Collection Law Attorneys
HSLC attorneys are well versed in the legal process associated with collecting past due sums. “Collections” in legal terms means the recovery of funds due and owing from one person or entity to another pursuant to a contract or loan document (an “evidence of indebtedness”). Generally, there are two forms of collections – consumer or commercial. “Consumer collections” involve credit extended to individuals using the credit to purchase items for personal or family use. “Commercial collections” involve credit extended for business purposes. While there might seem to be lots of gray areas between the two, the Fair Debt Collection Practices Act provides definitions and clarity. The Fair Credit Reporting Act also offers guidelines for creditors and debtors alike.
Our lawyers routinely review credit applications and similar types of contractual documents. As part of the collection process, our attorneys frequently draft promissory notes, confessions of judgment, deeds of trust, UCC security agreements, notes and other evidences of indebtedness.
At Hannah Sheridan Loughridge and Cochran, we deal primarily with creditors in commercial collection matters, but we are also versed in consumer collections. Besides civil litigation to collect past due accounts, our lawyers are active in the three bankruptcy courts in North Carolina. Nan Hannah and Paul Sheridan are admitted to practice before the Fourth Circuit Court of Appeals and Nan is also admitted to practice before the Supreme Court of the United States. Nan Hannah and Chad Cochran are experienced in the role of serving as court-appointed receivers.