Trying to get people to pay the money they owe you can be one of the most frustrating parts of running a business. To make matters even more complicated, you need to be very careful how you go about trying to persuade them to pay up. There are considerable laws to protect debtors from unfair collection practices, and even if your approach is within the law, the debtor claiming it isn’t could delay collection further.
One thing that can be really frustrating is if you suspect a debtor can pay, but they just don’t want to.
Some debtors hide assets
If someone owes you money, one option you have is to go to court and ask the court to order them to pay. If they refuse the court may order the seizure of some of their assets or the garnishment of income streams.
The debtor might claim they do not hold any assets other than the empty-looking bank account they show with statements. But what if you suspect differently? Maybe you have heard gossip on the grapevine, or perhaps there is something about the lifestyle they lead that does not match up with the lack of assets they claim to have.
You need proof
Getting help to search for any hidden assets will be the first step. It’s important to have proof rather than just making accusations. Unfortunately, some places where people hide assets can be extremely hard to track down. If you find proof, you can take it to court and ask the judge to act on it. With legal guidance to build your case, you can increase the chance of a successful outcome.