How Can Lawyers Help Collect Business Debts?

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.