Can attorneys’ fees be obtained from debtor in order to compensate the company for the expense of retaining an attorney to collect?
There are several Georgia code sections that address the award of attorneys’ fees. The most straightforward is a provision for contractual attorneys’ fees if placed in the credit application or contract. Make sure that the provision states attorneys’ fees of 15% (of the principal and interest) as this is the contractual rate that Georgia Law allows. However, there are certain requirements for notice and demand for attorneys’ fees that are prerequisites to enforcing the attorneys’ fees provision. We will be glad to go over these with you.
