Atlanta Commercial Debt Collection Lawyer
When companies enter into agreements to provide products or services to other entities, they generally anticipate they will be paid in a timely manner. Unfortunately, parties do not always live up to their contractual obligations, and despite receiving the value of the bargain, they refuse to pay the debts they owe. If your company is owed compensation from another party, it is in your best interest to talk to an Atlanta commercial debt collection lawyer about your options. The Atlanta commercial debt collection attorneys of Poole Huffman are skilled at helping parties collect overdue debts, and if you hire us, we will use our ample resources and knowledge to help you recover any money you are owed. We regularly represent businesses in commercial debt collection efforts in metro Atlanta, Decatur, and throughout Georgia.Speak to an Atlanta Commercial Debt Collection Lawyer
Companies seeking to recover commercial debts will often weigh whether to retain a debt collection agency or law firm to assist them with their efforts. Generally, it is advisable to hire an attorney over a debt collection agency, as recovering commercial debts is more complicated than recovering consumer debts and requires specialized legal knowledge. It is also critical that commercial debts are collected as efficiently as possible to reduce a company’s exposure and risks to its operations and financial health, and attorneys can quickly take the legal action that is usually necessary to collect commercial debts.
The majority of commercial debt collection actions begin with demand letters sent to the debtor on behalf of the creditors and escalate to lawsuits filed in the Georgia State and Superior Courts. Under Georgia law, other than at the magistrate level, corporations must be represented by attorneys in courts, and, therefore, any company seeking to recover a commercial debt in the Georgia courts must hire a licensed attorney to represent them. After filing a lawsuit to enforce a judgment or recover debt, attorneys acting on behalf of commercial creditors will often conduct post-judgment asset depositions of the debtor to locate assets to attach to satisfy the judgment.Rules Regarding Commercial Debt Collection
The length of time companies can institute debt collection lawsuits depends, in part, on the nature of the debt. For example, actions to collect debts arising out of written contracts must be instituted within six years of when the debt becomes payable, while those seeking debts from open accounts must be filed within four years. If the debtor signed a written contract under seal, the statute of limitations extends to 20 years. Pursuant to Georgia law, creditors can charge interest on commercial accounts at a rate of 1.5% per month, not to exceed 18% per year.
Domestic judgments must be executed within seven years; otherwise, they become dormant and unenforceable. Under Georgia law, though, after the seven-year period ends, creditors have three additional years to file a scire facias, or judgment renewal action, which will extend the life of the judgment for an additional seven years. Creditors can usually renew judgments as many times as needed to collect a debt. If they fail to file a scire facias before the ten-year time period expires, though, the judgment will be deemed void.
Georgia, like most states, adopted the UEFJA (Uniform Enforcement of Foreign Judgment Act) (“UEFJA”). If the state in which the judgment was issued has adopted the UEFJA as well, the creditor can register or domesticate the judgment in Georgia, after which Georgia law applies. If the state that issued the judgment has not adopted the UEFHA, the creditor has five years to execute the judgment.Meet With an Experienced Atlanta Attorney
Recouping overdue commercial debts can be a complex and arduous process, and it is smart for any company struggling to recover fees for products or services rendered to speak to an experienced Atlanta commercial debt collection lawyer about its options as soon as possible. The experienced Atlanta lawyers of Poole Huffman are well-versed in what it takes to claim overdue debts, and if we represent you, we will fight to help you pursue the full amount of money you are owed. We frequently represent companies in commercial debt collection efforts in metro Atlanta, Decatur, and throughout Georgia. We also assist parties in business litigation cases in cities throughout DeKalb, Cobb, Fulton, and Gwinnett Counties. You can reach us at 404-373-4008 or through our online form to set up a confidential meeting.