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Florida Debt Collection Law Blog

How can you efficiently collect business debts?

When you are in a position where you are waiting on several notable business accounts to pay their debts, it can be both disconcerting and frustrating. If you passively continue to wait for these accounts to take action on their own, you could compromise the financial stability of your enterprise in Florida. Fortunately, there are proactive steps that you can take to encourage business accounts to pay their debts promptly without coming across as abrasive or obnoxious. 

From the creation of your organization, it is critical that you set boundaries for your payment requirements that are clear and concise. Having your expectations visible to the other companies with which you conduct your business can help you to protect yourself while informing purchasers of their responsibilities. 

Wage garnishment: a useful tool for creditors

When seeking to collect a debt, creditors have several options by which they can contact the debt holder and pursue payments. However, it is not always possible to get money owed, even after months of attempted contact through phone calls, letters and other means. In these situations, additional steps may be necessary to protect the interests of the creditor. Wage garnishment is an effective way to collect debts when other methods have failed.

Wage garnishment is a process that withholds a portion of a person's paycheck. The money withheld goes toward the payment of specific outstanding balances. There are limits to wage garnishment, and there are differences in how this process works either before a judgment or after one. 

How can I avoid contract disputes?

Business owners in Florida know that contracts are an essential component of operations. In some instances, you may find yourself embroiled in a contract dispute, which can be costly and time-consuming. While you can't always prevent disputes from happening there are steps you can take to minimize risk, as explained by Inc.

Look to the future

Defending the rights of creditors

Often, people hear about debt from the perspective of someone who has borrowed more than they can ever afford to pay back. Write-ups and opinion pieces often focus on the challenges that debtors face, but it is important to draw attention to this issue from the perspective of creditors as well. Regrettably, delinquent borrowers have cost many creditors a staggering amount of money and the consequences of these debts can be overwhelming. In West Palm Beach and all over the state of Florida, creditors should go over their options and do what they can to recover debts.

There are many reasons why borrowers fail to pay back what they owe. In some instances, a borrower may be going through financial hardships because they lost their job or suffered an unforeseen health crisis. In many other cases, however, borrowers are careless or even hostile and refuse to pay back what they owe. Our law office knows that these situations can create a great deal of anxiety for creditors and some may face permanent problems as a result of borrower delinquency. For example, a company may be prompted to shut down because they were not paid back at a time when they were counting on it.

Beware Violating An Automatic Stay

Once a debtor files for bankruptcy, the court places an automatic stay that prohibits creditors from taking further collection actions. However, some creditors do not always heed the automatic stay. Usually, this is not deliberate; it is simply because the creditor does not realize that the court has placed a stay.

After a creditor files a bankruptcy petition, there is usually a short lag before creditors receive notice. In the interim, they sometimes accidentally send collections notices. But violating an automatic stay, even inadvertently, can have significant legal ramifications that creditors should take care to avoid.

Ways that consumers can avoid becoming victims of fraud

When people in Florida are looking into a new product or service, they often place a large amount of trust in companies to provide precisely what they promise. However, there are times when businesses use fraudulent marketing or advertising tactics to take advantage of unsuspecting consumers. While fraud and scams are unavoidable at times, the efforts that consumers take to protect themselves can be quite advantageous when used with vigilance. 

People who do not spend time researching whatever it is they are interested in are often the ones who end up in uncomfortable situations where they have spent money, but are not receiving what they were promised. According to the Federal Trade Commission, people who want to protect themselves from fraud should consider doing the following:

  • Being protective and selective of the financial information they give and the means they use to process required payments. 
  • Using caution when approached with a trial offer that requires a cancellation to avoid payment after a designated period. 
  • Taking time to complete a thorough search of a company and comparing the reviews of other consumers. 
  • Consulting with other people to get their input on the validity of the company they are considering using. 

Protecting commercial interests in the collections process

The process of collecting missed payments and owed balances from Florida customers can be frustrating for New York companies. If your business is struggling with how to collect on delinquent accounts or you are unsure of your creditor rights, it could be imperative to find out how to protect your interests. There are various legal options available to you.

There are remedies available for creditors seeking to collect money from customers. Some of these options do not require court intervention, yet others do. Due to the complexity of this process and specific regulations that can differ from state to state, it can be helpful to work with a knowledgeable legal professional on these matters.

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