All You Need To Know About Promissory Notes

They are often considered a part of the legal world and are used for various other contractual agreements. However, understanding what they mean, how they work, and if they’re right for you can be tricky. This blog post will provide in-depth knowledge of everything there is to know.

1. What Are Promissory Notes?

It is an instrument that serves as a written agreement made by one party, called the maker, to another party, known as the payee. Secure promissory note services are necessary to secure both parties’ rights in transactions and ensure the repayment of loans or honor the obligations established under the note’s terms. Generally, these notes require payment installments on a set timeline and typically include information such as names and addresses of both parties; the amount; interest rate; due dates; and, in some cases, security items or collateral. Once signed by both parties, it becomes legally binding as evidence of debt issued by the maker to the payee.

2. Benefits of Promissory Notes

The main benefit associated with these notes is the protection they provide. The document serves as an agreement that outlines the full terms of a loan, along with legal repercussions, should a borrower breach these terms. Doing this provides extra security for those loaning someone else money, reducing the risk of default or non-payment. Additionally, they impose a structured timeline and payment procedure that can help keep both parties on track. Various financial institutions that have trained staff in this practice provide promissory note services in Florida.

3. Risks of Promissory Notes

A promissory note can be useful when loaning money legally or dealing with other financial transactions. However, several risks are associated with relying on these notes. For example, if the borrower is unwilling or unable to honor their repayment commitment, the document likely won’t secure the loan, and the lender may face significant financial losses. Secure promissory note services are such valuable resources. By taking advantage of secure services, lenders can create and manage their notes while having the additional assurance of getting assistance in case of trouble from the borrower.

4. How Can I Obtain Promissory Notes?

Because they are legally binding financial documents, one should take them seriously. To obtain a loan agreement in Florida, individuals can go through a service provider who will help them get what they need quickly and securely. Promissory note services in Florida provide notes and other related services, such as legal advice and help to secure collateral. The cost for the notes may vary depending on the amount of money involved, but one thing is for sure, those who use them get peace of mind of knowing their money is secure under the law.

5. What Should I Do If I Can’t Repay My Loan?

If your financial situation restricts you from repaying a loan, the best thing to do is contact your lender and explain your difficulties. From there, arrange repayment terms that are more suitable for you. It is important to remember that lenders prefer to work with borrowers who take responsibility for their loans rather than not repaying them at all. Seeking professional advice such as credit counseling may help, but interest and fees will still apply regardless of how flexible the lender can be. Therefore, one must make every effort possible to repay loans promptly.

If you are considering loaning money to someone, or if someone has asked you to cosign on a loan, it is important to understand how these notes work and your rights and responsibilities. Contact Thomas J. Maccari, P.A. to help you draft contracts.

Commercial Collection Services: 5 Rules That a Commercial Collection Consultant Must Follow

Thousands of Americans are contacted by commercial collection companies each year in an attempt to collect a debt. Some of these commercial collection services can be downright ruthless in their attempt to collect money, leaving you stressed and anxious at the thought of even picking up a phone or opening a letter.

If you have ever felt helpless or distraught at the thought of negotiating debt with a creditor, you have more rights than you think. Commercial collection consultants must remain in compliance with state and local regulations regarding debt collection Read on to see what these commercial collection services must adhere to when attempting to negotiate fair debt collection with you.

1. Restrictions in Communication

A collections consultant must call with official business between the hours of 8 a.m. and 9 p.m. They are not allowed to contact you at your place of business if told not to. Should you already be represented by an attorney, they are restricted to communication with that attorney only, and they must not communicate debt with third parties such as employers or family members. If you request a cessation in communication, the collections company cannot attempt to call or write to you again.

2. Behavior Protocol

Fair Debt Collection Practices prohibit any debt collector from using abusive or harassing practices to collect a debt. Use of violent threats or profane language is not allowed, and a debt collector cannot call repeatedly or fail to identify themselves as collection representatives on official business. If you believe that you have been a victim of unfair debt collection harassment or practices, keep a log of all calls and representatives for reporting.

3. Truthful Disclosure

Small commercial business collection consultants cannot use misleading or deceptive information in an attempt to manipulate you to pay a debt. They are required to truthfully disclose:

  • The amount of a debt
  • Whether it has passed a statute of limitations
  • Legal repercussions for failure to pay
  • True identity of company and themselves as professionals

It’s important to note that debt collectors can also opt not to answer your questions. If you are trying to figure out a statute of limitations issue or more detailed information related to an old debt, consider reaching out for legal assistance to obtain this information.

