Some businesses refuse to pay their debts. Despite having a legal obligation to pay, this business remains in operation but does not pay. From a creditor’s point of view, the debtor is using money owed to keep their business afloat. While the debtor may justify these...
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Legal Strategies & Best Practices
Do promissory notes hold up in court?
Promissory notes are legally binding contracts that can hold up in court if the terms of borrowing and repayment are signed and follow applicable laws. Important details to include are: The amount of money borrowed Who borrowed the money The date the sum was borrowed...
Third-party collections is an option for some creditors
It is common to hear that a debtor does not have the money to pay a creditor. They may go to court and say it. They may tell the creditor or anyone else, claiming that business is slow or that they are overextended. Of course, this is not what the creditor wants to...
Effective credit applications make it easier to collect
Credit applications are a vital tool for conducting business. These legal devices enable companies to extend credit to the appropriate customers. Still, a more substantial and detailed credit application minimizes the risk and allows for collection if the customer...
Do better invoices make for better collections?
It’s tough to keep your accounts balanced, especially when you have other companies and clients who don’t pay their bills. You’d really rather avoid collection actions if you can (naturally), and the best way to do that is by taking steps to minimize problems in the...
Is a demand letter any use in collections?
A lot of companies have trouble collecting unpaid bills, and they sometimes resort to just about anything to actually get a debtor’s attention. One of the first things they might try after an invoice has gone unpaid for a few months – particularly if communications...
A prejudgment writ of attachment can get results
Few things are more frustrating than businesses that do not pay their debts. Those unwilling to pay can put your own organization at risk, leaving you no choice but to initiate legal action. Plaintiffs considering a lawsuit can also file a prejudgment writ of...
Effective invoicing policies can help a bottom line
Business professionals understand the inevitability of a customer not paying their bills in a timely manner, if at all. Many companies in a B2B dynamic take the route of having their own internal collection mechanisms for those who have fallen past due in their...
When is it time to go to court for your debts?
The time to pursue your debt collection in a courtroom is when you've exhausted every other method. However, going to court can be costly, and going through the court system requires you to take specific steps: Step 1 find the proper courtroom Depending on the size of...
3 types of debtors and how to deal with them
If someone owes you money and you are having a hard time collecting on the debt, knowing that person's tendencies is a good first step to a successful collection effort. Here are three common debtor profiles and a few tips for how to address the unique challenges they...