In debt collection, time is of the essence because the longer you wait, the higher the risk of not getting back what you’re owed. It has been proven that if a debt is not collected on time, it may not get collected at all. Therefore, most debt collection cases require prompt action including imposing sanctions, opening enforcement cases, and efficiently reaching debt settlements that match the debtor’s ability to repay.
Often, debtors owe money to several creditors, further complicating the case as there are many interested parties waiting for a payment.
In the following articles, we highlight common problems and present creative solutions to make the debt collection process easier and more efficient.
Many believe that if someone who owes you money passes away before they have repaid the debt, any chance of collecting the debt is lost. This is a mistaken assumption, and there are situations where one can collect a debt even after the debtor has died. In such cases, it is highly advised to contact a lawyer specializing in debt collection, who will conduct the necessary tests to determine if there is a way to get back the money that you’re owed. You could reasonably expect to be repaid even after the debtor has died, if the deceased was the owner of a company and now the children manage the company. A professional debt collection lawyer will be able to determine who can reasonably shoulder the debt of the deceased. Given their position as owners of the company, the children of the deceased would be expected to repay the existing debt.
There are many reasons why you may need to track down a debtor, the most common being the lack of a forwarding address. Perhaps the person who owes you money has even left the country. Regardless of whether they’ve moved to another neighborhood or another country, debt collection lawyers provide debtor tracing as part of their services, and they can take the necessary steps to collect unpaid debt. If you’re in a situation where you can’t locate the person who owes you money, engage the services of an experienced and professional debt collection lawyer, and they will do the rest.
Yes, there are many situations where you can act independently to collect an existing debt. Often, debts are built up unintentionally and without knowledge. For instance, a person who owes you a certain amount of money may send a representative to close his debt, and forget to confirm that the debt has actually been paid. In such a situation, the reason for the missing payment is a lack of knowledge. A quick phone call would probably resolve the matter, and there would be no need for a lawyer.
The following debts can be collected in execution: letters of guarantee, judgments, promissory notes, checks, and any other debt that can be proved in writing.
Checks can bounce for many reasons, the most common being insufficient funds. In Hebrew, this is commonly referred to as “א.כ.מ” (‘ein kisuy maspik’, literally, ‘not enough coverage’). While insufficient funds are usually to blame, a check can bounce due to technical errors as well, including a mistake in the signature or an error in the recipient’s name. If you are dealing with a bounced check and you have questions on how to proceed, you may find an answer in one of our other articles related to this issue.
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