top of page
  • Writer's pictureJonathan Baner

Debt collection: what even is a debt?

In the complex financial landscape we navigate daily, the concept of debt collection often slips under the radar, despite its significant impact on businesses and individuals. As attorneys dealing with debt collection, we hope to shed light on this process and its importance for anyone owed money.

Defining Debt: It really is just money owed

Debt is a common part of life. You might be a business owner who provided goods or services without immediate payment, an individual owed money from a small claims case, or a judgment creditor with dues from legal proceedings. The owed money in these contexts constitutes a debt, with the person or business owed money called the "creditor" and the person owing the money being the "debtor." We generally only represent creditors in debt collection cases.

The various dictionary definitions of debt will include owing money, but will also include owing something else. In common parlance we may think of being in someone's debt for a favor. In law, debt means money. Debt collection means to collect money. That may be done by collecting money directly (e.g. bank garnishments or wage garnishments) or it may be by seizing property and selling it (for money), or by putting a lien on property that when sold the lien must be satisfied (with money). Debt collection, in the legal sense, means money. Sorry, Webster.

If you are owed money for a service rendered, goods sold, or for any reason that resulted in a judgment for money in your favor then you, dear reader, are a creditor. Recognizing yourself as a creditor is the first step towards effective debt collection. From there you will choose how you can turn that debt into money. You will know what resources to look for, and how those resources, such as debt collection attorneys like us, will help.

Looking Forward: A Practical Guide to Debt Collection

In our upcoming blog entries, we plan to guide you step-by-step through the debt collection process. For the new creditor, the process seems long, complicated, and abstract. We cannot always make it a shorter process and we often face complications that we do not want to oversimplify. Instead of dealing in abstracts, we will use a concrete, fictitious example to make each stage of the process clear and relatable. In upcoming posts we will walk through each of the steps using an example case. We cannot share our clients' case information, but we can create a hypothetical example based on our experience from thousands of cases. Along the way we'll see some of the common issues and successes

As debt collection attorneys, our goal is to provide you with the guidance you need in your debt collection efforts. Recognizing when you are a creditor and understanding the process to collect your debt is crucial. With our expertise, you can move through the complexities of debt collection with a newfound confidence and efficacy. Stay connected with our blog as we explore the hypothetical case from start to finish.


bottom of page