4. Adherence to Fair Practices

In addition to demanding truthful communication, the FDCPA demands that a consultant’s behavior be held to a certain standard when dealing with clients. They cannot issue threats or demands for more than what is owed or threaten criminal prosecution or seizure of property. Under no circumstances is it acceptable to attempt to collect a debt in person, for it puts both parties at risk for more serious complications if communication breaks down.

5. Validation of Debt

Small commercial business collection consultants must prove that you owe the debt they are attempting to collect. This usually starts in the form of a validation letter, and if you ask for more information, they must be able to provide it. A validation letter includes:

  • The amount owed
  • Name of the creditor seeking payment
  • A statement that the collector assumes debt is valid
  • A request for dispute within 30 days if needed
  • Contact information for the purposes of ongoing communication

Do not act on any debt before determining if it belongs to you, and consult with legal professionals for additional help in communicating and contacting a creditor if needed.

Thomas J. Maccari, P.A.: Leading You Through the Process Smoothly

Need help with credit collection? Thomas J. Maccari and his team can lead you through the process of collections while giving valuable advice on compliance and legal parameters that resolve your case. The collections process can be stressful for both creditors and clients; let us help you resolve your issues easily and efficiently. Call Thomas J. Maccari, P.A. today for a consultation. You can look forward to swift and secure resolution.

The Pros and Cons of Hiring a Commercial Collection Agency

The perfect solution to your cash-flow issues may not exist. Commercial lien and debt collection services can be a double-edged sword. While they can help you get the most out of your money, they can also bring negative consequences. By hiring a commercial collections agency Boca Raton FL, you trust that they will manage your money responsibly and follow all your financial and legal guidelines.

Pros of Hiring a Commercial Collection Agency

They can Help You Recover a Debt

Commercial collections agency Boca Raton FL specializes in recovering money owed to businesses. They will work with you to create a plan to recoup your money. This may involve sending letters or making phone calls on your behalf. In some cases, they may even take legal action.

They Have Experience Handling Debt

Commercial collections agencies FL has experience dealing with delinquent accounts and know how to get results. Thomas J. Maccari, P.A. use various methods to collect payments and are familiar with the laws and regulations surrounding collections. In addition, commercial collections agencies Boca Raton FL have the resources, and they’re experts at negotiating payment plans and settlements.

They Take Security Measures

Commercial collections company Boca Raton FL take security measures to protect consumers by ensuring that unauthorized individuals do not access their personal information. Commercial debt collection services in Boca Raton use physical, electronic, and procedural safeguards to secure data. Physical safeguards include using lock and critical protections, restricting physical access to offices, and monitoring via closed circuit television. Electronic safeguards include password protection, firewalls, and data encryption. Procedural safeguards include employee training on information security and implementing access control procedures.

They can Help Save Time

Commercial collections company Boca Raton FL will manage the process of collections for you, including setting up payment plans, contacting the debtor, and handling any legal proceedings. This can create more time to focus on other essential tasks and give you peace of mind since professionals are handling the process.

Cons of Hiring a Commercial Collection Agency

Time Consuming

The commercial collection process can be long and arduous, often taking months or even years to resolve. The first thing is to send a demand letter demanding payment within a specific timeframe. If the client does not respond or pay within that timeframe, the next step is to file a lawsuit.

No Guarantee You’ll Receive the Money Owed

There is always the likelihood that a debtor will file for bankruptcy when using a commercial collection agency, which would absolve them of their responsibility to pay you back. In some cases, this may be the best course of action for the debtor, but it can leave you in a difficult position.

It can be Expensive

Commercial debt collection services Boca Raton typically charge a fee for their services, typically a percentage of the amount owed. As a result, businesses may not receive the total amount of the outstanding invoice when using a collection agency. This can be incredibly frustrating if the debt is large or the company has already attempted to collect the debt on its own.

The Process Can Damage the Borrower’s Credit Score

Commercial collection agencies in FL will likely report the debt to the credit bureau, damaging the borrower’s credit score. Immediately an account is turned over to a collection agency, it will probably show up on your credit report, which can seriously impact the borrower’s credit score, making it more challenging to have new lines of credit in the future. In some cases, it may even result in higher interest rates.

Conclusion

It can be highly frustrating when a company cannot collect payment on a past due account. However, trying to collect the debt yourself can be time-consuming and may not be successful. Schedule a consultation with us today to get our debt collection services.

