Collecting Past Due Accounts

Time is of the essence when it comes to collecting past due commercial accounts. The longer an account remains unpaid, the harder it becomes to collect. As a leading commercial collection agency, Burt & Associates is able to assist you with the management of your accounts receivable so that you can focus on running your business. Contact us today - the clock is ticking.

The statute of limitations concerns the amount of time within which a legal remedy may be brought. In the case of the collection of a commercial debt, many statutes of limitations are set by individual states and may vary considerably based on the type of contract. For example, the limitation on a judgment may be longer than one involving open or revolving accounts. It should be noted that the statute of limitations can often be revived with either a partial payment or a written promise to pay.

A debt collector isn't bound by a statue of limitations when requesting payment on a debt. However, the debt collector may violate provisions of the federal Fair Debt Collection Practices Act when threatening to take legal action when the debt has gone beyond the statutory time limit. Some consumer lawyers have been argued that attempting to collect on a debt after the statue of limitations has expired is a misrepresentation of the legal status of the debt, and, as a result, is a violation of the Fair Debt Collection Practices Act.