Collections: Collection Accounts - What We Can Do For You

     In a previous blog, we discussed what we can do for you to handle your collection accounts. 

     If you choose Lafayette, Ayers & Whitlock, PLC, we can handle your accounts from beginning to end. We can accept all cases on a one-third contingency fee of all amounts collected. We will assess the court-allowed fee the moment the account is turned over for collection, and this amount is recoverable from the debtor. We have trained and experienced support staff and an aggressive approach to collections. In reviewing the Course of Action Chart (below) you will see that we will aggressively pursue your recovery. Virginia District Court judgments are good for ten years, twenty in the Circuit Court. If the judgment is docketed (we docket all judgments unless the value is very small or you instruct otherwise), the lien is enforceable for twenty years. We provide detailed monthly accounting. At the beginning of each month you will receive a report outlining significant matters, a computer generated financial accounting, by debtor, dollar for dollar. You will also receive a case status report detailing current status and action.

COURSE OF ACTION CHART

Step 1 --- Account turned over for collection. 

Step 2 --- Demand letter sent to debtor within 24 hours of our receipt of the account. 

Step 3 --- After ten days (a time period that we are required by federal law to give), if there is no plan for payment that you approve, we will file suit. The suit is normally set 30 to 45 days in advance.

Step 4 --- On the date of the suit return we will either obtain default judgment or, if the debt is contested, set the case for trial.

Step 5 --- Once judgment is entered, and after the ten-day appeal period, we will docket the judgment and proceed in post-judgment collections, as set forth below.

Step 6A --- Establish an acceptable post-judgment payment plan; if not,

Step 6B --- Garnishment of wages or accounts; if not,

Step 6C --- Levy on personal property; if not,

Step 6D --- If no apparent remedy, schedule debtor's interrogatories and return to Step 6A.

Step 7 --- If there are no apparent collection measures available, we will review a new credit report every six months and return to Step 6A.

     In bankruptcy matters, we can assist you by handling all of your needs. We can review bankruptcy schedules, review and object to chapter 13 plans, file proofs of claim, attend hearings and more.

     In foreclosure matters, we can assist you by handling all of your foreclosure cases from demand to final accounting in all counties and cities across the Commonwealth.

     In real estate matters, we can assist you by preparing loan documents for first, second, equity line and refinances, as well as conducting closings, recordings and coordinating title examination and title insurance.

     Please call me at 545-6251 for a free consultation.