The Importance of Moving Quickly To Collect Your Commercial and Business Debts

Experienced West Palm Beach, Florida, Lawyer

It is critically important that a business move quickly to collect its accounts receivables and bad debts. Statistical data on the collection of delinquent debts demonstrates that the rate of recovery decreases from 98% on the date that an obligation is first due to 10% after 24 months.

Oftentimes, a business owner, lender or other creditor contacts my office after too many months of self-help collections. The reasons are varied — the attempted preservation of the business relationship; an understandable desire to limit the loss of money — but the epiphany comes too late. By the time I have been retained, the debtor has closed operations, transferred property or encumbered assets. The delay may have prevented the recovery.

Typically, it is the "squeaky wheel that gets the grease." Quick action to recover a bad debt vastly increases the probability of collection. Ultimately, it is better to recover 70-80% of the debt than 0%.

Contact the Firm by Calling Toll Free at 888-899-7394

Call attorney Joel Blumberg and CreditorCollections or contact the office online as soon as you believe that you have a problem business debtor. We will discuss the case with you, perform a quick investigation of the debtor and make demand on your behalf. We can also replevin or seize assets before suit in appropriate circumstances. Let us help you understand the importance of moving quickly to collect your commercial and business debts.