In today's Freedom Friday blog and email newsletter, I want to talk about an important topic, that is a core practice area for my law firm, Liberty Legal Solutions, LLC, and that's commercial collections.  What is a commercial collections practice?  Many people are familiar with debt collection, especially when it comes to consumer credit cards.  But, businesses have collection problems, too, and those are different than the typical consumer credit variety that's out there. 

Generally speaking, debt collection is divided into two different categories: retail (or consumer), and commercial collections.  Retail (or consumer) collections is the garden variety credit card debt we all are aware of, and includes consumer medical debt, as well.  Commercial debt is the debt owed by a business, and can include breach of a written agreement, or even unpaid invoices for goods, wares, or other merchandise sold by one business to another.  It also can include, at times, lien foreclosures and replevins.  At Liberty Legal Solutions, LLC, we focus on the latter category of commercial collections, and we offer a variety of solutions for our clients in that area of our practice.

Oklahoma law provides several protections for creditors to ensure they can recover debts owed to them.  Some of the ways in which Oklahoma law protects creditors are the enforcement of contracts by upholding the validity of contracts, including the agreements between creditors and borrowers, and allowing creditors to enforce their rights to enforce these agreements through the legal system; legal remedies including filing lawsuits, judgments, wage garnishments, bank garnishments, property liens, replevin actions, and foreclosures of mortgages and liens; Oklahoma law has established a five-year statute of limitations for actions to recover debt based on a written contract; and the protection of property rights in replevin and foreclosure actions where the creditor has a right in secured collateral.

Overall, Oklahoma law strives to balance the rights of creditors to collect debts owed to them with the rights of borrowers to fair treatment and protection from abusive, harassing, or otherwise unlawful debt collection practices.

Thinking about starting a small business?  Or maybe your small business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth?  Please contact me at [email protected] to schedule a FREE strategy session.

For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/