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Build a Relationship with an Experienced Collection Attorney
Does your business have a collection attorney? If so, are collections the attorney’s primary area of the law? Many business owners don’t think about contacting a lawyer until an account is seriously past due. This is problematic for several reasons. Once a debtor stops paying your bills in the ordinary course of business it’s likely other suppliers are getting shorted too. If you wait too long to take action, your company may just have to stand in line behind other businesses that have already gotten judgments and are aggressively pursuing collection of their debts.
By informing your collections lawyer of a problematic account early on, you can preserve all options for making sure your business gets paid. Attorneys can check to see if there are pending actions already on file, assess the amount of debt suspected and make an educated guess about whether a bankruptcy filing is imminent. Knowing where things stand will help your business develop a game plan.
One of the proactive things an experienced collections firm can do is help get your debt secured. This moves your company to the head of the line in the event of a bankruptcy and prevents the delinquent account customer from disposing of its assets without making payments to its debtors. Real estate and vehicles are the most common assets to file a lien against, but many other pieces of equipment have substantial value and a secondary market that makes them useful for getting bills paid.
Whether you already have past due accounts and need immediate assistance with collections or just want a fresh perspective on how to protect your business’ own cash flow, you can contact us to learn your options. Our attorneys can recognize the warning signs of when a business is in serious trouble and advise how to proceed. Often the behind the scenes negotiations done before filing suit have the best chances of getting your account brought current. Whatever the circumstances our attorneys can guide you and show the benefit of having a steady relationship with a collections law firm.
Let’s get started. Give us a call now or send us an email. Remember there is no charge to review your questions with us so that we can explain how we can help you.