Debt collection is a common issue that nearly all business owners face. It’s virtually impossible to sell goods or services without eventually running into overdue accounts and unpaid invoices.
One of the worst parts about prolonged efforts to collect debts from other businesses is that they can cost you time and resources. The unpaid accounts may even hurt your ability to remain operational. Fortunately, there are ways to protect your rights and get paid in full, including:
- Sending a debt collection letter: You may want to start by writing a short letter to the business. Explain that you’re attempting to collect on a debt. Don’t harass the business or act unethically. You could damage your company’s reputation and even risk a lawsuit.
- Using a debt collection agency: Initial efforts to collect the debt may be unsuccessful. In that case, hiring a debt collection agency is one way to move forward. A commercial collection agency has experience pursuing the debts owed by one business to another.
- Filing a lawsuit: Litigation is another method of recovering debt payments. Our attorneys can assist with pre-judgment litigation to obtain a judgment against debtors. Be aware that you cannot file a lawsuit after the statute of limitations expires. Act quickly to keep as many options open as possible when trying to obtain any money owed to you.
- Creating a plan for post-judgment enforcement: Even a successful judgment may not be enough to put the outstanding funds in your pocket. Our lawyers help judgment creditors collect the monies won in their lawsuit through various means and motions.
What makes sense for one business might not work for another. It’s very important to seek personalized legal advice in order to best navigate your unique debt collection situation.
Keep in mind that the rules to collect a debt are complex. There are specific time limitations and procedures that must be considered. Our attorneys can create a detailed plan for recovering money owed to your business. We’ll also ensure that you’re compliant with the law.
Contact Our Creditor Rights and Commercial Collections Lawyers
The talented attorneys at Markoff Leinberger provide individualized and cost-effective counsel. We’re committed to helping your business collect secured and unsecured commercial debts.
Call 312-726-4162 to discuss your debt collection matter free of charge. Conveniently located in Chicago, Illinois, our business law firm proudly serves clients from across the country.