While debt is particularly challenging, many consumers often forget how it can impact the lender. When debtors do not pay what they owe, it can be frustrating and complex for creditors to recover the owed funds. Not only is it time-consuming, but it can also be expensive! Similarly, pursuing debts can inhibit your ability to operate your business as usual. This is where a creditors’ rights attorney can help. Keep reading to learn more about what these lawyers do and who can benefit from working with them, and discover how creditors’ rights attorneys can help you with any issues you may face.
What does a creditors’ rights attorney do?
Many people think solely about the consumer’s rights when it comes to transactions, as there are many consumer laws in place to protect those making purchases. Though these are necessary, a deal involves two parties, and understanding a creditor’s rights when entering an agreement is essential.
Generally, a creditors’ rights attorney will help ensure you can collect any debts you are owed, settle disputes between parties trying to collect a debt from the consumer, and help you pursue legal action if fraudulent transfer claims arise. However, these are not the only matters lawyers will handle, as they can also help with asset recovery, litigation, foreclosures, and more.
Creditors’ rights attorneys can help provide clarity about questions you may have about collecting debt, help you determine the best method to collect the debt, and facilitate negotiations if you and another creditor are pursuing the same debtor.
Unfortunately, when you are not paid for the services you provide, it can inhibit your ability to pay your employees and secure the necessary materials to expand and improve your business. This makes it all the more important to contact an attorney as soon as possible to prevent a creditor from impacting your business for years to come.
What types of clients can benefit from working with an attorney?
There are several clients that could benefit from contacting a creditors’ rights lawyer. They include:
- Investment funds
- Commercial landlords
- Financial institutions
- Commercial collections
- Real estate developers
- Equipment leasing companies
Generally, anyone who works with consumers daily may have issues collecting debt from consumers who enter agreements with them.
Working with an attorney is preferred over trying to pursue the debt yourself, as unfortunately, you may not be able to come up with the most effective strategy to get as much of your money back as possible. However, an experienced lawyer can help you settle with the debtor in or out of court and can help you recover your funds effectively.
As a business, ensuring your debtors pay their bills is essential to effectively operating. When dealing with debtors, don’t wait until it’s too late. Contact Friedman Schuman today to learn more about how our creditors’ rights attorneys can help you get the money you are owed.