Los Angeles Commercial Debt Collection Lawyer
Extending credit to customers and clients is a routine practice for many California businesses of all sizes. You may not hesitate to allow another organization time to pay for goods or services and, generally, you do not run into difficulties in collection. As such, it can be frustrating when you fail to obtain payment on time and even more aggravating to have to chase a debtor down. These efforts stand in the way of your number one priority, which is running a successful business.
Our team at the Obagi Law Group, P.C. is prepared to take advantage of all legal alternatives to obtain payment after a customer defaults on a credit arrangement. Plus, you may even be able to recoup some of the losses you sustained through your collection efforts. Please contact our office to schedule an informative consultation with a Los Angeles commercial debt collection lawyer. Some basics about your rights and options may also be helpful.
Your Options for Collecting Commercial Debts
Even if you have taken some action already to no avail, it is often worthwhile to retain our team at the Obagi Law Group, P.C. At times, a demand letter or phone call from an attorney might encourage a commercial debtor to reach out to discuss a payment plan. However, when legal action becomes necessary for unpaid invoices, past due accounts, and other credit arrangements, we can assist with other tactics. Examples include:
Investigation: The Fair Debt Collection Practices Act does not impose the same limitations as consumer collections, which means you have more leeway to investigate a commercial debtor’s assets.
Seizing Collateral: When real estate or personal property is collateral to a commercial debt arrangement, you can seize it up to the value owed to you.
Alternative Dispute Resolution: If commercial debt was incurred through a written contract that contains an arbitration or mediation clause, you could seek payment through these remedies.
Debt Recovery Litigation: When all other methods fail, it may be necessary to file a lawsuit.
In addition, certain companies may be able to take advantage of remedies available under the California Uniform Commercial Code (UCC). Your options depend on the basis for the debt and how it was incurred, such as a transaction for the sale of goods between merchants.
Advantages of Getting Legal Help with Commercial Debt Collection
The top reason to get assistance from a lawyer is that collecting debts takes away from your priorities in running a successful business. It is difficult to take on the complex tasks while also focusing on operations. Another factor is knowledge about your remedies and the steps you need to take to achieve them. Without a legal background, you are at a disadvantage in collecting commercial debt.
You Can Rely on Our Los Angeles Commercial Debt Collection Attorneys
When you have exhausted all collection methods that worked in the past, it may be time to retain experienced legal counsel for assistance. At the Obagi Law Group, P.C., our lawyers are able to pursue companies that attempt to shirk their financial obligations, so please contact us at 424-284-2401 to speak to a commercial debt collection attorney today.