CreditorCollections, A Law Firm
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Options for collecting debt before going to court

For your Chicago business, the collection of debts is crucial to the financial health of your company. It is important to secure what customers and clients owe you, and it is helpful to know how to do this in ways that are as simple and effective as possible. Creditors have certain rights, and there are options for debt collection that may benefit your company. 

When Florida customers fail to pay their debts, you can take specific steps to collect what they owe, sometimes with interest. There are remedies available to you, some of which you can do yourself and others that you can do with court involvement. Many Chicago companies find it beneficial to work with a legal professional experienced in debt collection matters.

The remedies available to you

There are a few options available to you by which you may be able to secure repayment from your customers without the need to seek the court's assistance or file a legal claim. These options are generally easier and less expensive, and it is optimal to try these before moving forward with more involved and complicated options. Some of these include: 

  • Contact the debtor to request payment.
  • Transfer the debtor's account to a third-party to seek payment.
  • Consider a secured transaction, which is when a debtor gives a creditor a claim to his or her property as part of a repayment strategy.

These options are not always effective. If you are not successful with self-help remedies to your debt collection issues, you may need to move forward with a court-involved remedy. Some of these include:

  • Consider a replevin action, which is reclaiming property bought on credit.
  • Seek a court hearing for an attachment proceeding, which can authorize you to take the debtor's property.
  • File a lawsuit against the debtor to collect the debt.
  • Make a legal claim to the debtor's property through a lien.

Before you move forward, it is prudent to carefully consider the rights of debtors, your rights as a creditor and how to proceed in a way that will give you the best chance of success. 

The right help

Debt collection is a complex process. You will find significant benefit in working with a lawyer closely familiar with the law and experienced in complex collection procedures. A first step for you may be to seek a complete explanation of the options available to you.

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CreditorCollections, A Law Firm

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