Creditor's Rights
Collecting a commercial debt can often be difficult and time consuming. In Illinois, a creditor has crucial rights and various options when it comes to seeking the receivables they are owed. Significantly, a creditor may take legal action against a debtor, put a lien on their property, and obtain a judgment against them. With a strategic focus on securing swift resolutions and positive results for each client, Blumenthal Law Group assists creditors with collecting the money to which they are rightfully entitled.
Illinois Creditors’ Rights and Commercial Debt Collection
Creditors can face a number of challenges with collecting commercial debts. It’s important to have an attorney who understands the nuances of these matters and knows how to move the process forward. From negotiating a payment arrangement to commencing a lawsuit, Blumenthal Law Group is committed to helping businesses, financial institutions, credit unions, and other creditors with taking the necessary steps to enforce their rights and collect upon a judgment.
Blumenthal Law Group represents creditors in connection with a broad scope of matters concerning commercial debt collection, including the following:
- Secured and unsecured loan enforcement
- Automatic stays
- Challenging lien avoidance
- Adversary proceedings
- Filing wage garnishments
- Obtaining property liens
- Recovery of delinquent accounts
- Replevin
It’s important to understand that there is a statute of limitations for the collection of a debt in Illinois, depending upon the type of debt being collected. A creditor has five years to pursue a debt for unwritten or open-ended agreements, and ten years to take legal action for agreements in writing and promissory notes. The statute of limitations begins running when the borrower first defaults on their debt — not when the agreement was first entered into. Blumenthal Law Group can advise you regarding the statute of limitations in your specific situation and work to ensure you obtain the debt you are owed.
How Blumenthal Law Group Can Help with Commercial Debt Collection Matters
Blumenthal Law Group provides aggressive advocacy and knowledgeable counsel to assist creditors with collecting commercial debts they are owed. With a deep understanding of the laws that are in place to protect creditors’ interests, the firm knows what it takes to handle complex commercial debt matters — and how to obtain the best possible outcome. From engaging in negotiations to litigating commercial debt disputes, and enforcing judgments, clients can rest assured that Blumenthal Law Group will take the legal measures necessary to safeguard their rights.
By offering resourceful and untiring representation, Blumenthal Law Group applies more than 25 years of experience to achieving the resolution clients need to keep their businesses running efficiently and profitably. By implementing proven strategies and developing a tailored course of action in every case, the firm focuses on accomplishing clients’ objectives without unnecessary delay.
Blumenthal Law Group’s clients come almost entirely by referral from previous clients, other attorneys, and professionals. This is a testament to the firm’s reputation for providing superior legal services — and ability to deliver high-quality results time after time.
To learn more about the firm’s creditors’ rights legal services, contact Blumenthal Law Group to schedule a confidential consultation to discuss your case.