What to Do to Get the Most Out of Your Commercial Collections in Delray Beach?

Businesses face the challenges of collecting from vendors that owe them money or products and services. The challenge is that most collection attorneys are focusing only on the consumer side of things. 

According to the Collection Bureau of America, commercial collections are an $18 billion industry and growing by 4.4% annually. 

Getting the most out of your debt collection requires working with a professional that produces results. Here are some things to consider so you get the most out of your commercial debt collections in Delray Beach.  

Specialization

Specialization is one of the areas you want to focus on to get the best results. Not all collectors are the same and you want to choose an attorney that specializes in commercial collections in Delray Beach. 

The best approach is to ask about the experience, knowledge, and qualifications in this area. You want to see if they were successful in contacting mid and high-level executives and what approaches work well. 

A good way to determine this is to look at the testimonials and ask for a list of referrals. This will help you to find an excellent firm for commercial collections. 

The Law Offices of Thomas Maccari P.A. is the best in commercial collections. We have five-star reviews from our clients and know how to get you the money you are owed. No one is better at commercial collections than our trained and experienced team of professionals. 

The Approach

You must follow certain procedures under the law to be the most effective at commercial collections. 

The first step is a letter is sent out that is followed by attempts to directly contact the organization. 

You want to work with a collector that does their homework and has a strategy for approaching the debtor. The best approaches are to use honesty, build trust, and show professionalism. Once the debtor realizes this is when you will see them become more willing to work with you. They know that you are following the law and acting responsibly. 

A great collector listens carefully, empathizes, and understands their situation. They are not trying to threaten or berate the debtor. There are certain practices you follow that will get you the best results in collecting the money you are owed. 

The Law Offices of Thomas J Maccari P.A. is the best commercial collections attorney in Delray Beach. They are members of the Commercial Law League of America and have favorable reviews in American Lawyers Quarterly. 

Calls Us Today!

These are some things to consider when collecting commercial debt. Call the Law Offices of Thomas Maccari today at 561-892-9772 and see why we are the best. Our office is located on Congress Avenue, near the Delray Oaks Natural Area. 

5 Things That Debt Collectors Aren’t Allowed To Do

Debt collectors work for creditors to collect debts owed by consumers. They often contact people who owe money via phone calls, letters, and even text messages. If you owe money, you may receive a collection notice from a creditor.

Additionally, debt collectors should communicate to you using specific language while informing you of your rights. In the following blog, we discuss five things that debt collectors cannot do.

1. Publicly Shame You

Typically, debt collectors are not allowed to shame you in any way publicly. This includes calling your friends and coworkers. It also means they can’t use derogatory terms such as “deadbeat” or “thief” when contacting you, as this could lead to civil litigation.

So, it should be if you get a letter from a collector and it sounds insulting or threatening. Instead, it should stick to facts about what you owe and offer ways to pay back what you owe. Also, be sure to consult your construction attorney in FL about the same.

2. Threaten Violence or Arrest

Another thing is that debt collectors are not permitted to make threats of violence or arrest of yourself or others, including family members. Debt collectors can say something like, “You will be in trouble if you don’t repay this right away.” But they cannot arrest anyone (or their family) over this debt.

And they definitely cannot tell someone else to commit physical harm against themselves or another person. For example: “If you don’t pay us now, I will have some thugs come after you!” However, if you happen to receive a threat from a debt collector, be sure to contact a reputable debt collection attorney right away.

3. Use Deceptive Tactics

It’s common for debt collectors to trick consumers into paying up. One of the most prevalent lies is claiming that an employer or court ordered the consumer to pay off the debt. This isn’t true. The IRS does require people who fail to file tax returns to pay up, but it says nothing about making an ex-employee or student liable for a debt.

Debt collectors love using these types of lies to justify harassing people — especially when they know they’re wrong. Be wary.

One way to protect yourself is never to sign anything if you haven’t read it first. You can also consider signing it up with the help of a reputable construction attorney. If a caller tells you that you signed a contract or “agreed” to pay back a loan, you can ask them to prove that you did. This will help you avoid unnecessary Civil Litigation.

4. Harass Your Children

It’s illegal for debt collectors to communicate directly with children or pressure them to pay a parent’s debt. Creditors must talk to adults in the household first before contacting a child under 18 years old. They can’t threaten a child or demand payment because they carry an open account. The same goes for college students.

