A successful business often relies on many different businesses and individuals. To move forward, the business leaders expect everyone involved to meet their obligations. This can extend to include more than just the main players within the business leadership, but also the clients and relationships with other businesses. Problems can arise when other parties do not meet these obligations.
This is particularly true when those who fail to meet their role involve delinquent accounts. Getting payment is important but can get complicated if the other party is not willingly meeting their end of the bargain. The attorneys at the Law Offices of Alan M. Cohen & Associates LLC have worked with businesses seeking and getting payment from delinquent accounts since 1994. These legal professionals can use that experience to your advantage and help to better ensure you get payment.
When is the account delinquent?
The account is generally delinquent when the other party has failed to follow the terms of the contract. If, for example, the agreement has a specific pay by date and the other business or individual did not meet that date, the account will likely qualify as delinquent.
What can my business do to get payment?
First it is important to review the terms of the agreement. There may be some options for recourse within the document. These can include:
- Correspondence. Often the first form of action is to reach out and remind the other party of their financial obligation. This mailing or other form of correspondence can include information about potential follow through if the other party does not pay their bill. It is common to try this method more than once before moving forward with additional action.
- Prejudgment attachment. This step basically results in a lien on the assets of the other party, allowing you to begin gathering payment.
- Court judgment. If prejudgment attachment is not an option, you may consider pursuing a lawsuit and judgment in your favor.
It is important to note that there are various rules and regulations that impact the ability to collect on these accounts. At the Law Offices of Alan M. Cohen & Associates LLC, we navigate these issues on your behalf. This means we handle to correspondence and move forward with the court to secure collection. Business leaders can discuss how to navigate this process and better ensure successful collection on delinquent accounts with an experienced commercial collection attorney. You can reach our office at 508-763-6604 or send a message online.