Gain an understanding of the collection process and how to collect on the outstanding amounts owed through judicial and nonjudicial methods.
When a commercial business defaults on a loan or other contractual agreement, and it is apparent that payment will not be forthcoming, time is of the essence to preserve the creditor’s rights and begin the collection process immediately. This topic will explore the collection process to understand how to preserve the creditor’s rights and then how to efficiently and effectively collect the outstanding amounts owed through judicial and nonjudicial methods. The content will discuss collection both judicial and nonjudicial and when each is appropriate. Failing to understand the available collection methods for commercial debts and to act quickly can cause delays and expenses that are unnecessary. This topic is critical for commercial businesses and lending institutions so they can understand the various collection methods available and the situations when each should be employed.
- You will be able to identify the specific collection options available to you or your business.
- You will be able to explain how to initiate a collection lawsuit, including a determination of the appropriate claims and remedies.
- You will be able to describe judicial and nonjudicial collection methods and the benefits of each method.
- You will be able to review the current contracts and other documentation your company utilizes and determine if additional clauses are required to increase collection options after a default.