How to Collect Commercial Debt
Operating a business entails offering a service or good and then selling it to someone at a profit. However, when your customers or other business interests are not paying you for your good or service it can prove to be difficult to continue to run and grow your business. Commercial debts are often times much higher than that of personal debts and pose a much higher risk; collecting commercial debts as soon as possible is of great importance.
What to do
When faced with the difficult task of collecting money, it is imperative to understand your creditor rights so that you can be better suited to complete the job at hand. Along with understanding your rights, a creditor should also understand the rights of the debtor by familiarizing themselves with the Fair Debt Collection Practices Act (FDCPA). These regulations are made to protect the debtor from unethical collection methods and can turn into expensive penalties for those that break them. Even if you have already been granted judgment in your favor for the debt, sometimes debtors will still fail to repay you. This often calls for more serious forms of litigation but can still be won if handled correctly. Debt collection methods after a judgment typically include:
- Offering installment plans
Collecting debts can be a long enduring process, but it is important that you gain an understanding of your rights as well as the debtor’s rights so that you can win battles both on the negotiating table and the courtroom.
Call a Commercial Debt Collection Attorney Today
Running a business is difficult enough, but when you are owed many unpaid debts it can become nearly impossible to grow your business. The attorneys at Slater Pugh, Ltd. LLP, have experience dealing with claims like these as well as a holistic business law practice that can help you collect your debts. Contact us today at (512) 472-2431 to schedule a free consultation by phone or writing!