Anyone who has started their own business understands the huge demands that entrepreneurship can have on your time. A small business owner is responsible for every facet of his or her business, including training new employees, resolving issues with demanding clients, and generating new business. Small business debt collection issues are common and can be frustrating for even the most experienced business owner. Skilled creditors’ rights attorneys seek to assist a high quality client base with the efficient collection of delinquent accounts. Below are three compelling reasons to outsource your business debt collection issues to an experienced PA creditor’s rights attorney.
1. Compliance with state and federal laws
Simply put, it is imperative to obtain competent legal advice from a qualified creditor’s rights attorney before proceeding with a business debt collection matter. There are many laws that govern the debt collection industry. Third-party debt collectors such as PA creditors’ rights attorneys are directly regulated by state and federal law. The Fair Debt Collection Practices Act (FDCPA), for instance, sets forth strict guidelines designed to protect consumers from abusive, deceptive, and unfair debt collection practices. Full compliance with all applicable state and federal laws is essential to successful business debt collection. It is critical that any debt collection professional that you retain uses practices that are in complete compliance with these laws. Any violation of these laws can cause serious problems for your business.
Regulations governing debt collection often vary from state to state. As a business creditor, you should consult a PA creditor’s rights attorney to become informed about Pennsylvania state laws and regulations regarding:
- Filing lawsuits
- Statutes of limitations
- Responsibility of husband and wife for each other’s debts
- Piercing the corporate veil
- Creditors’ rights in bankruptcy proceedings
- Judgments against individual and business debtors
- Enforcement of judgment remedies (bank account garnishment, property seizure)
2. Creditors’ rights attorneys are professional service providers.
Commercial debt collection is a service industry. Creditors’ rights attorneys work with business creditors to secure payment of debts that have gone unpaid, for any reason. Successful creditors’ rights attorneys listen to debtors, determine their ability to pay, and cooperate with them to arrange a workable payment schedule. Using a straightforward, service-oriented approach, PA creditors’ rights attorneys experience a higher recovery rate and avoid legal difficulties.
Calm, yet persistent effort is necessary in the collection of past-due accounts. Losing your temper, treating customers like deadbeats, and interacting with customers with disdain are all unprofessional, unsuccessful, and potentially illegal ways to handle your business debt collection matters. In fact, these attitudes can even lead to lawsuits against your company.
Experienced PA creditors’ rights attorneys pride themselves on efficiency, sincerity, and professionalism when dealing with both creditors and debtors. Business owners expect their attorney to provide accurate statements, negotiate a fair payment arrangement, and offer regular updates on the status of their accounts. Business owners also expect creditors’ rights attorneys to preserve the creditor’s good name with consumers by exhibiting courteous, respectful conduct when communicating with customers.
3. Superior Access to Resources
Successful enforcement of creditors’ rights depends largely on knowledge, experience, and access to industry resources. Today’s quality creditors’ rights attorneys utilize modernized and automated operations to streamline the business debt collection process. Advanced office equipment, an advanced computer system, and access to online legal resources will give a PA creditor’s rights attorney an edge in the collection of your past-due accounts. Online skip-tracing and access to corporate registries and other databases will maximize access to debtor contacts. Furthermore, proper handling and storage of consumer data is important to maintaining compliance and limiting liability exposure for your business.
Skilled PA creditors’ rights attorneys have the ability to assess your debt collection outlook before proceeding with collection efforts. Assessment of the potential of your debt collection outlook is a vital skill employed by experienced creditors’ rights attorneys. Many issues can arise that leave a business debtor unable or unwilling to pay its debts. Unanticipated circumstances such as sudden illness, incapacity, or death can create a situation for debtors wherein financial obligations become increasingly difficult. Utilizing legal resources, an experienced PA creditor’s rights attorney can provide you with an accurate assessment of your debt collection potential with regard to a specific debtor. A resourceful creditor’s rights attorney can utilize a vast set of resources, including:
- Corporate records and filings search
- Bankruptcy filings search
- Judgment and lien search
- Docket search
- Skip-tracing resources
- Asset location
- A separate attorney trust account at the bank for money the attorney collects for its business creditor clients
- Access to a wealth of other industry information and resources
At The Martin Law Firm, our PA creditors’ rights attorneys enjoy a new kind of relationship with our clients. Today’s debt collection professionals are not merely a last resort for delinquent accounts. Rather, they are advisors and partners to their clients, helping them to develop new business wisely, identify risks, and recover past-due accounts when the communication system breaks down with individual customers. PA creditors’ rights attorneys are credit and collections professionals. As professional service providers, creditors’ rights attorneys are now recognized as vital players in the economy. As the use of credit increases, the role of a skilled PA creditor’s rights attorney will grow in importance.
If your small business is facing a debt collection issue, contact The Martin Law Firm at 215-646-3980 for a free case evaluation with an experienced and knowledgeable PA creditor’s rights attorney.
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