Skip to main content

The Keys to Successful Commercial Collections

By February 21, 2023September 26th, 2023No Comments

Commercial Collections (as contrasted with consumer collections), especially for matters where ingenuity and high-levels of legal and investigative expertise is required, is one of the varied specializations we offer to our clients.

In some cases, we are able to get the debt paid with a well-crafted initial communication to the debtor. If this doesn’t get it done, we are ready to take it to the next step, promptly utilizing all the remedies the law makes available to us, starting with a lawsuit customized to the situation at hand, and then moving to entry and enforcement of judgment, making use of all the investigative tools at our disposal.

Pre-Litigation Involves Accurate Record-Keeping

To be successful with the collection, the pre-litigation phase is vital. This is where you as the client make sure you’re setting yourself up to be able to collect on a debt. You need to have a solid contract with every client, and make sure you’re honoring your side of the agreement. If you do that you can be more prepared to work with an attorney to collect a debt from a client.

This can look a little different for every company that needs to collect, depending on what kind of business they’re in. For example, if you have a supply business, you want to make sure you’re paying attention to the credit lines that clients have and if those lines are getting out of hand. You also want to enforce any due dates or other payment arrangements.

Contractors need to consider things like change orders and the work they’re being asked to do, and there are plenty of liens and notices that can be issued before litigation is required.

You Need Commercial Debt Collector Attorneys for the Litigation Phase

When it’s time to bring suit you want to work with trusted commercial collections attorneys who can get the job done for you. Mediation is common during this time, along with settlement conferences. Being able to settle can actually be preferable, because that solves the issue and you get your money.

If you can’t come to a settlement agreement with the client who owes you money, you’ll need to get the court to issue a judgment in your favor. We can help, and also help collect the money for you.

Post-Judgment Collection is About Actually Getting Your Money

Once you receive a judgment in your favor from the court you can work with us on collecting the money you’re owed. From property liens to wage collections, there are many options. Ultimately, you could foreclose on a house, sell off contractor’s equipment, and take other significant steps to make sure you get the money you deserve.

Make sure your company stays prepared by being good at the pre-litigation phase in all your dealings. Then you have the beginnings of a great case if you need to collect on a debt in the future.

Need help with commercial collections? Reach out to us at Lanak & Hanna today, and work with commercial debt collector attorneys you can rely on.

About Post Author

Leave a Reply