I'm a small business owner owed $10,000 by a publicly listed company. I provided consulting services; they billled and collected for these services. The debt is still fresh at 60 days outstanding.
Reviewing their Annual/Qrtly & 10-K reports shows they have serious financial problems including owing the IRS, Medical Providers for their self insured employee Health plan and other creditors. The IRS has temporarily subordinated outstanding debt to this company's Senior Creditors thereby permitting them to remain a going concern(for now).
GIven this scenario and many letters, emails and phone calls to the CEO who makes it seem like I may get paid any day, just not today.
What are the pros/cons and possible/likely of hiring a lawyer to pursue this out of state debt versus hiring a collection agency? How do collection agencies price their services? Will they buy the receivables from me at a discount or rather negotiate a % of collected amount. Overall recommendations?
2006-08-16
05:13:56
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9 answers
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asked by
Need2Know
1
in
Credit