In many industries, business is not conducted on a "pay-as-you go" basis. While payment within thirty days is usually desired and expected, some businesses allow customers to carry balances well beyond thirty days. Then there is the banking and finance business--an entire industry devoted to lending money at interest, sometimes secured by valuable equipment or real estate, sometimes without any security at all.
As we read in the newspaper daily, default on debts is rampant. If you find yourself in this situation as a creditor then you must understand both your rights in collecting these monies as well as important limitations on those rights that have been imposed to protect consumers from unscrupulous lenders and to give "honest but unfortunate debtors" a fresh start.
One option that you have to collect a debt is a collection agency. This is a company that specializes in contacting debtors to collect monies owed. Collection firms can be effective depending on the type of debt involved. Because of abuses that have sometimes been practiced in the debt collection industry, Congress and many states have passed laws that limit what collection agencies may do.
Another option is to hire a lawyer and sue. If you are interested in collecting a debt in court, you will probably find it helpful to engage a Maryland civil litigation lawyer In addition to helping you through the litigation process, our attorneys may have insights about other avenues and strategies. For example, if you are a contractor who has performed services then you may be able to obtain a construction lien against a property that you worked on.
The Brennan Law Firm, LLC has been serving Marylanders for many years with a long history of success. If you are seeking to recover funds that are owed to you, contact us to discuss your case and how we can help you.