Asked on Feb 22nd, 2021 on Collections - North Carolina
More details to this question:
My company, based in NC won a summary in NC in 2020. $25,000 + 8% accruing per month for over 1 year ago. We ran out of funds to pay attorney hourly any further. Zero balance with that Law Firm. Law Firm was paid, in full monthly. The firm would like to be paid additional funds to try to collect our amount owed to us in GA, NY and NJ. We were not informed of this beforehand. I would like another firm to represent us to collect. Will not pay hourly anymore. However, we will pay 40% of recovery of debt owed to us. Also, There is another potential collections issue with another client that paid a partial invoice this weekend. That check was deposited and waiting to see if it clears Bank tomorrow.
It is very difficult to find a collections attorney that will work on a contingency fee. Most people and companies have no assets and thus your chance of recovering anything is very slim. If the judgment was against an individual, GA, NY and NJ have wage garnishment, which may increase the chances of recovery. North Carolina has no wage garnishment. If the judgment was against a corporation, LLC or partnership, likely there are no assets remaining and you have little chance of recovery. It takes a lot of work to have the individuals behind an LLC, corporation or partnership be hald responsible for a corprate or partnership debt and the attorney who works to establish that deserves to be paid. You cannot expect an attorney to work for free. You should contact creditor's attorneys in NY, GA, NY and NJ to see if anyone can do a "blended" fee arrangement (some up front and the rest on contingency) to register your judgment in those states and pursue judgment enforcement. Your company may need to face the grim relaity that there is very little chance of them recoverying anything on this judgment. People who are finacially irresponsible will avoid the banking system, never put assets into their own name, and do whatever it takes to avoid paying back their debts. Do not look for just"collections" attorneys, because you will get attorneys like myself who never represent creditors. Search for a "creditor's" collection attorney. Good luck.
This is general legal advice only. You do not have an attorney-client relationship with Attorney Lynn E. Coleman without a signed retainer agreement and payment of any applicable fees.
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