If your customer is experiencing financial difficulties, you need to move quickly. We can tell you, as debt collection attorneys, it may take months or even years to repay all the debt they have incurred, if at all. The delay in repayment may end up causing you to lose a large portion of what is owed to you.
As the first or sometimes even the second creditor to pursue a case for non-payment, your chances of recovery are significantly greater than waiting in line for leftovers. If we were referencing accounting principles we would want to apply ‘FIFO,’ first in, first out.
Let’s think about this for a moment, and say, for example that a debtor owes 12 creditors money. No one sued or has an advantage over the others. Assuming the debtor was able to secure a loan, the debtor has some monies to repay debt and stay in business. The creditors will take a percentage of what is owed. Had you been one of the first creditors to pursue the debtor and file a claim, you would have been paid. You would not be part of the group. If you wait, you will receive a piece rather than the whole pie (or balance owed).
Don’t delay pursuing your case. Get paid first and in full. Call this debt collection attorney in New York to pursue a claim.
