Debt collection is critical to effective business operations because it ensures your business receives its earnings. While debt collection may be a rudimentary operation for your Accounts Receivable Department, tougher cases require legal intervention. The type and extent of legal intervention for debt collection varies depending on the case but may include issuing formal Demand Letters to debtors—whether individuals or companies—or, with more begrudging debtors, initiating litigation to obtain repayment by court order.
Small businesses struggling to collect payments should consider the benefits of collaborating with local business debt-collection attorneys, like those at Apple Payne Law, to facilitate prompt repayment of debts, whether from vendors or other business associates. At Apple Payne Law, our dedicated team of business attorneys will investigate your disputed debts; determine the extent of your company’s losses; and tailor a plan of action to secure repayment through the most efficient and cost-effective means possible: be it negotiations, litigation, or other legal processes.
Any amounts your company is owed on outstanding debts by clients is money earned but not actualized. Ensure your business is reaching its maximum earning potential by not leaving another dime on the table. Give Apple Payne Law a call today to speak with a Kernersville collection lawyer.
Everyone knows businesses must earn money to fund operations; what everyone does not know is businesses, and small businesses in particular, rely on timely payments and often struggle just to collect money already earned. A business who keeps tidy paper trails of invoices or purchase/sale agreements is on the right track, but until they know how to use those documents to get repaid, their company is no closer to realizing its full earning potential.
The next step is contacting a competent business collections attorney, like those at Apple Payne Law, to quickly determine your company’s payment rights and potential losses and start getting your company prompt payment for money earned.
Here in Kernersville, Apple Payne Law is ready to help your business start collecting overdue payments and to work with you to establish action plans for facing similar non-payment situations in the future. At Apple Payne Law, we provide ongoing support for all instances of failures to pay to ensure Kernersville’s small businesses thrive by realizing their full earning potential; staying on top of their finances; and protecting their legal rights to compensation. Give Apple Payne Law a call today to help your company get paid right away.
“Everyone Needs Collection … But Not Everyone Needs a Suit”
The first step in any collection effort is to demand repayment; typically, this demand is made by attorneys issuing “Demand Letters” to debtors. Demand Letters: outline the basis for the debt; specify overdue amounts; and demand compensation by a certain date. Demand Letters range from bullish and insisting to a milder, more cooperative demand; attorneys, like those at Apple Payne Law, can tailor Demand Letters to your company’s specific needs and customer base on a case-by-case basis. For instance, if your business has a debtor who is a steady client without previous payment issues, you may wish to accept partial payment in exchange for consideration in future business opportunities. The Kernersville collection attorneys at Apple Payne Law are proactive and ready to take the lead in authoring demand letters seeking fair payment and preserving important existing business relationships.
Sadly, negotiations and Demand Letters are not always successful in facilitating a small business’ justly deserved repayment and initiating litigation in local civil court may be the sole means to collect on overdue payments. Contracts primarily control the non-payment aspects of business and North Carolina Law (N.C. General Statute § 1-52) allows companies up to three years to demand compensation through the Court System by initiating a lawsuit for recovery on non-payments. The three-year clock begins ticking the day payment is due but not received, or the date of last payment (whichever is later).
Importantly, litigation does not mean trial; and filing a lawsuit does not automatically mean going through a full trial. Often, simply filing a lawsuit is enough to motivate your debtor to repay amounts owed or at least make partial payments towards a settlement deal, which restarts the statute of limitations as well. At Apple Payne Law, we are ready to motivate your debtors and remain confident in our follow-through to trial if that is what it takes to protect your and other small business owner’s rights to the money you have earned.
Small businesses rely on a steady, timely streams of income to pay expenses and provide owners and shareholders a profit; and, being solvent or “in debt” can hinge on a single missed payment.
At Apple Payne Law, we can help you ensure your company receives all amounts due in a timely manner. A committed and competent Kernersville collection lawyer will work to ascertain the full extent of non-payment then seek compensation and protect your company’s right to repayment through Demand Letters, negotiations, and/or litigation. Do not waste one more day of your limited recovery time for repayment—reach out to the attorneys at Apple Payne Law and start realizing your company’s full earning potential.