Deciding When or Whether to Bring in the Pros
Don’t wait too long to hire a debt collection attorney in Michigan to help you win your case. The older a debt gets, the more difficult it become to collect!
If you’re past the point of collecting profits you may now be trying to minimize your losses.
According to the Credit & Collections Kit for Dummies, written by Steven A. Harms, former senior partner at Muller, Muller, Richmond, & Harms, P.C., “no general rule suits all businesses” when it comes time to deciding when it’s time to bring in the pros to help.
- Economic trends in your industry. If your industry is experiencing a downturn, you may benefit from early involvement by a professional.
- General economic conditions. Similarly, when the economy as a whole is worsening, early collection efforts may help you recover before troubled debtors run out of money.
- Competition in your industry. If you face a lot of competition, your customer may be taking advantage of the situation by running from one supplier to another, running up big bills and leaving them unpaid. If you delay in pursuing collection, your competitors may beat you to the punch and, by the time you get around to it, the customer may have no funds left to pay you.
- Requirements of your auditors or banks. If you’ve obtained loans against your receivables, professional collection services may help you keep your accounts current and satisfy lenders that your accounts are sound and that you remain creditworthy.
- Factoring companies or receivable insurance contracts. Similarly, if you finance factor or insure your receivables, collection professionals may help you fulfill your contractual obligations relating to your accounts.
Still Unsure When to Bring in the Pros?
Collection professionals can make specific recommendations about when you should refer a debt to collections based on their knowledge of your industry and their collections experience. At Muller, Muller, Richmond, & Harms, P.C. we can help you decide when it’s time to step up your collections and get a pro involved.
Why Choose Muller Law Firm?
We’ve been in the collection business for over 50 years, and we’re based right here in Michigan. If you’re struggling to collect on unpaid invoices and need help finding a solution, our experts handle in-state, out of state, and international judgments against debtors located in Michigan.
When you call the Muller Law Firm, your initial consultation and strategy meeting are free. We don’t think you should have to pay just to be informed of your rights. Do you?
If you’d like to speak to one of our expert attorneys about debt collection in Michigan, give us a call at 248-645-2440. Stand up for your rights as a business owner, and get what you’re owed