To become a debt collection attorney, complete an undergraduate degree, law studies, and pass the licensing exam. Gain experience through internships and jobs in debt collection. Career options include joining an existing firm or helping consumers with financial problems. Business and accounting courses can also be helpful.
A debt collection attorney provides legal representation to creditors to compel consumers to pay overdue loans or bills. You can become a debt collection attorney by completing your undergraduate and law studies and passing the licensing exam in your jurisdiction. Your resume can be enhanced while in law school with internships and jobs in the debt collection field. Career options for a debt collection attorney may include joining an existing firm or starting out on your own. The other side is to become a debt collection attorney who uses his knowledge to help consumers, not creditors, with financial problems.
Business and accounting degree courses help you understand the complexities of consumer credit. These courses will help you get started running when you enter law school. Your legal program may feature specialization in business law or business transactions that can help you become a debt collection attorney. Most law programs offer other courses that can prepare you for a career in debt collection. For example, you can learn how to deal with debtors in the Dispute Resolution class, better understand credit agreements in the Contracts class, and learn more about nonperforming loans in a course on real estate transactions.
You should try to take advantage of internships with law firms during the school year and during the summer break to familiarize yourself with debt collection law. An internship in the legal department of a collection agency may require working with collection documents and contacting debtors. Working at a local consumer law or debt collection firm can familiarize you with the legal process of representing creditors in court. This job would also put you in touch with experienced attorneys who can explain the realities of debt collection.
After graduating from law school, consider joining an established debt collection firm or establishing your own firm as a sole practitioner. You may have more opportunities to become a debt collection attorney for an existing business, particularly if you live in a larger metro area. That way, you can learn the rules, ie the proper procedures for filing and processing debt collection lawsuits, from your more experienced peers. Starting from scratch would be a challenge, including finding customers and paying overhead.
Another career option is to work with a credit counselor, consumer education group, or consumer-oriented law firm to help debtors with their financial problems, which can include filing for bankruptcy. This path would allow you to help families and individuals and sometimes small businesses that have fallen into debt due to extenuating circumstances. Most of your time would be spent reviewing debtor records, creditor claims and applicable law to find appropriate ways for consumer debt discharge. You can also represent a consumer in court if the creditor takes legal action to collect a debt.
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