Boris Parad, Principal of Parad Law Offices suggests alternate solutions to help businesses recover their losses from non-payment of client/vendor debts. In the way that banks or mortgage lenders sell off their real estate loans at a discount and then write-off these bad debts to cut their losses and gain other benefits, businesses may use this route to improve their balance sheets. Parad Firm assists client companies to get rid off of bad or outstanding loans or efficiently collect corporate debts
Skokie, IL, February 2, 2004— Non-payment of debts is a breach of contract that can have devastating impact on the short-term momentum as well as the long-term solvency of a business. Too often, companies struggle with their customers or vendors over non-payment of debt or other violations of their agreements. This strains the companys resources, leads to consequent failure to fulfill its own obligations, and can result in the eventual demise of the victimized business.
According to Boris Parad, Principal of Parad Law Offices, In an attempt to evade their responsibilities, the wrongdoers dissolve their corporations and assets, move out of their previously known address, and even declare bankruptcy to help them avoid payment of outstanding debts and loans. Expensive and prolonged litigation drains company resources, requires disclosure of trade secrets and proprietary information, negatively affects the companys image and stock value, and brings unpredictable complications even after obtaining a favorable judgment."
As an alternative solution for his clients, Parad suggests that in many instances it can make as much sense for the company to sell its loans, contract rights and judgments at a discount than waste its good money and efforts to chase the bad guys. Banks and mortgage companies routinely sell their REO (real estate owned - after foreclosures) portfolios at a discount to clean up their balance sheets. The certainty of results, debt write-off tax benefits, and fast resolution of problems improve the companys financial bottom line and preserve its reputation."
An additional benefit to such a debt assignment is that the assignees name will be listed in the media and debt collection proceedings, and not the company-creditor name. Also, the debt transfer would make debtors legal defense more difficult
Parad Law Offices, P.C., has gained experience in litigating many fraud and breach of contract cases. Our firm has developed asset investigative and fast litigation skills while pursuing clients debtors", says Parad. The firm assists client companies in such financial predicaments to sell or efficiently collect their corporate debts.
Boris Parad has litigated cases in both federal and state courts in Illinois, Colorado, California, Michigan, and Wisconsin. He has argued cases in the Illinois appellate courts as well. His background and the firms services are described at www.ParadFirm.com or he can be reached directly at bparad@paradfirm.com.
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