In this video, Philip talks about how you, the business owner, can best prepare for a meeting with a debt collection attorney. If you’d like to schedule a meeting with Philip, please call our office at 800-266-4870.
Essential Preparations for Meeting with a Debt Collection Attorney
Hi, I’m Philip Hundl. Today I’d like to discuss the important steps you should take when preparing to meet with a debt collection attorney. If you are a business owner dealing with delinquent accounts that are proving difficult to collect, and you’re considering hiring an attorney, there are several key actions to consider.
Gathering Necessary Information
The first and most important step is to collect all the relevant information that an attorney will need and likely request regarding the debt. Here are the specific documents and details you should prepare:
- Agreements: Obtain any agreements you have made with the delinquent account or client.
- Invoices and Tickets: Gather all invoices or tickets that have been sent to your client who has not paid their bill.
- Payment Records: Compile any records of payments made by the debtor. It’s helpful to have a spreadsheet showing all the different invoices and the outstanding account receivable balance.
- Correspondence: Collect any letters, demand letters, emails, and other forms of correspondence that have been sent to the debtor requesting payment.
Having this information ready will be very helpful for an attorney to evaluate your debt collection case.
Importance of Timeliness
Timing is crucial when dealing with delinquent accounts. It is important not to delay taking action, as there are applicable statutes of limitations that could affect your case. An attorney will need to know:
- Service Timeline: When you began doing work or providing services, products, or goods to the debtor.
- Debt Due Date: When the debt was due, as this may mark the beginning of the statute of limitations period.
Applicable Liens
Additionally, it’s worth considering if there are any applicable liens that you could place:
- Specialized Fabricated Products: For any specialized products fabricated for the client, check if applicable liens can be placed.
- Oil and Gas Field Work: If you provided services related to oil and gas fields, there could be relevant liens you can place on the oil and gas lease.
Seeking Legal Assistance
If you are in a situation where you are trying to collect a debt and need further information or assistance, feel free to contact me or my law firm. We would be happy to answer any questions you may have.
In conclusion, preparing these documents and understanding the timing and legalities involved can significantly aid in the process of debt collection. Taking prompt and informed action can make all the difference in successfully recovering overdue payments.