Q&A Question & Answers As seen in the Pittsburgh Business Times I have a business tenant that hasn’t paid rent. What should I do? How is technology helping bankruptcy and creditors’ rights law firms better serve their clients? What are the fiduciary duties of the board of directors for a company or organization? What does “discovering assets” mean? What are some of the biggest obstacles facing companies in financial distress from considering restructuring? How can I offer credit to customers, while still protecting my interests? What can I do in the new year to improve revenue? What are some suggested provisions for the terms I should be including in my credit agreement in order to protect my rights against a defaulting credit customer? What is an inter-creditor agreement? Is there a protocol you have to follow when collecting a debt? I heard through a third party that my customer filed bankruptcy. Is there anything I should do to protect my interests? If my customer shuts down and sticks me with a large debt, can I sue the owners individually? What steps should I take in creating a credit limit for new clients? Is it safe to buy assets off of a bankruptcy company? Should I continue to sell to a client that has fallen behind on payments, but promises to get caught up? How do I start the collection process? Will joining an Unsecured Creditors’ Committee cost me money? What is the best way to establish a credit policy and credit lines? How can I collect a balance from a deceased customer? How can I completely avoid credit losses? What does “discovering assets” mean? How can I get salespeople to consider payment terms? What does the term “workout” mean in the creditors’ rights arena? Battle of the Forms What are the benefits of your new Expedited Foreclosure System © ? When should we review our customer contracts? How Can I Offer Credit to Customers? What role should a salesperson play in collecting a debt? Why is winning a judgment just the beginning? Is there a guideline for what our company should look for in a borrower? The court ordered that I return the money I’m owed. What should I do? What is a good way to increase your chances of getting paid what you’re owed? How does a creditors’ rights practice locate the “disappearing debtor”? Are there warning signs that identify a bad borrower? If a business owner is considering filing bankruptcy, what is the first step? Does the new bankruptcy law affect commercial lease laws? Why is a trained mediator important? How do the new bankruptcy laws affect creditors? What can a creditor do once a customer is on its “credit radar screen”? How is technology helping law firms better serve their clients? What is the best way to make sure that I collect on my accounts receivable? What websites do you recommend using to locate “disappearing debtors” and their assets? A customer hasn’t paid for services we performed. What should we do first? What should I do if I hear that my customer filed bankruptcy? Can you give us some insight on an effective 2007 credit policy for our business? What are some things I should look for when reviewing my sales and credit contracts? Why is “collections” such an important issue for businesses? Why should my business be careful about how we dispose of old records? Why don’t more companies establish a sound credit and collections policy and stick to it? What is Chapter 22 bankruptcy? Do any prominent examples come to mind? How can I protect my rights against a defaulting credit customer? I have a business tenant that hasn’t paid rent. What should I do? How is technology helping bankruptcy and creditors’ rights law firms better serve their clients? I’ve leased equipment to a customer who has just filed Ch. 11 Bankruptcy. What can I do to protect my interests? Is there a protocol you have to follow when collecting a debt? Can unsecured creditors receive priority payment? Why is a trained mediator important to your clients? Should I be involved in an Unsecured Creditors’ Committee? How can I offer discount payment terms to incentivize paying the full balance? How can I offer credit to customers and at the same time protect my interests? What is a Chapter 22 and when would someone file that? How do I start the collection process? Is there a way to protect myself from a customer filing bankruptcy and sticking me for a balance? How can I eliminate “snail mail” invoices? What are some of the requirements that my credit manager should include in a commercial credit application? How can I predict if a credit applicant is likely to pay? When should I call when a customer falls behind on payments? What are some exceptions with regard to credit limits and discounts that I can offer? What are some of the outcomes that may occur from litigation? How do I differentiate between “honest customers” and “credit criminals”? What else can The Get P.A.I.D.® System help me accomplish? Who is the best person to be responsible for explaining credit terms to the customer in advance of delivery? Should a late fee be built in to my credit policy? I’m hoping to avoid legal action. What should I do? What steps should I take in creating a credit limit for new clients? How can mediation help me settle a dispute? What should I do if my customer does not pay when due? How can I make sure that I’m properly covered by a Letter of Credit? What is a ‘Payment Gap’? Would it make sense for us to go to an outside recovery source?