If you’ve run out of patience with a business that owes you money, you may think “when should I hire a debt collector?” If it’s another business that’s putting off paying what it owes, instead of using a typical debt collector, you should hire a law firm that collects debts, the Weisblatt Law Firm. Being owed money by a business is different than when a consumer fails to pay. We can help you address this problem.
You may love your business, but love doesn’t pay your bills. You sell your products or services to generate a profit. That supports your business, employees, you, and your family. In your case, your customers are other businesses. It’s just a matter of time before you must deal with one unwilling or unable to pay. This company may legitimately have financial problems, or it may just want to take advantage of you.
Businesses May Owe You Money for Many Reasons
When you find yourself in this position, the Weisblatt Law Firm handles matters involving businesses owing money to other companies. An attorney that handles B2B debt collection can help you with debts related to:
- Promissory notes
- Accounts receivable
- Professional fees
- Lawsuit judgments.
Debt collection agencies want to work for you regardless of who or what owes you money. But is that the best option? They’ll write letters and make phone calls. If there’s no response, they’ll get a law firm involved. That firm will start legal action against the debtor, which may or may not be successful.
What Sets Us Apart from Debt Collectors
Instead of acting through a third party, save yourself time, money, and energy while getting better, faster results by hiring our firm directly. There are many benefits to hiring us instead of a debt collector:
- Intimidation factor: A letter from a collection agency is more likely to be ignored, while a law firm’s correspondence will probably be taken more seriously. The debtor company may take action if legal consequences of non-payment appear more certain.
- Knowledge: Our attorneys know the law and how to leverage it to get you the payments you are owed. They know your rights and those of the debtor. We also know how to trace debtors’ assets, especially those a company may try to hide. Attorneys can issue subpoenas and perform document searches. We can find bank accounts and other assets that may cover the amount you are owed.
- Personalized service: We will customize our approach based on your situation and that of the debtor. We will do our due diligence, exploring all possible ways to get results.
- No stone left unturned: The legal entity that owns the debtor may be legitimate or just a shell to shield individuals. We may personally pursue those who own the business. There could also be property foreclosures and bank levies that will get you results.
- We’re not paid unless you are: The Weisblatt Law Firm works on a contingency basis. Many collection agencies charge an upfront fee plus a share of future payments.
A Debt Owed by Another Business Isn’t Just Another Debt
When other companies owe you money, you face issues that aren’t a concern with consumers. Another company probably owes you more money, possibly much more. They may also be long-term clients that, ideally, you’d like to keep.
Big Customers Can Cause Big Problems
When things are going well, you may be pleased with a big customer. If that company becomes short of cash or chooses to spend it elsewhere, it might threaten your business. This debtor may use that leverage to try to force you to give a sharp discount on the debt you’re owed.
They may also promise they’ll be back to being your best customer when things turn around, if you’re willing to take a fraction of what you’re owed. If you’re in this situation, you must consider your business needs and your legal rights in order to decide the right path to take.
Legal Representation Can Help Make the Best of a Bad Situation
There’s a better chance a business is getting legal advice about their financial options compared to the average consumer. You need to be just as sophisticated, if not more so, when you’re trying to collect money. Legal counsel may help them restructure their debt or plot a course into bankruptcy.
If you don’t know your legal rights and how to protect your interests, you won’t know how to respond. The Weisblatt Law Firm can help you get the most out of a company that’s heading toward reorganization or liquidation.
You Need to be Paid but Want to Avoid Burning Bridges
You may not be able to afford to give up a large part of what’s owed to you. But your approach needs to be balanced against the fact we are in extraordinary times. A public health emergency caused a quick and drastic collapse of many parts of the economy.
If all goes well with COVID-19 treatments and vaccines, the economy might strongly rebound. By negotiating the right payment plan that serves all the parties involved, you may be able to weather this storm and maintain relationships with loyal, long-term customers.
How the Weisblatt Law Firm Can Help
You must be paid in full, on time, so you can pay your bills and support your family. If you have a business customer falling behind and you need assistance, there are many ways we can help. Hiring the Weisblatt Law Firm instead of a debt collection agency could resolve the issue faster while you keep a significant relationship with a troubled customer.
You have enough to do. You run a business and have a life to live. Don’t spend your time chasing after customers who aren’t paying their bills, because we can do it more efficiently and effectively. If you’re asking yourself, when should I hire a debt collector? The answer is you should hire Houston commercial debt collection lawyer Andrew Weisblatt today. To schedule a consultation, call 713-666-1981.