If you are the CFO or lead accountant for your company, you probably have had difficulties when it comes to collecting old debts. Although it is important to understand that clients may be experiencing financial hardships, delinquent and unpaid accounts may damage your business’s bottom line. At a certain point, it becomes necessary to take legal action. To make sure that you are able to recover your losses, here are some instances when you should hire Salt Lake City collection attorneys.

Exhausted All Options

If you have a client who gets behind on an account, it is essential not to rush judgment. Keeping good customer relations is vital for any company. Jumping the gun and pushing for immediate payment is not prudent. There may be underlying circumstances linked to a late payment. The first step should be to make a personal phone call or to send a friendly letter. Many times this will be enough to remind a client that a bill is overdue and payment is wanted.

Unfortunately, this does not always make a customer pay on account. Although it is tempting to hand it to a collection agency, these organizations may simply repeat the same steps that were already completed. When all avenues of collection have been exhausted, it may be time to consult with a collection lawyer.

You Have Large Debts

Even though a company has a right to sue for any amount of owed money, reality dictates that it should be worth the time and price of hiring legal counsel. When you have a client who owes a large sum of money, it is vital to recover as much as possible. The debt may be a one-time occurrence or a collection of outstanding business transactions. Having a large pile of debt from one client can bog your business down, so the situation must be addressed. A collection attorney will have experience negotiating fair terms of payment and will be able to successfully win your case in court.

Save Money and Get Better Results

You should not have to pay a lot of money to receive due payments from clients. Most business’s immediately turn to collection agencies that demand up to 50 percent of the amount being recovered. Many tactics that collection agencies use may have already been unsuccessfully tried by your company. This means that you will have to hire a lawyer to take legal action on top of paying the collection organization. Even if the agency is able to recover payment, the entire process may be extremely time consuming.

On the other hand, a lawyer may handle your case on a contingency basis, which means that he or she only gets paid if you receive your money. He or she may provide more reasonable fees than collection agencies as well. Another reason why hiring a lawyer may be best is that most clients will not want to head to court. It is much simpler to submit a payment than to pay more legal fees and representation costs. Also, few people actually want to face a judge over a matter that they are sure to lose. As soon as they receive letters from your attorney on official letterhead, they are likely to send your money or make an honest attempt to reach a deal for payment over a reasonable amount of time.

When Stress is Too High

Running a company can be very stressful. As the CFO or Controller at your business, you are sure to have a high amount of responsibilities. Instead of wasting precious time worrying about and chasing delinquent clients, it is better to give the duty to someone else. When you hire a lawyer with a proven track record of success, you can give your attention to more important matters and know that your collection issue is in good hands.

When You Do Not Understand the Utah Collection Laws

Utah has set of laws concerning collection procedures. To make sure that your company is in full compliance, it is best to work with a lawyer who deals with these issues on a daily basis. A collection attorney will file a suit promptly and will monitor payments for compliance. This professional comprehends how to handle all types of debt disputes and will know how to best validate your case. From the start, your lawyer will evaluate your claim and will know the state statute of limitations to file and the need to provide documentary evidence. A lawyer will file judgment liens and post garnishments. Also, they will be able to handle the legal repercussions of bankruptcy, liquidations, and similar issues that may make receiving payments challenging.

Many CFOs and company accountants find it challenging to deal with delinquent accounts. Hiring Salt Lake City collection attorneys will help shoulder the burden and bring a number of benefits. If you are dealing with any of the above issues, you should contact a trusted lawyer today.