(207) 784-4563 info@lcwlaw.com

 

Creditor’s Rights

Linnell, Choate & Webber, LLP can assist with creditor’s rights, including:

  • Account Collection
  • Breach of Contract
  • Creditor’s Rights in Bankruptcy
  • Foreclosures
  • Bond Claims
  • Lien Claims
  • Small Claims
  • Money Judgments
Legal Q&A – When should I call an attorney about delinquent accounts and my rights as a creditor?

 

Although the statute of limitations on most contract and accounts receivable collections is 6 years, you should take action as soon as possible in order to best protect your rights as a creditor.  If a customer is not paying your bills, there is a good chance they may not be paying other creditors.  Steps should be taken to protect your business interests immediately, as there may be a risk of a bankruptcy filing or insolvency.  Recognize the warning signs, and contact us about your rights as a creditor.

What other creditors rights may be available?

To the extent you are holding money or property of a customer who owes your business money, you may have “set off” rights, allowing you to take that money or property and apply it to your customer’s delinquent account.  A common example of a set off is when a debtor has a mortgage or other personal loan with a bank where the debtor also has a checking account.  If the customer defaults on the personal loan with the bank, the bank may, without notice, take money from the checking account and apply it toward the personal loan.

For assistance with creditor’s rights and collections, contact Sonia J. Buck.

creditors rights

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Linnell, Choate & Webber, LLP

Our team of dedicated Maine lawyers have chosen the law as the career which we believe best enables us to serve our clients and community. We look forward to the opportunity to serve you.

83 Pleasant Street

Auburn , ME

Phone: (207) 784-4563

Fax: (207) 784-1981

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