Hoover Penrod PLC handles collection matters for its clients throughout the Shenandoah Valley and is known throughout the region for its thorough debt collection practices. Regularly appearing in Courts from Staunton to Winchester; business attorneys at Hoover Penrod offer cost-benefit-driven strategies to maximize your recovery and reduce your risk of wasting money on uncollectable debt.
Hoover Penrod is seasoned in handling complex business-to-business collections and litigation. Our firm routinely represents banks and businesses in commercial collections – including foreclosures – with the goal of performing collections quickly and correctly.
We also represent select individuals in collections.
Strategic Debt Collection for Businesses
There are many different options we can explore to assist you, including:
- Systematic debt collection strategies – We can assist you with customized strategies for preventing bad debt from occurring and help you implement comprehensive strategies for handling bad debt when it occurs.
- Getting the attention ofdebtors– It is common for debtors to ignore their creditors’ attempts to settle a debt. It may take contact from an attorney toget these debtors to focus on the importance of the debt.
- Negotiating enforceable settlement agreements – We can negotiate and draft a written, enforceable agreement that protects your interests. A good settlement agreement will require debtors to fulfill their obligations to you, protect you from losing your rights to collect if the debtor fails to follow the terms of the agreement, and provide for your collection expenses in the event of default.
- Filing suit – Unfortunately, unless suit is filed many debtors will not respond to a creditor’s attempts to settle a debt. Also, unless you obtain a judgment in your favor you may lose the right to collect. It is crucial that the lawsuit is handled correctly to protect you from counterclaims by the debtor and to prevent your judgment from being overturned. We pursue litigation carefully, promptly, and professionally. Upon the entry of a judgment we can assist you with enforcing that judgment.
Assistance When a Debtor Files for Bankruptcy
If a debtor files for bankruptcy we can assist you with navigating the complex bankruptcy system. Bankruptcy representation can be highly advantageous in certain cases, especially in cases where the debtor has significant assets, is hiding assets, or remains in possession of property that you own or have a lien upon. For example, you may be able to:
- Recoup all or part of the claim by filing a proof of claim.
- Prevent the discharge of your claim.
- Establish a priority claim for certain kinds of debt.
- Lift the automatic stay to allow you to take possession of your property or to allow you to sell property upon which you have a lien.
- Assert an “administrative expense” priority claim for goods received by the debtor within 20 days of their bankruptcy filing.
- Assert a “reclamation claim” for good delivered to a debtor within 45 days before a bankruptcy filing.
- Assert rights as a lienholder with regard to special classifications of supplies.
- Negotiate favorable treatment in a Chapter 11 case as a critical vendor or essential supplier.
If you need assistance with debt collection, please contact Hoover Penrod PLC or call (540) 406-4060 to schedule a consultation with one of our business attorneys. We serve clients throughout Harrisonburg, Staunton, Winchester, and the nearby areas in Virginia.