5. Call at Unusual Hours

Calls made outside business hours generally apply to businesses only. When a caller says they’re calling about a credit card debt, it’s usually best to hang up the phone.

There is no reason to be rude. It may seem harsh, but you probably want to spend your evening doing more important things than dealing with a collector if you work full time. Additionally, you can consider contacting your debt collection attorney as they can advise on how to handle those annoying calls.

Conclusion

If a collector calls too often or makes unreasonable demands, politely inform them that you prefer to speak with a supervisor. Remember that many legitimate companies will send out a collection manager instead. for more detail about debt collection, be sure to contact us today.

What Are Construction Liens and How to Prevent It?

Construction is a difficult industry. Surviving includes a significant work ethic, excellent problem-solving abilities, and a commitment to client service. Most contractors would tell you that it’s all worth it to make their customers’ dreams a reality. It’s even wonderful when the cheque arrives in the mail. When a contractor works on a property, they have the right to be compensated for their efforts. That is the fundamental basis for the existence of construction liens.

What happens if contractors are not paid? We know it isn’t easy to believe, but individuals in this world don’t keep their half of the bargain. The contractor might have completed the work following the contract, only to be left empty-handed by the customer. This kind of messed-up situation usually ends up in contractors filing a Construction Liens to confirm they get all the money your business owes to them.

In this article, we will explain to you what is Construction liens and how to prevent construction liens so that your business is safe and you can maintain healthy business relations with the contractors and other workers for a longer time.

What Is a Construction Liens?

A construction lien, also known as a mechanics lien, is a sort of protection resource in the property granted to suppliers, contractors, and others to collect payments on construction projects if they have not been paid completely or at all.

Construction Liens is a powerful and advantageous tool for the suppliers and contractors since it gives a strong surety for their payments fulfillment. 

Every company should abide by Boca Raton Construction liens laws which regulate the payment deadlines, notices, and the entire procedure of filing construction liens claim by the construction professionals.

 

How to Prevent Construction Liens?

  • Try to Clear All Your Payments On Time

The most efficient and easiest way to protect yourself against any Construction Liens claims would be to pay up your suppliers, constructors, and workers completely and on time. If there are any payments due, then try to send them out as soon as possible. 

Meanwhile, keep ensuring your suppliers, contractors, and workers that you will be paying them soon with any strong source they can depend on. This will help you get some more time to clear all the payments and save your business from lien claims. 

However, we realize that you would not be reading this article if you could resolve the issue so simply. For that, read on to the other solutions.

  • Keep a Backup Financial Setup In Case You Run Out of Money

Suppose you have been unable to pay your suppliers and constructors that do not state you as a fraud in Boca Raton. Construction Liens claim that the contractor has not been paid within the set deadline. Several honest people genuinely run out of money and time, hence, miss the deadline of payment. 

You can still turn this around by having a financial resource on backup. This strategic move will save you time and prevent your business from all the lien claims. This will also portray your strong image to your contractors that you are truly committed to paying them on time and value their work, strengthening your corporate relations with them.

  • Verify Your Contractor’s Credibility

Another way to protect your business from lien claims would be to investigate and ensure the credibility of your contractor in Boca Raton. Construction Liens is a serious claim, and if you see a contractor filing multiple claims, then it’s a big red flag, and you should not hire them as they will surely create problems for your business.

You can check the credit and payment history of the contractors, subcontractors, and suppliers to get a better picture of how they deal with their clients. You may also check with their previous clients and inquire about their experience to know what you are going to get yourself into.

  • Ask For a Lien Waiver

We know this might be a bold move, but it is the strongest of all solutions that we have presented to you so far. A lien waiver is a contract between the business and the contractor in which the contractor quit all their rights to claim a construction lien on your business. 

If you are operating your business in Florida, you cannot make a lien waiver agreement with the contractor before labor. However, you can finalize it afterward before the payment finalization.

Conclusion

Boca Raton construction liens laws are strict like any other state, which is why it is better to prepare yourself beforehand. If you still have queries, you can get in touch with a law firm such as The Law Office of Thomas J. Maccari P.A. to help you out and guide you through the entire process.

We hope this guide will help you protect your business from any lien claims and enable you to maintain good corporate relationships with your suppliers and contractors.

