Business disputes are inevitable, in any business transaction or negotiation,
and it is important how we weather the storm. Arguably, one of the most
challenging business issues to manage involves any matter related to money
or finances. Ideally, when you lend someone money, such as a business
associate or partner, you would expect that money to be paid back to you
based on the terms that you had agreed upon.
Problems That Can Arise from Business Loans
Here is one simple example of a business loan situation. A newly minted
entrepreneur networks with a group of supporters, one of whom agrees to
lend money to finance the individual’s enterprise. They mutually
agree that the business owner will pay back the money with interest within
a certain timeframe, such as within five years. The business owner later
finds that he or she cannot pay back the debt. Instead of choosing to
negotiate with the lender about the terms, he or she defaults, leaving
the lender on the hook.
Thus, the lender is forced to find means to cover themselves after the
debtor has defaulted. If you have provided someone with a loan, either
business or personal, and you are in a situation where you know a debtor
has defaulted and is failing to make good on their debts. Being in debt
is bad news for anyone without reassurance that the debtor can pay back
the money. This leaves the financial health of lenders at stake because
of the debt.
Contact a Fayetteville Collections Attorney
This is why it is so important that you understand what your legal rights
are, as it may be a situation to bring to court. You might have already
been exploring the thought of speaking with a
consumer collections attorney in Fayetteville who fully comprehends debt collection law.
Plyler Law Firm, P.A. has tremendous experience in this area—we have
more than 20 years of experience and have represented both lenders and debtors on both sides of the courtroom.
This insight is what helps us to protect your legal rights and assist
you in claiming the debts owed to you.
If you would like to discuss your legal options for collecting either a
business or personal debt with an associate, please
contact us today by calling (910) 248-4276.