Whether they are big or small, newly blossoming or firmly-established, product- or service-oriented, all business entities share one thing in common: in order to do well in the long term, they need to maintain both a healthy workflow and a healthy profit margin. An outstanding debt can have a negative impact on both.
Most of the time, companies abide by contractual guidelines, and the vast majority of business deals are completed smoothly and successfully. However, when a business entity fails to furnish appropriate funding, it can cause devastating problems for the aggrieved party. If a company misses out on payments it has been expecting, not only does that company take an immediate financial hit; that company’s future ability to provide goods or services is compromised by having a weakened financial foundation to draw upon. In this way, missed payments can drag a once-flourishing company down into a vicious cycle from which recovery can seem impossible.
Berkowitz Klein is here to help. Our commercial collections attorneys have been working for businesses in King of Prussia and throughout Pennsylvania for over 25 years. Thanks to our localized approach, we have built up strong relationships with judges across the state. Not only that, our attorneys are armed with nearly three decades of hard, real-world experience to apply to your case.
No matter how challenging or complicated your situation may seem, Berkowitz Klein can help your business collect a delinquent debt of any size. We understand that businesses need financial fuel to stay afloat, and we are committed to holding lax, resistant, or unethical companies to high standards when it comes to correcting damages and making appropriate restitution.
Debt Collection and the Statute of Limitations
In law, there is a principle called the statute of limitations. The statute of limitations refers to the time period in which claims must be filed. Therefore, missing the statute of limitations (referred to as having an “expired statute of limitations”) can be catastrophic to a case.
If Someone Owes Your Business Money, Contact Us
Depending on the state, type of contract, and nature of the claim that is involved, the statute of limitations can vary widely. In Pennsylvania, when it comes to business debt collection, the statute of limitations is four years. While four years may sound sufficient or even excessive, companies are often surprised at how many legal and administrative hoops they must jump through in order to move ahead successfully with commercial litigation. For this reason, particularly when a financial struggle has already been ongoing for a period of time, it is critical that businesses move swiftly to get their collection claims underway. Avoid missing out to an expired statute of limitations — if you need a King of Prussia commercial collections attorney, contact Berkowitz Klein today.
King of Prussia, PA Legal Resources
Montgomery County District Judge
485 South Henderson Road
King of Prussia, PA 19406