5 Reasons To Hire A Lawyer To Draft Your Business Contracts

Businesses are not required to hire a commercial collections lawyer in Delray Beach to draft their contracts. However, it is important to note that if money is involved, you risk a substantial loss by not having a lawyer at your side. At the Law Office of Thomas J. Maccari, P.A., we not only provide quick and efficient service to help clients obtain payment from the debtor before litigation, but we can also help you draft important contracts and credit applications. So, while it is not a requirement to hire a lawyer, here are reasons we believe you should.

We Can Fix The Contract To Protect You

A contract is an important document that should never be written hastily or at the last minute. You should carefully consider your choice of words when drafting any legally binding agreement, as it can make the difference between protecting your company or becoming a liability. Our team of experienced lawyers can offer their knowledgeable opinion and legal skills to identify sections that are unclear or may cause problems down the road.

We Offer An Outside Perspective

Lawyers do not gain anything from the outcome of the agreement. This can prove invaluable when you need honest advice, an outside perspective, or a second opinion with important business dealings. Furthermore, we look at the situation from several different angles. For example, we always consider the worst-case scenarios. We then incorporate these scenarios into the contract to ensure the other party does not find a loophole if they do not meet their obligations.

We Make Sure It’s Legally Enforceable

When it comes to contracts, your wording is everything. Even if you intended to say one thing, you may have written it in a way that the other party can manipulate to suit their favor, or the court is unable to interpret. Every detail, even the placement of a comma, matters when drafting a contract. You may not know this, but a lawyer does. That is why it’s important to have a professional review the draft before it is finalized.

Although our team generally helps businesses with their debt collection, lien enforcement, and civil litigation needs, we also provide other business services such as custom contracts. We can ensure that nothing of significance is left out or misworded and that your contract is legally enforceable.

We Don’t Use Contract Templates

You have a lot on your plate, so to make things easier, you print out a contract template that you found online. You have read and reread it and you strongly believe that it sounds good and looks valid. As you may know, lawyers do not recommend that you do this. Our reasoning is simple.

  • Who drafted the template? Was it a legal professional or just someone who is good at grammar and writing? Since you don’t know, this can pose many serious problems in the future.
  • Is the template up to date and accurate? If it was written years ago, it is possible that the laws have changed since then.
  • Templates are too vague – they cannot cover the legal issues that are specific to your industry. When the wording is too vague, the courts may not enforce the contract.
  • Did you receive the owner’s permission before using the template? Plagiarism may be the last thing on your mind but using a template without the writer’s permission can make you liable for copyright infringement.

At the Law Office of Thomas J. Maccari, P.A., we do a lot more than provide services for commercial collections in Delray Beach. Our team can draft contracts that are specific to your unique situation, whether it be for goods or materials sold, services rendered, or practically any other situation that must be confirmed in writing.

We Will Include New Regulations And State Laws

As previously stated, one of the problems with templates is that they may be outdated. Additionally, you most likely will not find a template that takes state laws into account. Have you kept up with the new laws and regulations? With so many other considerations and decisions to make, it is not unusual for business owners not to know the latest legislative changes. Nevertheless, you want to draft a contract that is up to date and the best way to do this is by contacting our lawyers in South Florida.

Contact the Law Office of Thomas J. Maccari, P.A.

Do not make mistakes that other businesses have made. 

Thomas J. Maccari is a commercial collections lawyer in Delray Beach, but he also has experience helping businesses draft the best contract for their circumstance. Call (561) 982-9772 for a consultation.

Construction Liens – How They Protect the Rights of Workers

A construction lien, also known as a mechanic’s lien, is a strong and legal way for contractors to get paid for services or materials they provide on a project. It is a claim filed by workers who have completed work on a property but have not been paid. Boca Raton Construction Lien rights are generally held by direct contractors, subcontractors, material suppliers, equipment lessors, design specialists (architects and engineers), and workers. 

While lien rights for suppliers-to-suppliers are not usually common, each state’s lien law is unique. These general rules do not apply to everyone. However, there are several exceptions to the Construction Liens in Boca Raton, such as sub-subcontractors, suppliers to suppliers, and anyone who is supposed to be licensed in Florida but isn’t.

Scroll down to see how construction liens are a powerful tool and how they protect workers’ rights to a great extent.

They Get You Paid!

The most obvious benefit is that it ensures that you are paid. A mechanic’s lien ensures that you are paid for the labor or supplies you supply on a renovation, repair, or construction job by restricting the property. 

Construction Liens are public records and will show up on a property’s title search. This means that if the property owner wants to sell the property, they will have a tough time doing so if there is a lien on it.

