It would be nice if all clients and customers paid up their outstanding balance on time, but that is unfortunately just a fantasy. Bad debt collection is as much of a part of a business as are sales. No business should get bogged down in chasing bad debts. That is why you should leave bad debt collection to the experienced aggressive debt recovery attorneys at the Law Offices of Alan M. Cohen & Associates LLC. We have collectively between our two collections attorneys almost 50 years of debt recovery experience.
Is your business owed money? The faster you move collecting commercial debt, the higher your chances of success.
Many debtors try to hide from their obligations, especially if they owe monies to numerous parties. When dealing with shady and delinquent debtors such as these, it is crucial to have a quick and effective plan of action. The Law Offices of Alan M. Cohen & Associates LLC can create and implement a plan for debt recovery to enhance your bad debt recovery and enforce judgments that you have previously obtained or that they win on your behalf. They don’t dabble in bad debt collection and debt recovery—it is what they do.
Attorneys vs. Agencies
When it comes to bad debt collection, there are many benefits that a commercial collections attorney in Massachusetts can offer that a collections agency simply cannot. To start with, collections agencies have extremely limited capabilities when it comes to commercial debt recovery methods, as they aren’t authorized by the law to take any legal action against the debtor, unlike a collections attorney.
Hiring a collections agency means that you are restricting your ability to collect to phone calls, emails, and the goodness of the debtor. Didn’t you already do this? Why waste time recreating the actions taken by your skilled collections staff. When it comes to deciding whether you should hire a collections agency or a Massachusetts commercial collections attorney at the Law Offices of Alan M. Cohen & Associates LLC, just remind yourself of this; if phone calls and emails really worked, you could have collected the debt yourself. When you need aggressive action call the skilled debt recovery attorneys at the Law Offices of Alan M. Cohen & Associates LLC.
Helpful Information for Collecting Your Debt
While there are many reasons why an account may go past due, there are a few things that a business owner can do which will help them in their debt recovery.
Always Keep Track of Open Accounts
One day after an account is due payment, have someone on your team reach out to the debtor via phone or email as a reminder of the outstanding invoice. If you prefer to mail invoices, chances are the invoice may have got lost in the mail, or it could be that the commercial client has a few questions on the invoice. By reaching out to the client as soon as possible, you will have the opportunity to not just gently remind them of the overdue invoice, but also answer any questions that they might have.
Always Have a Written Contract
The importance of keeping a written contract is something that cannot be overstated when it comes to a business, and especially when it comes to debt recovery. Personal guarantees can make a significant difference in the amount of past-due accounts that you will need to send in the commercial collections process. This is where having a professional commercial collections attorney at the Law Offices of Alan M. Cohen & Associates LLC review all of your contracts will do wonders for your collections efforts.
Correct Total of Credit
If you’re in the business of providing credit to commercial entities, you should have a credit application that not only seeks information necessary to allow you to make the most prudent credit decisions possible, but also set forth your terms so that when the account goes bad, you have more tools available to improve debt recovery and thus enhance bad debt collection.
What About Out-of-State Creditors?
The United States Constitution requires states to honor judgments of other states as decided by their courts. However, in the Commonwealth of Massachusetts, this is not an automatic process, and therefore, foreign judgment creditors must first domesticate their judgments so they may be enforced in Massachusetts. Many debt collection attorneys are unfamiliar with this process, making it extremely critical to hire a debt collection attorney who is experienced in domesticating foreign judgments.
A skilled and experienced collection attorney knows the best practices to enforce judgments in the Commonwealth of Massachusetts. At the Law Offices of Alan M. Cohen & Associates LLC, our aggressive debt recovery attorneys immediately investigate the debtor’s and any guarantor’s assets. Once that information is in hand, our attorneys can advise whether you should try to enforce your foreign judgment by registration or whether we should file suit seeking to domesticate foreign judgment by litigation.
If you and our collection lawyers choose domestication of the foreign judgment by litigation, our skilled and aggressive judgment enforcement attorneys may decide to seek pre-judgment security to help secure payment of your foreign judgment. Pre-judgment security could include seeking ex parte attachments to attempt to seize the debtor’s bank accounts, real estate, and/or other assets. Once the attachments are obtained, the sheriff or authorized process server will serve the bank and/or record real estate attachments, which can provide pre-judgment security in order to collect payment.
Attorney Alan M. Cohen and his team are diligent, aggressive and ethical. We have what it takes to get you the money you are owed, using whatever legal means for your debt recovery. Spend your time making money and allow us to assist you in debt recovery, bad debt collection and enforce judgments so that you can get paid.
If you need to enforce judgments, a foreign judgment and/or need bad debt recovery and want to benefit from the special skill set of the aggressive bad debt collection attorneys at the Law Offices of Alan M. Cohen & Associates LLC. Contact the Law Offices of Alan M. Cohen & Associates LLC today at 508-763-6604 or email us at [email protected]. Debt recovery favors the swift.