Commercial Debt Collection
What is Commercial Debt Collection?
Commercial debt collection is the process of collecting money from your customers who pay late or in installments. Debtors who have gone out of business or moved away are located, and a collection agency or a Massachusetts commercial debt collection lawyer pursues your delinquent consumer to collect money owed to you with interest and attorney’s fees. Outsourcing debt collection increases your cash flow leaving you free to pursue other business endeavors.
The highest-ranked collection agencies offer specific services. They represent tens of thousands of clients in hundreds of thousands of debt collection cases annually. Collection agencies charge clearly stated fees depending on the amount of your outstanding debt and your customers’ locations. Additional fees are charged for collection of debts 180 days late.
Why Our Law Firm Is Better Than a Collection Agency
With 60 years of combined experience, our debt collection lawyer takes a personal interest in helping each client prosper. A breach of contract or a customer who files a bankruptcy petition can devastate your small business. If a customer defaults on your contract or you receive a notice that your client filed a bankruptcy petition, our debt collection attorney can help you.
When our Boston lawyer accepts a case for collection, he works on a contingent fee basis and strives to collect as much money as possible as fast as possible. If your customer files for bankruptcy, our attorney files a lien against your customer’s property in the county courthouse where he or she lives securing your debt. We collect your client’s financial information. If he or she’s been unemployed, we may decide to wait until his financial situation improves before trying to collect on the debt. Our lawyers can get a judgement against your customer.
If your customer filed a petition for bankruptcy, our attorney can respond with an adverse proceeding. An adverse proceeding is a separate lawsuit filed within your customer’s bankruptcy to get a judgment against him or her. Failure to file a response to the adverse action results in summary judgment. The bankruptcy trustee examines the facts you present. If your debtor claims a different income on his bankruptcy petition than he put on your contract or lease, you can allege fraud.
Fraudulent Transfer of Property
If the debtor transferred ownership of personal property prior to filing bankruptcy, the trustee demands the preferential payments returned and puts the money back into the debtor’s estate. The bankruptcy trustee can distribute payments equitably to you, the creditor. The trustee can also return your property to you if the debtor is holding your leased equipment, vehicles, house, or office.
Chapter 11 Bankruptcy
Our debt collection lawyer can help you file Chapter 11 bankruptcy. Through Chapter 11 bankruptcy, you may be able to restructure your business, liquidate your underutilized assets, pay off debts, and extend the duration of your contracts and leases to lower your monthly payments on them. To file for Chapter 11 business restructuring, you must have both personal and business checking accounts in a bank that is not involved in your debt reorganization and business insurance paid a year in advance.
How We Stand Out in Commercial Debts
Our attorneys can help you find cost-effective solutions to your commercial debt problems. Our national network helps us find your customers who have relocated. Our attorneys determine your delinquent consumers’ financial conditions. We’ll try to collect on your debt after your client gets out of the hospital, returns to work after a period of unemployment, or makes large purchases.
Our attorneys can take legal action, garnish wages nationwide, and represent you in federal, state, and local courts. Our contingency fees may be 30% if your customer’s bankrupt. Our attorney attends the U.S. Bankruptcy Court 341 meeting of the creditors if your customer filed Chapter 7 or 13 bankruptcy.
You can be paid regularly from the U.S. Bankruptcy Court. You’ll receive the full amount due if the debtor defaults. Our attorneys may accept fixed fees for civil litigation. Our attorneys also practice estate law and can represent you in probate court.
Massachusetts Commercial Debt Collection Law Firm
Call or contact Goldberg and Oriel online to discuss your commercial debt collection matters. As our client, you’ll receive a written fee agreement. Your delinquent customers will immediately receive demand letters. Depending on the nature of your case, our attorney may meet with you in your home or place of business.