Debt recovery by litigation? Why choose a Law Firm to resolve?

Currently, debt collection in accordance with the law is of interest to many people. To be able to collect debt in accordance with the law, one of the ways to recover debt that creditors can refer to is through the path of filing a lawsuit.

1. Debt collection lawsuit file

After negotiating, bargaining and/or conciliation measures have been implemented but have not been effective, the creditor may consider filing a lawsuit at a competent Court. The list of documents to be prepared includes:

Petition
Loan contract or business agreement contracts between the parties
Certified copy of ID card/CCCD/Passport of the plaintiff for the plaintiff being an individual; or copy of the Business Registration Certificate, establishment decision or equivalent documents for the plaintiff being a legal entity
Other documents related to debt collection

2. Statute of limitations for filing a debt collection lawsuit

Pursuant to the provisions of Article 429 of the 2015 Civil Code, the statute of limitations for filing a lawsuit to request the Court to resolve disputes related to debt collection is 03 years from the date the person with the right knows or should know that his/her legitimate interests have been violated. For commercial business cases, the statute of limitations for filing a lawsuit is 02 years from the date the party becomes aware that his/her legitimate rights and interests have been violated.

3. Procedures for filing a lawsuit to recover debt

Step 1: Prepare all legal documents and files and submit the file to the competent Court.

Step 2: After receiving the lawsuit file, the Judge will notify in writing the issues that need to be amended or supplemented in the lawsuit (in case the submitted file is still missing) or notify the payment of advance court fees (in case the file is valid).

Step 3: After the plaintiff pays the advance court fees, the Court will proceed to accept the case and resolve the dispute by a Decision/Judgment with legal effect.

Step 4: Carry out the enforcement procedure at the competent enforcement agency. At this step, the person subject to enforcement provides information and conditions for enforcement of the judgment debtor, requesting the enforcement officer to verify the information, freeze the account and/or deduct money from the account to recover the debt for the person subject to enforcement.

4. Why choose a Law Firm to resolve the case

Filing a lawsuit is the last resort for creditors to recover their debts after unsuccessful attempts at agreement, negotiation and reconciliation.

It is important to know that debt collection by filing a lawsuit is a complicated legal procedure, taking a lot of time for the parties when resolving the case and enforcing the judgment, especially during the lawsuit process, drafting a petition to meet standards, or collecting documents and evidence as a basis for filing a lawsuit in a reasonable manner, etc. Therefore, it is necessary to seek the assistance of a Law Firm for legal assistance.

The Law Firm was established and operates in the legal field with a team of experienced lawyers who will help the plaintiff collect and evaluate information and evidence, and regularly perform legal-related work and have experience participating in litigation activities at the Court. Therefore, if there are problems related to debt collection, the plaintiff can seek advice and support from the Law Firm.

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