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HOW TO COLLECT MONEY OWED TO YOUR BUSINESS IN THE AGE OF COVID -19

Collection of money owing to you may be challenging in the face of COVID-19. Those that owe you money may face significant economic challenges or fear spending what money they have to pay bills, not knowing if they will continue to have money they need. You may feel uncomfortable and even stigmatized for trying to collect money you are rightfully owed. The court system is bogged down, but there are alternatives to court. Consider negotiating a repayment plan that can include:

  • restructuring what is owed to be paid over time,
  • deferring what is owed to a specific date(s),
  • adding collateral,  and

If your documents do not give you already the right to collect interest and attorneys’ fees, add:

  • interest accrual, and
  • the right to collect attorneys’ fees.

All agreements should be in writing signed by you and the owing party.The agreement should specify what the repayment terms are and include the right for you to get attorneys’ fees should the owing party fail to pay.

For questions or additional information, please contact at Sally Fox, sfox@esclaw.com 850.433.6581.

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