Situations that May Require a Write Off
Do things look bleak for your debt collection efforts?
Have you determined that the debts owed to you are uncollectable?
Talk to an experienced debt collection attorney in Michigan today to ensure that nothing else can be done.
You can pursue debts owed to you up to a point. You can use your knowledge and instincts, along with advice from experienced debt collection attorneys, to determine the point at which you must write off the debt so you can return your focus to your paying customers.
- Out of business customers – If the debtor is an entity such as a corporation, limited liability company, limited partnership, or similar entity separate from its owners, and it’s out of business with no remaining assets, your decision whether to write off the debt turns largely on your ability to locate the owners or locate any remaining assets.
- Debtors who can’t be found – When an individual who is personally liable for what you’re owed can’t be located, despite the best efforts of you and any professionals you’ve hired, it may be time to write off the debt.
- Customers in bankruptcy or receivership – When customers file for Chapter 7 bankruptcy, a debtor’s attorney knows there will likely be no assets to liquidate. If your debtor is in receivership, you may have to wait several months after receiving a notice and then ask the receiver about the prospects of obtaining any recovery.
- Claims on a deceased debtor’s estate – When an individual who owes you money dies, you may have to consider setting the collection effort aside.
Need a Reputable Attorney to Represent You?
Established in 1961 by John F. Muller, Sr., we continue to insist on total quality as the guiding principle of our business. We constantly review and update our procedures as we seek new ways of working for our clients.
We’ve tracked down overdue accounts, winning many settlements for our clients along the way. We handle your case with the professional attention it deserves and we’re well prepared to use all our options to collect your overdue debts.
Take the First Step! Our Attorneys for Debt Collection in Michigan Can Help You!
Is your case too complex to handle on your own? If you need help settling a debt owed to your business by a debtor in Michigan, contact an experienced attorney who handles debt collection in Michigan.
Let our experts handle all the work for you! 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. Don’t let X money owed to you get away – get started today! We look forward to hearing from you.