FAQs About Oklahoma Creditors’ Rights
You have the right to collect on the debts owed to you. When a business invests its time and money into servicing clients and customers, there is a very reasonable expectation that they will receive payment. Debt collection is a sensitive topic, and requires experienced professional legal service.
At Derryberry & Naifeh, LLP, our attorneys have been providing businesses with comprehensive creditors’ rights representation for over 30 years. If you have questions about debt collection, we want to answer them. Get started by reading these frequently asked questions:
Q. Who Are Debtors?
Debtors are the people and businesses that owe money to you for whatever reason. It could be a patient at a hospital. It could be a trucking company falling behind on their utility payments. Anytime someone is in your debt, they are your debtor.
Q. What Does Debt Collection Look Like?
The process of debt collection can take many different forms. Car repossession, forced bankruptcy, phone calls and judgment actions are all tools of debt collection. Each type of tool however must be used appropriately.
Q. What Happens If My Debtor Declares Bankruptcy?
Depending on the type of bankruptcy and the form of debt owed to you this could be a good thing or it could be negative. Bankruptcy is predictable, but there is a risk that your debtor could be in such a position that your debts may be dissolved. You would want an experienced attorney working with you to guide this process.
Q. How Do You Collect Debts?
Our firm represents Oklahoma businesses in their debt collection needs in the way that best meets their priorities. Frequently, creditors and debtors share a close relationship and require cautious processing. Sometimes the opposite is true. We take each case as it comes to us and do what is necessary on behalf of our clients so they can focus on their work.