Collecting overdue debt from Customers. Small business-Some 90 days late. Some much older. Use bill Collector? How to do it myself?
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Collecting overdue debt from Customers. Small business-Some 90 days late. Some much older. Use bill Collector? How to do it myself?
I am a small business owner that had to lay off my office person after 7 years. We are owed $ 18,000.00 in late money. About $ 2,000. we can’t do anything about because it is the 10% withheld pertaining to a contract. I need start all over in my education in this area. My former office person had a company approacher for some of the older debt. But they are not local, and I am not sure how to go about checking up or proceeding in general. What books/web sites etc. ? Virginia law is confusing
Asked on June 11, 2009 under Business Law, Virginia
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I'm not a Virginia lawyer, but I'm not surprised you find this area of the law confusing, because there are a lot of details to this in most states. There are also federal laws that regulate what you can and cannot legally do, when trying to collect a debt. Mistakes can be expensive!
You can turn your receivables over to a collection agency, and it shouldn't be hard to find one; they will get paid a percentage of what they collect. Or, you can go directly to a law firm that does collections work; there are some firms that do nothing but. These lawyers also get paid out of what they collect. One place to look for a qualified attorney near you is our website, http://attorneypages.com
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