Collection of Account Receivable
With the global economy being in disarray, cash flow in many businesses has been impacted. Collecting your company’s past due accounts has become more challenging. The Gebeloff Law Group is a debt collection law firm that assists its clients collect their money on past due accounts. The law firm has a dedicated team focused on debt collection and the recovery of your money. We assist our clients collecting on open accounts, promissory notes, goods sold and delivered and for their professional services rendered.
Documents Useful in Debt Collection
Having a credit application will assist our collection lawyer in the event you need to act in the future to collect your money. The credit application provides valuable information. From the credit application, our collection attorney learns of addresses for the debtor, banking information, social security and federal tax identification numbers that help our debt collection team locate the debtor in the event the debtor is no longer at the address they were doing business.
Keeping copies of checks that your customer has paid you with, provides our collection law firm with banking information that may be used once, once a judgment has been entered, to garnish the bank account.
The Debt Collection Process
When an account is sent to our law firm for debt collection, the first step our collection lawyer takes is to check the corporate status of the debtor. If the corporation is dissolved, our collectors begin to look into whether the officers and/or directors of the entity have formed a new corporation. If so, our collection attorney will discuss with you pursuing the new entity and its officers for the debt.
Our law firm will send a demand letter for collection. Our law firm also makes collection calls to attempt to collect your money before recommending a lawsuit. If our demands to collect your money go unheeded, we then proceed with a lawsuit to collect your money. Once suit is filed, there are several scenarios. The debtor can ignore the suit, in that case a default judgment is entered. The debtor faced with a lawsuit, now pay the outstanding account receivable, or offer a payment plan. The defendant in the collection lawsuit may retain counsel and contest the lawsuit. Many times, when a debtor hires a lawyer to contest the suit, it is a delay tactic. Our collection attorney will aggressively attempt to move the case to trial to avoid further delays.
Next time on our debt collection blog, we will discuss collecting a judgment. There are many scenarios that occur when collecting a judgment. Our debt collect team welcomes you to call our law firm and ask to speak to our collection attorney about your debt collection case. We would be happy to discuss your collection case and devise a debt collection strategy for you.