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Massachusetts Attorney Helps with Sudden Overwhelming Debts
You’re a successful business owner. Suddenly, a long-term customer paid you with a $26,000 bad check, and another customer filed for bankruptcy. Your bankrupt customer owes you $48,000. What do you do? You know deficits cost money. Maybe, you can’t remain solvent without your revenue. Some customers assume businesses have deep pockets, lots of credit, and cash reserves. They think you, as the business owner, can wait for your payment. A collections policy won’t help you in these extenuating circumstances. Our Massachusetts debt collection attorney can help you with these devastating unforeseen losses.
Boston Debt Collection Law Firm
Our Boston commercial collection lawyer can help you with debt collection nationally and internationally. Our law firm can help you collect from customers who have relocated anywhere within the 50 United States. You don’t need to duplicate your legal efforts if your customer leaves Massachusetts. You may not commit unfair or deceptive business practices because you do not know debt collection law. You can’t just call customers every day until you finally get their payments.
Massachusetts Debt Collection Attorneys
Our Massachusetts debt collection attorneys can help you with your sudden overwhelming debts. You can pay our debt collection attorney on a contingency basis, and you may recover more money, more interest, or get reimbursed for more costs than you would if you tried to collect the payment yourself. Our debt collection law firm begins, as you would, with a written offer to help your customer meet his or her obligation to you or explain why he or she cannot. Your two large debts are both the result of contractual obligations. Our Massachusetts commercial collection lawyers can help you with the following types of contract cases:
• Breached contracts
• Real estate contracts
• Equipment sales and rentals
If the greasy wheel gets oiled, keeping your demand on the top of the customer’s pile pays off. In some states, small businesses trying to collect money owed to them are held to the same high legal standard as incorporated debt collectors. Your customers can complain to state and federal consumer protection agencies if you try to collect their payments. Frequent complaints range from calling an unreasonable number of times, adding unexpected interest and fees, and crediting payments late to increase your revenue. Their state’s attorney general or the United States Department of Justice take their complaints seriously.
Deceased or Disabled Customer
Your first request for payment of the $26,000 was returned late with a letter stating that the business owner who ordered your equipment and services died suddenly without leaving a will. Among the problems of executing the deceased’s estate is planning the succession of the business. Patience, in this case, will work in your favor.
Our debt collection attorney can track your client’s social pages, financial reports, credit card bills, and bank accounts for notification that your customer has received a settlement in a wrongful death case or that they’ve gone forward and their cash flow has increased. Our Massachusetts small claims lawyer can help you collect your payment from the deceased’s life insurance payment. The grieving family members probably never saw your contract. They may know nothing of your services, and they have not given you permission to call them.
Breach of Contract
The deceased customer scenario only meets some criteria for a breach of contract dispute because the breach was unintentional and not done in bad faith. The person who signed the contract is deceased. Time may be of the essence to resolve the contract dispute. Talk to the successor of the owner, not just the accounts payable or purchasing department. Try to schedule an appointment with the newly appointed responsible party. You’ll quickly get a feel for whether the company will work with you. Let them know that you need your operating cash flow. You may get a feel for their new financial status. Is there a chance they’ll default on your contract?
In the case of your bankrupt customer who owes you $48,000, the trustee of the U.S. Bankruptcy Court will hold a 341 meeting of the creditors 21 to 40 days after the opening of the debtor’s case. The bankruptcy trustee reviews all bankruptcy paperwork. The trustee can decide to convert a Chapter 7 bankruptcy to a Chapter 13 bankruptcy and sell the debtor’s property for the creditors. The debtor is not immediately protected by the stays of the court.
Debts Not Discharged By Bankruptcy
Debts incurred after filing for bankruptcy are not discharged by the bankruptcy trustee. The bankruptcy court requires the debtor to pay secured debts which include business loans for property, equipment, and supplies. Collateralized contracts are not discharged in bankruptcy proceedings. You, as the creditor, may be able to retrieve your property or equipment or be compensated through the sale of the debtor’s assets. If your contract is collateralized, a secured debt, the debtor must make scheduled payments to you until the debt is paid in full to remain in bankruptcy status. If the debtor gets behind on your payments, the court can place a lien on the debtor’s property for you.
Third-Party Debt Collection
Third-party debt collectors strive to collect top-dollar on your delinquent debts because they are paid on a contingency basis. Our third-party debt collector is a lawyer who can file lawsuits in small claims court, identify assets, place liens, and garnish wages through the federal bankruptcy court or in any state court nationwide. Our fees are based on the type of legal services you require, but our law firm will negotiate a firmly fixed rate with you for our services.
Goldberg and Oriel
Contact us for a free consultation and assessment of your sudden overwhelming debts. Our law office has been collecting our clients’ debts for more than 50 years, and we are always available to answer your questions. We’re not a collection agency. Our nationwide debt collection law firm collects large principal and interest payments from your slowest paying customers. Our lawyer is familiar with all nuances of United States Bankruptcy Court proceedings. Our Massachusetts debt collection attorney understands your complex contract cases and can advise you in sudden unforeseen debt collection matters.