When to Forget About Collecting on Debt in Michigan
How do you know when to write off a debt and forget about it?
Are you having a hard time letting it go?
Is your debtor out of business?
Business is tough enough without encountering customers who don’t pay, but it’s very difficult to run a successful company without offering credit. It’s a gamble, but one you probably need to take. And, sooner or later, you’ll get slow payers and no payers. It’s important that you know how to handle it as a business owner.
According to the Credit & Collections Kit for Dummies, by Steven A. Harms, “here’s what you should look for when deciding whether to pursue collection from an out-of-business customer:
- Closed bank accounts
- No remaining collectible accounts receivable (your debtor has no people or businesses that owe it money)
- No remaining inventory, fixtures, or equipment
- No vehicles
- No real estate
- No remaining personal property
- No claims against insurance companies
- No pending lawsuits as a plaintiff”
If you’ve considered the assets of your out-of-business debtor and can’t find any assets that can be reasonably collected to pay off the debt, it’s time to write off the debt and forget about it. If you think you’ve exhausted all your options, it may be time to speak to a debt collection attorney in Michigan about your case.
Debt Collection Attorney in Michigan: Fights for Your Creditors’ Rights!
The debt collection attorneys in Michigan at our firm takes pride in enforcing judgments on behalf of our creditor clients. We work hard to achieve results and utilize a variety of methods to try to ensure that our clients recover everything owed to them. The fact that our firm has been doing collections work for over 50 years makes us a reliable and reputable resource for our clients who are expecting results.
Our attorneys are top rated by AV Martindale-Hubbell, AV Preeminent, and Super Lawyers, and they truly care about your case. Our staff is always available for a free initial strategy meeting to build a relationship with you and figure out what you need.
Hear Our Client Success Stories:
“We’ve dealt with Barbara Ann Muller-Wilson for over 15 years. She has been collecting debts for our business, no matter what the dollar amount. I trust her recommendations completely when asked for advice. She is a pleasure to work with.”
Debbie, Grand Rapids, MI
“I have worked with the Muller Firm for over 20 years. There’s no firm better in the commercial collection business!”
Richard, Birmingham, MI
“They're very personable and always willing to discuss your options!”
Catherine, Livonia, MI
Get Started Today: The First Step!
If you’re a business owner, you should be spending your time conducting business rather than chasing down debts. Contact our experienced collection firm to speak with a debt collection attorney in Michigan today at (248) 645-2440 for an immediate resolution to your collection matters. Let the experts worry about your collections, so you have more time to focus on growing your business.
If you require collection services, your first step is easy. Fill out the information form on our “Contact Us” page, or give us a call at 248-645-2440, to ask questions and figure out your next steps. We offer a free consultation and strategy meeting, no fees unless you win! Don’t let the money owed to you go away – get started today! We look forward to hearing from you.