It’s frustrating when a customer tells you they will make regular monthly payments and then stops doing so. Some individuals and businesses wait for money to trickle in, because they want to keep the customer and they do not wish to add the cost of an attorney to the mix.
Usually what happens is that the customer continues to be late on payments. They owe you money, but cannot or do not pay the entire amount. If you can go along with this arrangement, you put the debtor into the driver’s seat. Customers like this can often wear out anyone chasing the money. Situations like this are too often resolved in their favor, not yours. Remember, never ever allow any customer to take control of your money because they will likely stiff you.
You can try to recover this money on your own but when that has not worked, you need to hire the right attorney to get your money back. An attorney who has the skills and experience to get you paid should be a valuable member of your team.
So how do you choose the right attorney? Some attorneys send letters or make periodic phone calls. Others, simply bring suit and wait to see what judgment they can recover, putting off the collection phase many months later, if at all. Then there are attorneys who focus on commercial litigation and commercial debt recovery. Unlike the letter writers and the collection mills, a commercial litigator otherwise known as a commercial debt collection lawyer knows how to collect commercial debt. They know that it is essential at the beginning of a lawsuit to try to obtain pre-judgment security so that when you win, there is an asset from which you can get paid.
Some of the steps that we take include:
- Investigating the debtor’s current financial situation. We search for any assets they may have. We review social media and public records investigations to see in what other businesses your debtor may have an ownership interest so we can “reach and apply” those assets.Working aggressively to seize and freeze your debtor’s bank accounts, real estate and/or other assets.
You are owed money for goods or services rendered. When nothing you do is working, call a good commercial debt attorney to work on your behalf. You’ll be glad you did.