a letter on our firm’s letterhead to get results. This can help you save money. A second letter or phone call may also be necessary to prompt quicker action. If your debtors have any ability to repay at all they often will want to settle in order to honor their debts, or because they see that you are serious about collection. It is at this point that The Law Office of Jay F. Fortier, P.C. can begin to negotiate with your debtor in order to settle the debt in full or to establish a repayment plan.

If there is still refusal to pay or no response after a second phone call and letter we don’t waste any more time pursuing the debtor. We will begin the formal procedure for collecting a debt typically within one month of the date you hire The Law Office of Jay F. Fortier, P.C. The formal procedure for collecting a debt begins with filing a lawsuit against the debtor. Once a lawsuit is filed the Clerk of the Court will issue a summons to the debtor. The summons will be delivered to the debtor, along with a copy of the complaint, by either the county Sheriff or by certified mail. It will tell the debtor when and where he must either appear in court or file a written defense. If the debtor does not appear or file a written defense, the creditor may be able to obtain a default judgment against the debtor and proceed to collect the money from the debtor. If the debtor does appear or files a written defense, the case will be given a trial date. If you obtain a default judgment or a judgment after trial, there are then many options that may be used in order to finally collect the debt. For example:

The judgment can be recorded in the Recorder of Deeds’ Office. The judgment will then be a lien on any real estate of the debtor located in the county where it was recorded and the real estate can be sold to satisfy the lien.

The Clerk of the Court can also be requested to issue an Execution. With an Execution, the Sheriff can seize and then sell the personal property and real estate of the debtor to obtain money to satisfy the judgment. However, under Illinois law, certain personal property and part of the value of any real estate occupied by the debtor as a residence for himself and his family are exempt from sale by the Sheriff. These exemptions may increase or change if the debtor has filed for bankruptcy. However, it is still possible to obtain substantial recoveries even from debtors in bankruptcy.

Another option is to request the Clerk of the Court to issue a Citation to Discover Assets. A citation is a type of summons which can compel the debtor, or anyone who the creditor believes has the assets or property of the debtor, to appear in court to testify about any such assets or property. The citation may also prohibit the debtor and other such person from disposing of or transferring the assets or property. The judge has the power to require that certain assets be turned over to the creditor or the Sheriff for sale.

A garnishment proceeding may also be initiated. This may allow a creditor to take a percentage of the assets or property of the debtor, including bank accounts and wages. However, certain assets such as disability and retirement benefits are exempt from garnishment.

What We Charge
Most collections attorneys have a variety of ways they may be paid. I am no exception. Talk to us about your circumstances and we will arrange payment based on what you need. There are no legal fees unless you collect, although you must advance all court costs and filling fees. The traditional contingency fee for collection work is 33 1/3% of all funds successfully collected. However, I charge an even 30%. I may negotiate even lower fees for bulk business. We also accept hourly rate agreements. Although a contingent fee is generally preferable, an hourly rate may be ideal when many different debtors with small debts are involved and taking them all to trial would be impractical. Attorney fees and court costs may be recoverable from the debtor, which would make a big difference in the final amount of money that you will be able to recover. The recoverability of fees and costs generally depends on state statute and on whatever agreement that you had with your debtor.