Many businesses struggle with getting paid for their product or their work from individuals and other businesses. Perhaps your own business is trying to struggle through collecting overdue payments and you are wondering if there is something more you can do. You have more important aspects of your business to run, but you may not know at what point it becomes worthwhile to bring in a collection professional. At Law Offices of Alan M. Cohen & Associates LLC, we have been helping businesses collect overdue payments since 1994, and we can help you make that decision.
When is the right time to hire a collection attorney?
For the business owner, collecting on debt can be a delicate balance. You certainly do not want to alienate your customers or ruin an important business relationship over a minor payment delay. You may want to start with a friendly reminder and discussion about their payment plan. You should always have a payment agreement in writing. The important thing is that you stay in control of the process.
On the other hand, once those delays approach the 60 to 90 day mark, you need to take serious action. You risk your ability to enforce payment if you fail to act. If your own efforts are not producing a result, it is time for a collection professional to take over.
What businesses can use a collection attorney?
Our firm has helped businesses in nearly every industry throughout Massachusetts. Common examples from our practice include:
- Suppliers of all types – including restaurant and liquor, building, trade and gasoline and oil suppliers
- Professionals – such as accountants, attorneys, IT consultants and investors
- Building trade companies – including contractors, subcontractors, architects and engineers
- Real estate investors – such as developers and commercial landlords
- Financial institutions – including banks, credit unions and private lenders
These are just examples. Nearly any commercial enterprise can benefit from professional collection assistance.
What does a collection attorney do?
Some collection agencies simply send threatening letters, but may not provide much follow through. At Law Offices of Alan M. Cohen & Associates LLC, we take a much more proactive approach through the court system. Whenever possible, we explore prejudgment attachments. This means we examine the debtor’s financial assets and ask the court to secure them for collection before we receive the court’s judgment in your favor. We then pursue a judgment from the court in order to collect your money. If the court will not approve a prejudgment attachment, we pursue post-judgment options.
If you are wondering whether this is the right approach for you, discuss your options with one of our experienced commercial collection attorneys. You can call our office at 508-763-6604 or send us a message online.