When a person defaults on payments to your company, you need to seek out help from a professional debt collection team for assistance in recovering that money. At Summit A•R, you’ll benefit from a team with a long record of success, but that’s not the only reason you should work with our agency.

Our PHD Philosophy (Preserve Human Dignity)

Along with a guarantee for fast results, you’ll benefit from working with a team you can trust to uphold ethical practices in debt collection. Our team follows a PHD Philosophy regarding collection practices and strategies.

Our PHD Philosophy stands for Preserve Human Dignity, which means that everyone involved will be treated with respect and dignity in all cases. When you work with Summit Account Resolution to resolve your debt issue, you’ll be guaranteed to have a team that only engages in ethical collection practices.

Getting Help from the Experts

Suppose you need to tackle consumer debt collection, medical debt collection, employee debt collection or any other kind of financial debt dispute. In that case, your chances of successfully recovering your money will increase when you team up with a professional collection agent from our team.

When Collection is Not Possible

Our team can help you recover lost income quickly so you won’t have to worry about running into debt issues yourself. There are rare situations when collecting money that a debtor owes you is impossible. In this case, the only resources a person owns qualify as assets exempt from debt collection. Here are a few examples to give you a better idea of the kind of assets these might be.

More About Exempt Assets

Whether you’re seeking assistance for commercial collection services, consumer collection services, education debt recovery, or any other service our team can provide, there’s always a minimal chance that some or all of your money cannot be recovered. The most likely case in which this can occur regards assets exempt from debt collection according to law.

While debt collectors are often granted the legal right to access certain assets in recovering debt from a person who holds a delinquent account, there are some situations where this may not be possible; this includes assets legally exempt from debt collection, which debt collectors cannot seized.

What Types of Assets are Exempt?

The laws that govern which exact assets are exempt from being seized by debt collectors vary from state to state. However, they tend to concern with those things that allow a person to maintain a basic standard of living. These might include the following:

  • Clothing
  • Food
  • Household Goods
  • Furniture
  • Appliances
  • Homestead

This last example is one of the most common assets protected as exempt assets across America. After all, it should be understood that if a person is no longer able to live in their home, they will have little chance of recovering from the financial situation that resulted in unpaid debts in the first place.

How Debt Collection is Changing 

Today’s debt collectors are happy to abide by rules that protect debtors. That’s because collection agencies are interested in resolving debt issues in an amicable way to both parties and are respectful to everyone involved. Today’s ethical debt collectors seek a resolution where the person who deserves to be paid can recover their money, but not at the expense of the debtor’s ability to earn money themselves.

If you’re looking for good debt collection strategies, the best place to find them is to contact an experienced collection agency. If you are working with our team, the situation calls for an investigation into assets exempt from debt collection; you will quickly find that there is always another solution. Despite exempt assets, our team will do everything possible to recover your money quickly.

The Need for Improved Collection Strategies

Working with a collection agency with an exemplary record of success like our team enjoys at Summit A•R will provide you with the best chance at quicky recovering your money. Part of that is because our team is continually reassessing our strategies and considering new and improved methods for debt recovery. Without this continued ambition, the resources available to our team in the debt recovery process would be limited.

Considering Retirement Accounts

Another asset that is usually exempt from debt collection is retirement accounts. These might include, but are not limited to:

  • Social Security Benefits
  • Disability Payments
  • Other Government Benefits

While retirement assets are commonly exempt from debt collection, the entire amount of those available assets may not be exempt from collection. Likewise, there are usually laws that prevent the seizure of any tools the debtor owns that are required for them to do their job. Other types of assets that might be exempt from that collection include child support and certain other types of income. Again, the exact rules regarding the exemption of any of these assets will vary from state to state.

Bankruptcy Clause

Another concern for debt collectors involves bankruptcy. This means that a debtor that declares bankruptcy may prevent a debt collector from gaining access to certain assets due to a restructuring of their assets.

If you suspect that a debtor who owes you money may be in a position to declare bankruptcy, you should hire a debt collector as soon as possible to determine how you can respond. Likewise, if the only available assets belonging to the person who holds a delinquent account with your business appear to be those that are exempt from bankruptcy, you shouldn’t wait to get the help you need to recover your money. The more complicated the situation you face may be, the more of a reason you have to get expert help in resolving it.

Debt collectors may seem to be able to work magic in some cases, but they cannot actually do so. There are assets that cannot be seized according to law. However, that said, when you work with our team, we will do everything possible to prevent your case from reaching this point. Usually, a debt dispute can be resolved in a more amicable fashion by entering into respectful communication with the person in question.

To find out more about exempt assets or how our team can help return money to you, contact us immediately.