It’s a basic principle of business economics: You must collect money for the services you provide, or you might not be able to stay in business. It’s sadly also basic business knowledge that those who have received services on credit often try to get out of paying their debts. Whether they didn’t budget carefully or failed to create a cushion for emergencies, or simply decided to choose a different path in life, your clients, tenants, borrowers, and others who have already used your services may try to claim that they cannot pay you – or that they can’t pay you according to the terms and deadlines in your contract.
When your business is owed money, collecting that money can be costly and time-consuming. There may be a dispute about the amount owed or about the actual terms of the contract or your debtor may file for bankruptcy. There are laws governing the collection of debts that you will have to follow, and there are effective techniques to debt collection that you may not know. You may need to sue your debtor or you may be able to negotiate an alternative resolution of the debt.
In Columbia, Maryland, the commercial collections attorneys at Nagle & Zalle, P.C. work tirelessly to help you collect outstanding debts owed to your business. We will educate you on all the options a business has to collect a debt, including pre-litigation actions, arbitration, and litigation, and will help you decide which options are right for you.