Repair Business Debt Flow Interruptions
For business owners, dealing with customers is your number one priority. To protect your business, you put processes in place to ensure your business receives payment. You, in turn, can keep your financial picture healthy by paying your business providers. It's the natural flow of the business chain.
In today's economic environment, the flow is often times interrupted when customers default on payment. Now you're being forced to take the time to collect on past due debts. The chain is interrupted. There are things you can do to effectively recover your bad debts, starting with contacting me at 626-376-9874 .
Enforcing a Judgment
There are several steps involved with approaching customers in default of payment. It could be your customers have a poor administrative operation, or maybe have encountered financial issues.
First, I'll want to know how late the balance is in default. Next, I'll want to know more details about the balance, list of goods or services provided, past due invoices and phone numbers.
We will start by corresponding with your default customers if you haven't already. Some customers will pay as agreed, others will agree to pay or some will pay in increments once they receive a mild reminder. However, there are others that will not respond.
Next, we will execute a judgment.
When you win a judgment, the court sends a Notice of Judgment to your customer to inform them when payment is due. If your customer fails to pay, we may take steps to collect or execute the judgment including:
- Seizing personal property or assets
- Filing a lien against real property
- Filing an income execution or wage garnishment
In some instances, you may not be able to collect on a judgment. These include if a default customers has filed for bankruptcy or if they have filed an appeal and have stayed the judgment.
Meet With a Dedicated Business Attorney
Call on a lawyer dedicated to serve your financial and business litigation needs. Contact me for quality advice and guidance by e-mail or by calling 626-376-9874 . You will receive the firepower of a large firm, with the benefits of an efficient small firm. I serve businesses in the Los Angeles and Pasadena areas.
