Thompson Law Group, P.C. handles collections for businesses as well as for individuals with a focus on collections on constructions contracts. The Arizona legislature has enacted several statutes that allow for additional avenues for collection in construction cases, such as the Arizona Prompt Pay Act and Materialmen’s liens. In order, to avail themselves of the additional protections of the Arizona law, contractors, owners, subcontractors and material suppliers need to be sure that they have spoken with an attorney in regards to what needs to be done at the onset of construction contracts in order to pursue these methods of collection in addition to breach of contract theories. Failing to do what is necessary to file a lien on a property, does not eliminate the ability to collect in construction matters, but eliminates a fairly effective way to do so.
In addition, many of those in the construction industry have recently found themselves in financial distress or as a creditor in a bankruptcy. Again, there are mechanisms available only to those in the construction industry that may allow for payment in the event of a bankruptcy. Also, there are very effective reorganization mechanisms in which to make a business viable again during tough economic times. It is important to talk to an attorney at the time a bankruptcy is filed or when a business becomes financially distressed to become educated on all of the options available so that none are missed.
The Thompson Law Group, P.C. advises those in the construction industry on how to set up effective in-house collection procedures so that an attorney is not necessary to pursue collections except in the rarest of circumstances which inevitably arise even with the best system in place. There are many additional ways to help a business or individual extending credit or loaning money to have alternate avenues in order to collect in the event of default. It is important to set up as many mechanisms as are available for prompt collection at the onset of a creditor relationship so that they are available if needed. We review paperwork and contracts to ensure that any additional collection method is available to be utilized if needed.
Our job is to handle all aspects of a collection to optimize the potential for recovery. We are committed to keeping our clients apprised of the status of their collection matter and make a point to communicate with our clients about a change in their matter as quickly as possible. The Thompson Law Group, P.C. is committed to providing quality legal service at reasonable rates. When possible, we provide our services at a flat rate so that attorney’s fees and costs are certain and not an additional stress. Our business is helping you with your business.