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Why is it important to act fast in commercial debt collection?

On Behalf of | Jun 13, 2022 | Business Debt Collection, Commercial Debt Collection

Many business owners face uncertainty when it comes to collecting an overdue debt. They are not sure what steps to take first, how long to wait for a response and when to take a more aggressive approach. Often, people wait too long to pursue their debt, leaving them with few helpful options and a path behind other creditors pursuing the same debtor..

At Law Offices of Alan M. Cohen & Associates LLC, we have been pursuing commercial collections and bringing home the money for our clients since 1994 and we have learned some important tactics for successful debt collection. One of the most important things we have learned is the need to take swift action to preserve your access to your debtor’s assets.

Financial trouble ahead

There will always be people who fail to pay their debts as a matter of course, but your debtor’s failure to pay could indicate deeper financial problems. If this is the case, you need to attempt to  secure your claim to their assets as soon as possible. Otherwise, the available assets could go to another creditor or be transferred to another, making them much harder to attach.

Get your place in line in case of bankruptcy

If your debtor files for bankruptcy, you will find collection much more complicated. The attorneys at Law Offices of Alan M. Cohen & Associates LLC regularly help clients with their claims against debtors in bankruptcy. You must file your proof of claim in a timely manner with the bankruptcy court. You must also be careful about accepting payment from your debtor during the process. Work with our attorneys to make sure you follow the rules and put yourself in a good position for payment.

Using prejudgment attachments

Prejudgment attachments are an effective debt collection method. They allow you to identify and  secure  all or part of your claim to specific assets owned by your debtor before you even receive your judgment order from the court. Examples of these methods include:

  • Ex parte bank attachments
  • Real estate attachments
  • Reach and apply injunctions
  • Personal property attachments

Courts will not always allow prejudgment attachments, so having a knowledgeable experienced and respected collections attorney assisting you can improve your chances of success.

Do you need an attorney who will act fast?

At Law Offices of Alan M. Cohen & Associates LLC, we understand the importance of taking immediate, aggressive action to collect your debt. Our commercial collections attorneys have almost 50 years of collective experience helping clients collect on  their collection cases in Massachusetts. To find out how we can help you get paid, call us at  508-763-6604 or reach out online. In commercial debt collection delay can often mean no money.