What to do if your customer stops paying
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Giving credit to customers is a necessary part of almost every business, and with credit comes the business of collections. Being a creditor is no problem if customers pay on time – but what happens when a customer stops paying on time or altogether? Your first step in granting a new customer credit is to have them fill out a…

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Tips to Protect Your Business from Customer Bankruptcies
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Here are some tips from a Chicago business debt collection attorney on what companies can do to protect themselves from customer bankruptcies: Require credit applications – require customers to provide you with a detailed credit application in writing that has been signed by an officer of the company. Check credit history – always check a potential customer’s credit history prior…

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What to do if your business is in financial trouble
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If your business is suffering from the ongoing economic malaise, the first thing you should do is realize you are not alone. Thousands of small businesses are suffering and scrambling to do whatever it takes to stay afloat. However, you don’t want to do anything that will jeopardize your future or your family to keep your business in business, so…

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How to Check a Business Customer’s Credit
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It’s been said that, “Those who ignore history are doomed to repeat it.”  Ensuring that a business you plan to extend credit to is worthy and able to repay it is key to running a successful enterprise.  Here are some key ways to check a business customer’s credit: Credit reports – credit reports reveal key data that is central to…

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The Top Five Reasons Small Businesses Fail
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The Small Business Administration (SBA) statistics show that approximately 45,000 businesses close every month. And the top five reasons why small businesses fail include: Revenue loss – a declining customer base, bad economy and slow or non-paying customers all contribute to revenue loss. Lack of working capital – businesses with balance sheets that cannot support more than three months of operational expenses are…

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Enforcing Judgments Across State Lines
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If your company has obtained a judgment for unpaid business debts and the debtor moves to another state, you are entitled to enforce that judgment based on the Uniform Enforcement of Foreign Judgments Act. This act enables creditors to enforce a judgment in cases where a debtor’s assets may reside in another state, or if the debtor moves to another…

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Does Your Company Need a Business Debt Collection Attorney?
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Here are some tips from a Chicago business debt collection attorney on how to tell if your company could benefit from the services of a business debt collection lawyer: If your company does not have sufficient personnel to handle the load of uncollected debt; If your company does not want to add staff or overhead to handle collections; If your…

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Tips on Handling Problem Accounts from a Chicago Business to Business Debt Collection Attorney
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In business, cash is king, and companies must make every effort to collect past due receivables in order to successfully manage cash flow.  Here are some tips from a Chicago business debt collection attorney on what companies can do to minimize and better control problem accounts: Communicate your credit policy.  Let your customers know what your credit policy is in…

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Tips on Business Debt Collection from a Chicago B2B Debt Collection Attorney
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You won’t find many companies in today’s economy that want to lose a customer – even if it’s a customer that routinely pays late or not at all.  Here are some business debt collection tips from a Chicago B2B debt collection lawyer that can help: Get busy early. As soon as the first invoice becomes past due, send a notice…

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Business Debt Collection: Keep the Lines of Communication Open
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In today’s economic climate, getting paid late – or not at all – is an escalating problem for many businesses, no matter what size.  Customers who routinely pay late generally fall into three categories: Those who do not pay on time as a way of managing their cash flow; Those who cannot pay on time because of financial problems; Those…

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