Frequently Asked Collection Questions (Part 1)

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Q. IS YOUR LAW FIRM AND AGENCY BONDED, INSURED AND LICENSED?

A. The law firm is licensed to practice law in the state of GA and TN. We also have collection agency licenses in all states that require attorneys to be licensed as a collection agency. The Law Offices of Ross Gelfand, LLC has a $3,000,000 aggregate errors and omissions policy through Minnesota Lawyers Mutual -Policy #8199-03. We also have a $500,000 fidelity bond and a $1,000,000 business liability policy through Hartford Insurance --policy #20 SBA TQ2184.

Q. WHAT IS YOUR SUCCESS RATE?

A. Our most frequent question is "Will you be able to collect my money?" Everyone wants someone who can say "YES". We believe that if anyone can collect, we can. Because our business is debt collection and we are a national law firm, we collect more money, more often than most other third parties! Furthermore, our state of the art software as well as our highly trained collectors and paralegals make our success ratio higher. Our success rate depends on many things and even before we investigate and attempt your case, we can get a good idea of collection prospects. Certain cases, for example, are highly collectable while others have a low collection percentage.

High probability of collection success is often indicated by:

1. very recent debt; and/or 

2. lavish life style of an individual debtor; and/or 

3. operating businesses; and/or 

4. excellent credit history; and/or 

5. occupational or professional licenses of debtors; and 

6. generally stable history; and/or 

7. supportive family; and/or 8. strong financial statement or substantial asset ownership; and/or 

9. history of reliance on obtaining credit; and/or 

10. debts under $75,000.

A lower probability of collection occurs in cases that are:

1. very old; and/or 

2. against corporations that are out of business; and/or 

3. against outright thieves, like those in jail or who are being chased by law enforcement; and/or 

4. against those who have or will be filing for bankruptcy protection; and/or 

5. against those people whose lifestyle tends to indicate no assets now or in the future, such as alcoholics, drug abusers, chronic gamblers, those chronically on welfare, the terminally ill; and/or 

6. huge debts; and/or 

7. large IRS tax liens.