Magazine article Business Credit

Preparation Is Key

Magazine article Business Credit

Preparation Is Key

Article excerpt

Preparation is the name of the game in credit. The more organized you are, the more streamlined the results are going to be when you face the worstcase scenarios.

As a creditors' rights attorney, I had one case where the entity directly responsible on the account just blew the credit and collections representatives off, figuring we wouldn't take action to pursue. I sent the general counsel the lawsuit, and even they wouldn't respond. It was a pretty big debt, just under $1 million, so you would think they would have wanted to talk to us. The company wasn't dead; they were just sort of calling our bluff. But we were able to use the information from the front end to the creditor's advantage.

Because my client did good work up front, keeping track of banking information and such, we were able to do some investigating and found a number of financial institutions that had accounts for this entity. Because the creditor had a strong application and good record-keeping, we ended up filing eight garnishments on this company and held up all of its operating funds. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.