An old customer has been stringing you along with promise after broken promise. The customer buys new materials from you on a COD basis. The old receivable hit the back burner. After more than five years of occasional COD purchases, the customer starts buying from your competitors and refuses to pay. Don’t give up, our clients don’t. Neither do we!
Our client contacted us with an almost six year old receivable in the principal amount of approximately $300,000.00. The debtor had offered $100,000.00 as payment in full which our client wisely rejected. We filed suit and we sought and obtained ex parte bank and real estate attachments. Although the real estate attachment missed and the bank attachment caught less than $20,000.00, the individual debtor had numerous properties he held on various trusts, LLC’s and corporations in which we believed he had a beneficial interest. As a result of our persuasive negotiating skills, within twenty days after we filed suit, the debtor coughed up $300,000.00.