Representing Businesses and Individuals in Chicago and Northern Illinois

Mastering the art of debt collection for small businesses

Businesses want to be paid for their services. Residents and businesses in Chicago and other areas in Illinois might be interested advice about collecting debts that have been sustained by customers and business partners. Those who have extended credit and not been paid should know about the Fair Debt Collection Practices Act and creditors’ rights.

Legal professionals may help business owners learn about billing dispute letters, bankrupt customers and small claims court. Small businesses can learn about credit agreements, charging interest on overdue accounts, collection agencies and other resources.

Business owners may benefit from a checklist for improving the chances of being paid, such as sending past-due reminders and requiring payment by cash or credit card. Also included is a list of actions that a small business should avoid when seeking payment. For instance, collectors may not make false statements or harass the debtor.

Small claims court is the last resort. Business owners may want information on filing as well as court appearances and resources. It may also be helpful to have information on the manner of repossession or property, acquired on credit, and the proper procedures. It must be done legally to uphold a business owner’s rights.

When is legal help needed to collect a debt? When it comes to commercial debt collections, an attorney might provide valuable assistance. Unpaid debts can disrupt a business and affect the bottom line, which also impacts employees and operations of the company. It might be an issue with a supplier, service or other business that an attorney may investigate in order to collect the debt. Cost-effective procedures and knowledge of debt-regulator requirements may be gained through the help of a legal firm.