They Put Pressure On the Debtor 

Mechanic’s liens, rather than a lawsuit, can be a significantly more effective means for you to collect your payment. It also includes a deadline for when litigation will begin if payment is not received, and the prospect of a lawsuit is typically enough to convince the homeowner to pay the debt. 

It may be tough for the homeowner to ignore your mechanic’s lien if you file it correctly.

 

Reduced Financial Risk

Filing a Construction Lien against a private or government property will help you claim your right to make a bond claim. When a state, county, or municipal project remains unpaid, the unpaid party can file a claim for payment against the payment bond.

You can utilize a lien as a type of security to force payment if you are not paid for the work or materials you provided on a building project. A lien is a legal claim against the property title that is extremely difficult to remove without paying the bill.

Contractors, subcontractors, and suppliers, all of whom are obliged to put up considerable sums of money upfront, benefit from this entitlement.

Claim to Security Interest

Unpaid parties that provided labor or materials on a private building project whether residential or commercial, might file a Construction Lien. The claimant will obtain a security interest in the improved property by filing the mechanics lien. When the employer defaults, it gives the workers the legal right to claim property financed with the loan.

Stop The Cash Flow On The Disputed Project

When you file a mechanics lien, you can often stop cash flow, which serves to your advantage. Until you are paid or the owner of the project gets assurance that you will be paid soon, the lender or the owner will stop paying its general or specific subcontractors. 

When cash flow is limited in the construction sector, it’s tough for contractors and owners to stay ahead of the competition. This pause puts pressure on them and draws everyone’s attention, which ensures that you are paid as soon as possible.

Speed Up The Payment Process 

Another significant benefit is that the lender will ask the owner to remove the lien even before the property is put on the market in order to maintain a clear security interest in the property. You might be able to get paid sooner as a result of this. 

If the homeowner fails to pay you, the lien gives you the legal authority to collect from the property. Most importantly, filing a mechanics lien informs all parties involved that you are serious about collecting payment and will take legal action to do it.

Contact Us Today

When a mechanics lien is attached to a debt, the chances of that obligation being paid improve dramatically. 

A mechanics lien on the property provides security for your obligation, involves more parties, causes contractual breaches, and is difficult to remove – for many of the reasons listed above. 

Because of these factors, it provides leverage, which means the mechanical lien might assist you in getting paid in more ways than one. Give us a call today at (561) 982-9772 to learn more.

Benefits of a Florida Commercial Debt Collection Attorney

When you need help collecting funds to recover an unpaid loan, you may benefit from hiring a debt collection attorney. They can provide legal assistance, help collect large debts from your clients, and simplify the overall process. Don’t give up attempting to collect a debt. Instead, contact a Florida commercial debt collection attorney like the Law Office of Thomas J. Maccari, P.A.

What is a debt collection attorney?

A debt collection attorney specializes in coming up with strategies for businesses and individuals to collect payment from those who refuse to pay. Their years of experience and expert legal solutions will make them an asset when your business wants to reclaim money that was loaned out. When you hire a Florida commercial debt collection attorney, this person will offer assistance in many ways. For example, lawyers will draft letters threatening legal action against the debtor, handle the necessary paperwork and represent you in court, if necessary.

In general, they do not leave harassing phone calls, as these methods are not always effective. It’s likely that your business has already utilized that strategy unsuccessfully. Additionally, attorneys collecting a debt do not report late payments or defaults to credit reporting bureaus, which can make it difficult for debtors to obtain a loan in the future. Instead, the attorney you hire will take several legal actions, such as:

  • File a lawsuit against the debtor
  • Determine what the debtor can afford to pay and request evidence of their income and spending
  • Obtain a court order that will award you the money you are owed, also known as a money judgment
  • Take steps to ensure the money judgment is honored

Why should you hire an attorney? 

