When you have a commercial debt against a company that refuses to pay it can be very difficult to get your money. In such situations, the company may have their own lawyers and accountants to combat your claims. If you ever find yourself needing to collect a commercial debt then having the right legal team on your side can make all the difference.
Specialized Collection Tools Improve Recovery Chances
With a proven track record in commercial debt collection, Smiley Law has helped many clients recover their debt using tools and techniques that make us a leader in the field. One method we employ is asset investigation, which examines a debtor’s liquid assets, cash flow, and expenditures, as well as hard assets which you can then place a lien on, seize as collateral or sell to pay delinquent debt. Another method is obtaining testimony by a Judgment Debtor Rule (JDR) examination.
Our team can also locate elusive debtors and gather their personal financial information, as well as arrange impromptu meetings with debtors at their place of business, if necessary.
If you want to pursue repayment of a commercial debt then the following points should be kept in mind:
- You should keep all documentation that can be used in a claim, including any sales or credit agreements, past payment records or correspondence with the debtor because most commercial debts are unsecured.
- Unsecured debts do not have a specific property attached to them that can serve as collateral, such as a house or car.
- The only way for you to collect on an unsecured debt is through filing a lawsuit for repayment.
- If you file a lawsuit in which you claim assets from a debtor, you can prevent them from selling or disposing of assets through a restraining order or by transferring the property to the custody of the court (a process known as attachment).
- If your debtor fails to respond to a lawsuit, you can obtain a default judgment against them that entitles you to legal enforcement of your claim. A judgment either rendered by default or by a judge is the only way to have legal recourse against a debtor and seize assets.
Smiley Law: Fighting for Your Right to Collect
If you are owed money by another company, getting qualified legal help can improve your chances at collecting it. Contact the experienced law professionals at Smiley Law to expedite your commercial debt collection and recover the money you deserve.