Commercial Debt Collections
We handle collection actions for businesses. These are not actually "debt collections"- they are legal steps and procedures taken pursuant to a breach of a written or verbal agreement to pay a sum certain for a product or service (or in repayment of a loan).
When a customer or client that is not paying an invoice or a debt becomes a problem, sometimes it takes an aggressive approach to let them know that you are serious about being paid. Other times, it is a sensitive topic that requires tact and care so that the relationship is not disturbed, and so that more business can be done in the future.
We handle these matters on a contingent fee basis (20% of amount collected). We'll review the basis for the payment owed and develop the theory of the breach of payment and the proper approach to collect the monies due.
We use best efforts to resolve outstanding receivables and debts without litigation. Lawsuits are a last resort in the commercial debt collection process. The best chance of obtaining monies due, will, most often, occur before a lawsuit is filed. There is usually a reason that the invoice, or receivable, or debt, isn't being paid, such as that the party that owes the money is having financial issues, a cash crunch, or, simply, is not taking you seriously or making their payable to you a priority. Lawsuits take time and include court costs and fees. A judgment must be obtained and then collected upon. It's better to use all other available tools, where possible.
Anyone can prepare a lawsuit, serve it, and enter into the legal system and the judgment collection process. That's easy. But, it's timely, costly, and may not result in a judgment (such as if the court finds a technicality, or, if a judge gives the debtor more time, or, if the court's calendar is overloaded or the courts are closed due to the present crisis, or, if the other party responds and you lose the case), or may not result in a judgment collection (such as if the payor/debtor files bankruptcy, or hides money, or doesn't have the money or assets, or has other debts in line with priority to yours). Actually finding a solution and getting your money as fast as possible, or, at least a portion of it, is the better and more prudent objective.
Of course, if the other party is even disputing that the monies are due, at all, such as where the other party has responded to you by claiming that you breached a contract by failing to deliver the product or service promised, then a lawsuit is the only option.
Filing of lawsuits, when necessary, is handled on an hourly fee basis.
Your businesses can be located anywhere in the U.S. as long as the payor/customer/client/debtor is in New York State in order for this firm to assist.
Contact us today to discuss the scope of our service and the monies and/or receivables owed to your company.
* If you are a business that wants to immediately monetize a receivable by selling the outstanding payment obligation of a New York customer or client under an open invoice, see the "We Buy Receivables" page of this website.
* If you are a business that has business debt and open payables of your own with which you are struggling, see the "Business Debt" and "Business Restructuring" pages of this website for help.