If you are owed debt as part of a business transaction, our collections lawyers may be able to help you recover your assets. If you loaned money to a small business or sole proprietor who either repaid less than the full amount or ignored the loan completely, you have options. These five steps to collect business debt will help you plan out an appropriate lawsuit.
Filing the Complaint
A complaint is a legal document that begins the process of filing a lawsuit. When you file a complaint, you are the plaintiff and the defendant is known as the debtor. If you loaned money to multiple people or business entities, there may be multiple debtors in your case.
Serving the Complaint
You or your collections lawyers will serve the defendant a complaint and summons to court. The summons informs the defendant that he is being sued and provides important information, such as the deadline for filing a response to the complaint. Some jurisdictions have specific requirements about serving a complaint, which means that you may have to deliver the summons in person.
Choosing the Right Venue
Choosing where to file the lawsuit and which court to file it with is one of the most important aspects of filing. You should file property lawsuits in the location of the physical property, in most cases. This is true even if you do not live in that jurisdiction. You may also consider filing in small claims court if your claim is relatively small.
Awaiting the Answer
The defendant has the opportunity to argue against your lawsuit with a formal response. This response must be given within the local jurisdiction’s approved timelines.
Working with an Experienced Attorney
Attorneys have valuable knowledge about the lawsuit process and can help ensure that you receive the information and representation you need to move forward. Lawyers also have experience working within the particular jurisdiction in which you are filing.
Contact Our Collections Lawyers
Call Snellings Law LLC today at (973) 265-6100 to work with collections lawyers you can trust to represent your needs.