Accounts Receivable Recovery
Every business carries some past-due receivables. The problem is when those balances keep aging and in-house follow-up stops working. Our firm recovers aging accounts receivable so your staff can get back to running the business. Call 212-233-1233 to discuss your portfolio.
When to Hand Off a Receivable
Collectability drops sharply as an invoice ages. A balance that is thirty days late is usually a timing issue. One that is ninety days late, after repeated reminders, is a sign that the customer is unwilling or unable to pay through normal channels. That is the point to involve a collection attorney, while the debtor still has assets and is still in business.
Our Process
Review and Triage
We start by reviewing your aged receivables report and the underlying documents — contracts, purchase orders, invoices, and any credit application or guarantee. We identify which accounts are worth pursuing and which are not, so you do not spend money chasing balances that cannot be collected.
Demand
For each collectable account, we send a demand on our letterhead. The involvement of counsel often resolves accounts that the debtor had been comfortable ignoring.
Suit and Enforcement
For accounts that do not respond to demand, we file suit on the unpaid invoices, typically on a breach of contract or account stated theory, reduce the debt to a judgment, and then enforce the judgment against the debtor's bank accounts and property.
Account Stated
New York recognizes a powerful theory called account stated. When you send a customer regular invoices and statements and the customer keeps them without objecting within a reasonable time, the law treats the balance as agreed. This often allows us to recover even where the original contract is informal or undocumented.
Volume Accounts
If you have many delinquent accounts rather than one, we can handle them as a batch, applying the same process across the portfolio and reporting back on status. We will discuss a fee arrangement — hourly, flat, or contingency — suited to the size and quality of the receivables.
To put your aging receivables in motion, call 212-233-1233 or email [email protected].
About the Author
Albert Goodwin Esq. is a licensed New York attorney with over 18 years of courtroom experience helping creditors and businesses collect debts, enforce judgments, and recover money owed to them across New York City and its suburbs. He can be reached at 212-233-1233 or [email protected].
