If you have any experience in debt collection, you are well aware that there are accounts you may never collect. There are also accounts that you may eventually collect, but it can take a very long time. Below are a few events that may indicate that you are far more likely to be dealing with a bad account:
- Divorce – When a couple goes through a divorce, it can be devastating financially.
- Death – When a borrower passes away, it makes collection difficult (but not impossible). Creditors must follow the proper procedure to make a claim against the borrower’s estate.
- Addictions – If your borrower or guarantor is struggling with an addiction (substance abuse, gambling, etc), it is more likely they will attend to the addiction before dealing with the debt. Collection efforts are likely to be ignored.
- Unemployment – A borrower who is unemployed is living day to day and unlikely to focus on paying past debts.
If you have accounts that are difficult to collect, it may be time to contact an attorney to assist you. The attorneys at Windtberg & Zdancewicz, PLC have experience and knowledge in the best methods for collecting difficult accounts.
The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation. We handle many types of business disputes on behalf of both creditors and debtors. Our attorneys handle cases from pre-litigation negotiations through litigation, obtaining and enforcing judgments to collect what our clients are owed. We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases. If you need assistance, or are interested in learning more, please contact us at (480) 584-5660.