What is a Debt Management Lawyer?
A debt management lawyer is a lawyer with expert knowledge in managing debt, debt recovery and collection as well as dealing with debt when a company is winding up. Most debt management lawyers will give business advice on the efficient collection of debt or negotiations with creditors to the business. In managing debt, these lawyers are not only able to chase debt but can also implement policies that are used when working with creditors and debtors. This might include the creation of terms and conditions of sale. If a business is nearing insolvency, a debt management lawyer will also be involved in the distribution of remaining assets and advice to creditors that are looking to recover money from an insolvent business.
Why do I need a Debt Management Lawyer?
There are a few scenarios where you will need a debt management lawyer. Primarily, for debt collection – you may need a lawyer to chase customers who are refusing to pay their debts. Besides this, if you are looking to implement terms and conditions surrounding the repayment options for customers, a debt management lawyer will be able to draft these. If you are running or managing a company that may go insolvent, debt lawyers also know the processes undertaken during insolvency. More generally, debt management lawyers can give you general advice regarding the debts of your business.
How much will a Debt Management Lawyer charge?
Debt management lawyers like most business lawyers will charge by the hour. In some cases, they may offer an initial consultation for free or a set cost. After the initial meeting, they will charge by the hour for the work that needs to be completed. If a lawyer is chasing a debt, a debt may need to be resolved through legal proceedings. Costs will increase if this is the case and can often depend on the amount that needs to be recovered.
Our aim at LawPath is to provide you with legal options that are fast, affordable and tailored to your bankruptcy needs. We’ll connect you with an experienced debt management lawyer that is best suited to your individual needs. This allows you to choose the solution which is best tailored to your situation.
What will a Debt Management Lawyer provide?
Conditional on what work the lawyer is completing, they will aim to provide an appropriate and effective solution to your matter. If they are completing the process of debt recovery, they will seek to understand the most viable recovery option, whether it is through a dispute resolution process or legal action. They will be able to provide general debt advice as well as the creation of terms of sale. If a debtor wants to arrange a loan agreement to pay back a debt, they will be able to draft this agreement.