Your business functions under the agreement that there will be fair compensation for products delivered or services rendered. Failure to uphold this agreement by one or more clients could mean serious financial problems for the business.
Many business owners are familiar with the challenges they encounter in an attempt to collect what they are owed. Some may try to collect monies owed by doing it themselves but back off when the task proves to be insurmountable.
The next big decision is whether to hire a Florida business debt collection attorney to pursue the money or file it under bad debts. At this point, you really don’t know what to do. Do I really need a business debt collection attorney? How is he/she going to help me recover the debts?
If you find yourself asking such questions, it’s time to call in the big guns.
Exhaust All Available Options
Make sure you exhaust all your options before you go on and hire a Florida business debt collection attorney. Sending an attorney the first time you are asking for the past-due payment may be construed as aggressive and will ruin your chances of ever getting a full payment of the owed amount.
Be civil from the start and escalate the situation with professionalism if you continue to get no response. Exhausting all the avenues means tirelessly doing all the stuff the attorney will end up doing such as making phone calls, drafting letters, and restructuring the payment conditions.
What Does a Florida Business Debt Collection Attorney Do?
Florida business debt collection attorneys are individuals licensed to practice law in the state of Florida whose primary focus is to help businesses collect past due debts. These attorneys abide by all the Florida debt collection laws and the 1978 Fair Debt Collection Practices Act (FDCPA).
One of the key benefits of working with a Florida business debt collection attorney is that if the case proceeds to court, the business owner and the attorney will already have established a working relationship, not to mention that the attorney will be familiar with the case.
The attorney will work hand in hand with your business to recover the debt. The first step is to establish that money is owed to the client, and the entity listed on the invoice or purchase order is the responsible contracting party.
This is a relatively simple process, and once it’s over, the business debt collection attorneys will contact the responsible person via telephone, email, or personal letter. The attorney will introduce him/herself to the debtor, explain the situation and propose a solution. The lawyer’s objective here is to get the debtor to settle the delinquent accounts without having to go to court.
However, if the responsible party is unresponsive and not willing to settle the debt, the next logical step is to file a lawsuit. In court, the attorney will still give the opportunity to settle in full. In addition to that, he/she may ask the court to make the debtor pay court and attorney fees.
Reasons Why Working with Debt Collection Attorneys Is Your Best Bet
Ø Business debt collection attorneys are experienced and have the necessary expertise to collect your debts successfully. They can issue subpoenas and follow the paper trail to uncover bank accounts and hidden assets to convince the judge to collect using post-judgment remedies.
Ø Hiring an attorney comes with an intimidation factor. Typically, creditors tend to be more responsive after being contacted by a lawyer. Nobody wants to go to court over vendor payable matters.
Ø Lawyers understand all the legal implications when debtors dispute their debts, applicable statutes of limitations as well as the necessary elements of authentication and proof.
Ø Businesses need to abide by the complex HPPA rules, credit reporting, and all fair debt collection regulations. Who understands all these regulations better than Florida business debt collection attorneys?
Ø Florida business debt collection attorneys are governed by the state’s professionalism ethics rules. They are subject to sanctions by the court for improper handling of client’s affairs or funds. Your money is completely safe.
Whether you are a seasoned businessman or a fledgling entrepreneur, sometimes you need professional help to recover past due accounts. It’s a smart decision, dealing with delinquent accounts can drain your patience, time and resources and, don’t you have a business to run? Business debt collection attorneys can help you with this. They will adequately represent your business and skillfully help you quickly recover your outstanding receivables.