As a creditor, you’ve probably braved mighty storms. And when it comes to debtors who don’t pay up, we can conjecture that you’ve spent many months in court, sparing no effort to win your case.
But if the other party owes you money, your journey hasn’t ended. It has, in fact, just begun. You still have to go through the long, tiring journey that is debt collection. And on this journey, you’ll find even greater hindrances.
The trick to making it past all of them is to understand the debt collection laws of Minnesota.
What You Need to Know
It all begins with the Fair Debt Collection Practices Act, which was enacted by Congress in 1977. The FDCPA exists to ensure that both parties—creditors and debtors—are protected from bullying, harassment, abuse, or intimidation of any kind.
In specific cases and when required, both debtors and creditors can seek additional protection from the state under this act.
In Minnesota specifically, Minn. Statutes §§332.31 to 332.45 exist to ensure that people are safe from all kinds of intimidation. In the light of this legislation, it is important to know that you can’t resort to less-than-legal means to extract what you’re owed from your debtors in Minnesota.
Working with Debt Collectors
The aforementioned Minnesota legislation also ensures that debt collection agencies play by the book. There’s also the condition of licensing: only a debt collection agency that is licensed to collect judgments and debts in Minnesota can do so.
Once a case has been won and a creditor been told he is owed money by the debtor, or once the creditor has successfully sued the debtor through garnishment, a proper procedure can begin. However, creditors need to produce a Writ of Execution before they can extract debt from anyone in Minnesota.
If you’ve decided you’ll be collecting the debt yourself, be sure to go through all of the 2019 Minnesota Statutes.
Confused? Overwhelmed. It’s Okay
We understand that taking in all of this all at once is no easy feat. It’s even tougher for laypeople. Which is why you have services like ours. We, at Judgment Minnesota, are a team of judgment collection specialists. We specialize in buying off judgments from creditors all over the country. If your debtor is in Minnesota, or has crossed state lines in a bid to hoodwink you, we can help you.