Debt Collection – Settlement Agreements

The debt collection attorneys at The Martin Law Firm, P.C. provide debt collection solutions for individuals and businesses. We handle matters all over Pennsylvania and New Jersey. We pride ourselves on results-focused debt collection strategies. Our process begins with sending the debtor a demand letter. If the debt remains unpaid, we then bring a lawsuit against the debtor. We ultimately obtain a judgment against the debtor and then we take steps to enforce the judgment, which includes locating assets and taking those assets to satisfy the debt when the debtor refuses to pay.

Debt Collection Settlement

During this process, the debtor often makes an offer to settle. Our clients often want to negotiate a settlement if there is a valid dispute as to the existence of the debt or the amount of the debt. Sometimes, our clients take a settlement for less than the full amount owed in exchange for a quicker payment. Whatever the situation, our experience allows us to negotiate a settlement that benefits our clients.

Written Settlement Agreement

A settlement may require a payment in full or an installment payment arrangement. In most cases, it is advisable that the parties prepare a written settlement agreement to confirm in writing the expectations of the parties. A written settlement agreement should include the agreed on amount to be paid, time-line for payment, other responsibilities of the parties, release of liability, events of default, and remedies if the debtor fails to perform its obligations. Our attorneys will help protect you by incorporating terms in the agreement that broaden your legal remedies upon default including attorneys’ fees clauses, interest and penalties, confession of judgment, and/or the requirement of a personal guaranty.

Debt Collection Lawyers

Contact the experienced debt collection lawyers at The Martin Law Firm, P.C. today for a free case evaluation. We serve creditors all over the country when the debtor or the debtor’s assets are located in Pennsylvania and New Jersey.