Commercial Collections
Most businesses must engage in business transactions with other companies for goods and services. From ordering office supplies to contracting work for construction projects, businesses need to rely on other businesses in order to earn a profit. As such, when your business issues an invoice to another company for services or goods you have provided, your business should be able to expect that you will be paid in a timely manner. However, just as consumers can get behind on payments and may be unable to pay debts, businesses can also struggle financially and may not issue payments appropriately. In such cases, commercial collections become necessary.
It is important to understand that there are important distinctions between commercial collections (often known as business-to-business collections) and consumer collections. Our attorneys can discuss your options for recovering the payments your business is owed.
Understanding Commercial Collections
When your business is not paid for the goods or services it provided, you will likely begin the process of trying to collect on the debt. Before you can move forward with commercial collections, it will be essential to revisit your payment terms and the existing contract with the other business. A commercial collections lawyer can review these materials to determine the best steps forward to seek the money your business is owed.
In general, once a business clearly has a claim to money from another business, your company may send the invoice to in-house collections or may hire outside counsel to collect the commercial debt that is owed. A commercial collections attorney can be essential to obtain the money the debtor owes your business.
How a Commercial Collections Attorney Can Help
Florida collection attorneys can litigate commercial collections cases and can file a lawsuit if necessary against the commercial debtor. Rather than merely sending a debt collection letter or making debt collection phone calls as a debt collection company might, our commercial collections lawyers can sue the nonpaying business in order to recoup the money owed on your account.
Once we file a lawsuit against the commercial debtor, if we are able to obtain a judgment in your favor, we can speak with you about collection options following the judgment. Without assistance from a commercial collections lawyer in Florida, your business’s collection efforts and negotiation attempts may not yield a sufficient result.
Timeline for Collecting Commercial Debt
Most debts under Florida law, including commercial and consumer debts, must be collected within five years. However, the statute of limitations may be shorter or longer depending upon the particular facts of your case. As such, you should always seek advice from a commercial debt collection attorney in Tampa as soon as possible.
Contact Our Commercial Collections Lawyers
If you have questions or want to learn more about commercial collections in Florida, an experienced commercial debt collection lawyer at our firm can assist you. Contact Gilbert Garcia Group, P.A. to learn more about our services.