You may be thinking that your business does not need an attorney to collect a debt. Perhaps you believe the Florida commercial debt collection service is an undertaking your company can handle. In some cases, this may be true. However, we recommend that you seek legal representation if your business is experiencing the following:

  • You are attempting to collect a debt from a large company. Corporate debts can be challenging to collect, as these companies tend to have lots of resources at their disposal.
  • The client has substantially high debt. If your client owes you thousands of dollars, this isn’t to be taken lightly. You don’t want to do anything to risk losing such a large amount of money. Hiring a lawyer may be an expense, but worthwhile.
  • You have attempted to collect a debt for several years, and now you’re taking the client to court. If you’re going to court, it’s highly recommended that you hire legal representation, rather than represent yourself or hire an attorney that isn’t experienced in Florida commercial debt collection.
  • You are confused about a matter and need legal advice on your best course of action. A commercial collections lawyer Delray Beach will be able to assist you.
  • You must write a legal complaint. Writing a demand letter may seem cut and dried, but there are many small, yet crucial details that go into it. For example, the letter needs to be short and to the point, so the judge or court clerk will read the entirety of it; but it must also be detailed. An attorney can write an effective letter that may even prompt your client into settling the debt to avoid going to court.

Should you hire an attorney or agency? 

At the Law Office of Thomas J. Maccari P.A., we frequently get asked the difference between a debt attorney vs debt agency. There are some responsibilities that these two occupations share. For example, a debt collecting agency can discuss strategies to help you collect a debt. However, if you need to pursue the matter legally, the agency can no longer be of assistance.

Whereas an attorney can provide legal action, draft demand letters, and even represent you in court. So, if the matter has gone on too long, or there is a large sum of money at stake, it’s recommended to hire a commercial collections lawyer in Delray Beach.

Contact Thomas J. Maccari P.A. 

We are a full-service law firm that assists Florida businesses with their debt collection, lien enforcement, and civil litigation needs. If you need assistance, contact us for a free consultation.

Promissory Note – The 4 Types And Their Uses.

A promissory note is a debt instrument that lets companies and individuals get financing without needing a bank. This would be any individual or a company willing to carry the note (and provide financing) under the agreed-upon terms. Basically, anyone can be a lender.

A promissory note typically contains the following pertinent information regarding the loan:

  • The parties involved (issuer and payee)
  • The principal amount
  • Interest rate
  • Maturity date
  • How the debt will be paid
  • Consequences for non-payment or default in payment
  • Date and place of issuance
  • Issuer’s signature.

This type of instrument adds weight to an informal handshake between friends, or your cousin’s IOU on a bar napkin. A promissory note is one of a variety of business services that Mr. Maccari offers to his business clients. There are 4 basic types of promissory notes. We will go into the details of each one here.

Due On-Demand Or Default Promissory Note.

This type of promissory note is best to be used between family and friends. It’s that step up from the IOU on a bar napkin we mentioned. This is one of the types of promissory notes best for small loans. Helping your friend buy a moped, or your sister get her cookie business started.

There is no specific date set for when it is due, this lets your sister or friend make good on the loan when they are financially able. There are usually no or low-interest rates.

The big drawback to this type of promissory note is that it may not get paid. You might feel as if your friend or family member has taken advantage of your good nature. There must be a strong foundation of trust between lender and borrower. And as the lender, you need to allow for the fact that you might not get your money back. If you feel this will negatively impact the relationship, don’t do it.

Due On A Specific Date Promissory Note.

This is one of the types of promissory notes that are to the point. It demands the repayment of a loan or debt before a specific date. Use this promissory note when loaning small amounts of money. Like when your roommate’s car breaks down and he needs a few hundred dollars to repair the transmission.

Be sure the person you are lending it to will be solvent enough to make the payment on time. That way you can avoid uncomfortable silences at the dinner table.

Installment Payment Promissory Note.

This is one of those types of promissory notes used when you need to buy something more expensive. When you need to replace your stove or living room furniture is when a promissory note like this is useful. This type of loan can have a higher interest rate attached to it, so buyers beware.

A down payment to reduce the interest amount is typically made. Payments are then divvied up into equal monthly installments including the agreed-upon interest. Once the principal is paid, the debt is discharged. This makes it easier to agree to terms of payment that you can afford.

Installment Payment With a Final Balloon Payment Promissory Note.

A mortgage is a good example of these types of promissory notes. If you are short on cash but expect to refinance or pay off the loan in the future, this note is ideal. The interest rate on this promissory note is usually lower. The principal including interest is paid in equal and consecutive installments. In the end, the loan can be reset or the balance due is paid off (the balloon payment).

We Can Help!

To learn the finer detail of how a promissory note works, call the Law Office of Thomas J. Maccari. We have a long list of satisfied clients who always call on Mr. Maccari for all their legal service needs. We are located in Boca Raton and serve the businesses and residents of Broward and Palm Beach county with pride. Click here or give us a call at (561) 982-9772.