What are our options are for collecting what we’re owed from a client when they won’t pay. I need to know what our options are after we have made several attempts and there is reason to believe the business maybe going under. What do we need to do to collect and/or protect our interest.
1 Answer from Attorneys
Your options, if you are a secured party (you have a lien on an item of business equipment, fior example) would be to repossess the item in which you hae a lien if the debtor has not paid for that item. If you don't have a lien, I would file a lawsuit. If you believe that a debtor may dispose of business assets, then you may be able to get pre-judgment attachment.
If you force the client into bankruptcy, then depending on what kind of bankruptcy is filed, you may get nothing.
My advice would be to seek out a business collections lawyer as soon as possible. Unfortunately, I represent consumer debtors and cannot assist you.