How to Collect B2B Debt

Photo of a calculator to represent B2B DebtIf collecting debts owed to your business is draining your time, patience, and resources, it’s time to consider hiring a professional. The internet is awash with ads for collection agencies that promise to obtain money for you, but their harsh and aggressive collection techniques could reflect badly on your business. That’s why it’s important to hire a reputable collection attorney that knows how to collect B2B debt properly.

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10 Ways to Maximize Debt Collection in 2021

Photo of a finger pressing a button that indicates money to represent maximizing debt collection.Should there be another court shutdown in 2021, you may be wondering how to maximize debt collection in 2021?

New York on PAUSE in March 2020, closed New York courts for almost all debt collection efforts. The need to get paid to stay afloat was not considered urgent enough to bring an emergency application (the only type of debt collection effort that was allowed during the shutdown).

Since then, the courts have reopened. Many, not all, court clerks have returned, offering the opportunity to process debt collection claims.

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What Are Your Options for NY Debt Collection

Photo of different color doors to represent options for debt collection litigation.The route your debt collection case takes depends upon the nature of the debt, your underlying agreement with the client, their financial situation, and which NY debt collection options you’re open to. Factors that can impact your decision include the amount owed, the non-paying customer’s location, the underlying agreement between the parties, the customer’s financial situation, and the creditor’s attitude towards litigation.

Below are the debt collection options available in New York.

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Debt Collection Settlements: Can Parties Include Terms for Future Deals?

Handshake to represent debt collection settlements.An issue that comes up time and time again in debt collection settlements is whether parties can continue doing business together even though the creditor has placed the account for collection. If so, can a settlement agreement anticipate and include future deals?

It happens more often than you would think. There are parties who enjoy a mutually profitable relationship before the non-payment of a receivable. Forced to collect, the creditor, whether directly or by virtue of their credit insurance policy, had no choice but to report and pursue payment of the debt.

Now that a debt collection attorney is involved, can the parties move forward and conduct new business?

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