Markoff Leinberger LLC provides aggressive yet cost-effective counsel in helping your business collect commercial debts. Our knowledgeable attorneys can help businesses collect the maximum amounts possible from debtors. We know that every debt owed to your business is important.
Our attorneys are experienced with pre-judgment litigation to obtain a judgment against debtors. Our attorneys are also experienced with post-judgment enforcement to collect the amounts owed. Markoff Leinberger collects on secured debts and unsecured debts.
If your business has a judgment from a state other than Illinois, Markoff Leinberger can register that foreign judgment in Illinois and help collect it from debtors located, or with assets, in Illinois.
How Long Can a Creditor Pursue a Debt?
There is no deadline that dictates how long a creditor can attempt to collect an unpaid debt. However, there is a deadline for using litigation to obtain a court judgment against a debtor.
Each state establishes its own limits on how long a creditor has to sue a debtor. This time limit is called the statute of limitations and it varies depending on the type of debt. In Illinois, the statute of limitations on unwritten debt agreements and open-ended agreements is five years. Meanwhile, the statute of limitations for written agreements and promissory notes is ten years.
You cannot file a lawsuit against a debtor after the statute of limitations expires. Unfortunately, that means you will have fewer options for collecting the money that is owed to your business.
What Rights Does a Creditor Have?
Creditors have various legal rights that allow them to recoup their money when their debtors fail to repay financial obligations. These rights can vary between secured and unsecured debts.
Generally, if a debtor fails to repay a secured loan, a creditor can seize the pledged collateral from the debtor and either keep it or sell it. The steps in this process are outlined under state law. They are also found in the loan contract. Unsecured debts, however, are more complicated.
A creditor may need to refer an unpaid debt to a collection agency. It is also possible to file a lawsuit to obtain a judgment against the debtor if the debtor still refuses to pay the unsecured debt. Collecting the amounts owed may require legal help with post-judgment enforcement.
Our creditor’s rights attorneys can help you understand your protections under the law. If you need more information about how to recover the money owed to your business, call us for free.
Can a Creditor Take a Debt Back From a Collection Agency?
Creditors can sometimes reclaim a debt after it has been sent to a collection agency. Often, a creditor will take this step when the debtor is willing to negotiate or ready to pay off the debt. It can be a beneficial decision to avoid working with debt collectors under some circumstances.
Keep in mind that this is not always possible. Sometimes, creditors sell the rights to the debt.
What Laws Are in Place To Protect Creditors?
Various state and federal laws protect your rights as a creditor. These debtor-creditor laws include the Fair Debt Collection Practices Act and the Uniform Fraudulent Conveyances Act.
Our attorneys can help you use the appropriate judicial and statutory processes to ensure that your debts are satisfied and protect your business from fraudulent tactics used by debtors.
What Kind of Resolution Should I Expect From My Debt Collection Matter?
Our attorneys will work to aid your business in collecting the maximum amount from debtors. We know how to skillfully handle complex commercial debt matters and seek the best outcomes.
You may be able to obtain the full amount owed to your business. If you win a judgment against the debtor, you may also be able to recover accrued interest and court fees. Every situation is different. Our experienced lawyers can let you know what to expect during a free consultation.
Schedule a Consultation With a Commercial Collections or Creditor Rights Attorney in Chicago
We welcome an opportunity to meet with you free of charge to discuss your collection matter, your options, and the most effective way to move forward. To find out more about our experienced and knowledgeable attorneys, please visit https://www.markleinlaw.com/attorneys.