As we slowly creep into June, it sometimes feels like we have been taking it “day-by-day” forever. That there is no “business as usual.” Many are left with lingering questions about the state of financial affairs for their business and what the next 60, 30, or even 3 days look like.
There are constant news reports regarding COVID-19. Among them you might have seen news articles regarding halting collections, providing reprieve, and stopping foreclosure actions. You likely have questions about whether or not you should also be halting their current collections and/or putting past due accounts on hold. The debtors may also be presented with a great challenge during the COVID-19 pandemic to pay all of their outstanding debts due to loss of wages and financial uncertainty. What does that mean for your business or homeowner’s association?
Like many things, it depends on the situation. During these uncertain times, whether to collect on past due accounts is a complex question, especially given a host of recent legislative changes about how you can collect, who is immune from collection, and importantly whether you should attempt collection at all. It’s never been more challenging to assess, but it’s also never been more important to collect on past due accounts.
Contact Smith Jadin Johnson today to discuss your account receivables and how to responsibly move forward with collections during these uncertain times.
Amanda Linden – Attorney @ Smith Jadin Johnson, PLLC