Hiring a New York collection lawyer can be a necessary expense if you run into an unfortunate situation where you’re unable to receive any payment from the debtor. However, there are sometimes cases where it’s easier and cheaper to get the job done yourself. You might even save some money by doing so! Although there are many benefits to hiring a collection lawyer, there are also some things to consider.
If you’re suffering from financial issues, hiring a lawyer might not be in the budget for you. However, there are still many alternatives that you can take to handle the case on your own. Although these methods won’t cost you any money, they might not be as effective and could take more time than if you hired a collection lawyer.
For now here are some alternatives to hiring a collection lawyer in New York.
1. Collecting on your own
One of the first things you might be able to try on your own is sending a collection notice to the debtor. If you have an idea of what they owe, you can send a letter stating this and giving them a deadline to pay up. Unfortunately, there’s no guarantee that they’ll uphold what they owe you, even if it’s in their best interest. In addition, many people don’t even open letters anymore and simply throw them away, so they might not even get in their hands! Although mailing a letter is still an option, it’s not one of the best ones.
2. Going to small claims court
If the amount owed is under a certain amount, you might be able to go to a small claims court and handle the case there. However, there are many benefits to hiring a collection lawyer over going to small claims court. In order to win a case in small claims court, you have to do basically everything yourself. You’ll need evidence of the debt, proof that your money was not repaid, and any documents that prove so. Even if you manage to get these things together on your own, it might take years for you to be paid what’s due.
3. Selling the debt
If the debtor owes you a large amount of money, you might have to consider selling the debt in order to get paid. When trying to sell a debt, you have to make sure that the person buying it is actually able to do so. There are many scams out there that claim they can help you collect on your debts, but they’re just taking your money and not doing anything with it. If you’re serious about getting rid of your debt, sending an ad in the newspaper or an ad on Facebook is a good place to start this method.
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