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 OVERVIEW: Most businesses either extend credit to others as a standard practice for their particular industry or are beginning to do so now out of necessity to remain competitive. Unfortunately, not everyone makes good on their promise to pay and this seems to only happen after your goods have left your business or after services have been rendered. Many business simply write off these accounts as bad debt and move on. Others seek the services of a collection agency. Neither option may be enough for your business. In one instance, a cash write off is a shallow victory that may only result in a tax break at the end of the year. A collection agency on the other hand may pepper your former customer with reams of demand letters but your returns are limited. Limited returns should not be a surprise in that a collection agency is restricted by law in what it can legally do. In the event that a collection agency should be successful in collecting funds for you, the collection agency may charge you as much as fifty percent or more of what is collected as a fee.
As an alternative to the foregoing problems, legal assistance is available for your account receivable problems. Unlike a collection agency, your account receivable will be handled as an individual case and not on a volume basis like a collection agency. Moreover, assistance is provided for the pursuit of all of your legal remedies. For example, Florida law may permit you to seek and recover treble damages when your former client fails to pay for your goods. Likewise, assistance is provided for the recovery of all of your attorney's fees and costs in collecting what is due to you. Most importantly, advice can be provided to you for preventing or limiting your account receivable problems in the future.
KEY BENEFITS: Pursuit of all legal, statutory, and administrative remedies for your past due accounts. Detailed updates and status reports. All collected funds deposited in the firm's trust account and disbursed with an individual ledger report. Review of your transaction documentation, credit procedures, and billing methods to reduce account receivable problems for the future. If a judgment is obtained, can assist you in pursuing collection upon your judgment.
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Creditor-Debtor
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