Business Collections | Documentation My Attorney Will Need

     In this case it is best to give your attorney as much information as you may have available, in that way your attorney will be able to determine what will be useful and will therefore be able to be efficient in handling your claim. Documentation showing an assignment of the claim is most important so there can be no doubt as to who the debtor is.

     Your attorney will need to review copies of contracts, invoices, statements, deeds, notes, mortgages, credit applications, guarantees, estimates, loan receipts, transaction payment histories, ledgers, demand notes, correspondence received by the defendant regarding defects or defenses, memoranda of telephone calls and responses. Personal information about the debtor such as their name, last known address, aliases, spouse's name, employment and social security number will be most useful.

     Documenting phone conversations with the debtor will help your attorney to determine the problems that have arisen such as broken promises to pay and thereby determine the best strategies to use and,  if needed, for trial purposes.

     Any documents received from the creditor need to be given to your attorney as they are important to the case as well.

If you would like to speak to an attorney about your collections matter, please call attorney Jonathan W. Cole at the number below, or click on the link below.

Law Office of Jonathan W. Cole
5013 W 95th. St.
Oak Lawn, IL 60453
(708) 529-7794

Business Collections | How can I collect money owed my business?

 All business owners know the customer or client that you have extended credit to who will not pay. The relationship starts out well, you perhaps get the initial payment for you services, but when the balance is due the money either has dried up or the customer refuses to pay. I would bet that your current process goes something like this. First, you send the customer a second bill. Then perhaps a third bill. Then you call the customer and hear a bunch of excuses about why they can't pay. You maybe then send the a "Final Bill". You may even threaten to send the bill to a collection agency. You then write off the outstanding balance and eat the loss. If this sounds familiar, you are probably one of thousands of business throwing money down the drain. You don't need to eat those write-offs over and over again. No business can stay afloat if you keep letting accounts receivable remain uncollected.

   So you have decided not to be a free ride for your customers any more, what is your next step. You first gather all of your documentation together. That would include your log of every client/customer communication, the original contract with the customer, any listing of payments that customer has paid, and the copy and invoice numbers of the bills you sent to the customer. Once you have the proper documentation you contact The Law Office of Jonathan W. Cole about starting a case. You would be surprised how many customers pay their bills when an attorney request it instead of the local shoe store. If there is still no result, then legal action will be required.

 Your attorney will send a demand letter to the debtor, this letter will give the debtor the opportunity to liquidate the claim without incurring any further charges. It also gives the debtor the opportunity to explain the reason for non payment. After this step,  The Law Office of Jonathan W. Cole will then follow the proper steps, which are quite numerous, to initiate a claim. If the debt involves a retail sale, the Retail Sale Installment Act has to be complied with. Courts are zealous in requiring strict compliance with the act. If compliance with Federal Law is not comported with, your claim might be extinguished. When a suit is filed, the debtor may chose to fight the claim, or may default. In a good number of cases the debtor defaults on the suit and it is up the the attorney to put a lien on the debtors assets. Look for more information in the next post about what happens if the debtor does not default. As always, if you have questions about collecting debt from a customer. Give me a call at (708) 927-1679.

Business Collections | Welcome Business Owners

I would personally like to welcome you to this blog. This blog will talk about ways to collect money from customers, espically those who are past due on their bills. Accounts Recievable are a necessary evil. The problem is when the client or customer defaults on that credit. Please look through this blog for a quick solution to your problem. If you think you may need legal help, call The Law Office of Jonathan W. Cole to help you collect from your customers. You want to ensure that you are in compliance with the Fair Debts Collection Practices Act and Jonathan Cole can help you make those collections. Thanks for reading the blog.

   Jonathan