No matter how carefully they construct their credit application, businesses will sometimes find that customers, contractors or business partners do not pay their bills on time. The debtor may explain to the creditor that they are behind because business is slow, they...
Personal guarantees make a difference when collecting a debt
Binding contracts are a cornerstone of every successful business. They stipulate the goods, services, delivery date, and cost. They also should include various clauses, including what happens if the customer does not pay their bill. Some go a step further in asking...
Businesses going into receivership can benefit creditors
Businesses often prefer to avoid Chapter 11 and go into receivership because it carries fewer negative connotations and involves less administrative work. A regulator, private entity or court appoints a receiver to the businesses. Once the company goes into...
How to notify tenants of evictions, lease terminations and property sales
Different property owners will have various leases. They likely will vary by building or space. How the owner will inform tenants will likely be based on local and state regulations and conditions outlined in the agreement. It is important to remember that owners must...
Texas overhauls mechanic’s liens
Subcontractors, suppliers and design professionals build or improve interior or exterior spaces for commercial use. These are complex jobs that involve business agreements, schedules, and hard work, so the businesses involved deserve to get paid for their effort. Even...
B2B collections is a process
Commercial debt collection involves more than hiring a collection agency. The process of collecting starts with the company that puts agreements in writing. Relying on a handshake or oral agreement may feel better, but a good contract and a paper trail make a...
Has your debtor filed for bankruptcy? You may still have options
Even when a debtor has declared bankruptcy, you should not assume your claim is dead in the water. Companies can declare bankruptcy under several chapters of the U.S. Bankruptcy Code, but in each case the debtor will usually end up paying some of its debts. The...
Executing on a judgment targets the debtor’s non-exempt property
If you are involved in a payment dispute with a customer or tenant, or any kind of commercial dispute in Texas, your goal isn’t just to get a judgment against the non-paying party. It’s to obtain payment. You might try an alternative dispute resolution process through...
Collecting on a business judgment can be a challenge in Texas
It seems simple. You have a court judgment against a vendor or client, but they haven’t paid. Now, it is time to force the issue. Unfortunately, business debt collection can be complex in Texas. People and entities with judgments against a recalcitrant debtor can...
I need to collect a business debt. What are the steps?
These days, every business needs to collect on every debt it can. When it comes to collecting business-to-business debts, you may need all the help you can get. The basic steps in business debt collection include 1) demanding payment, 2) getting a lien and 3)...