Keeping Records

As you develop your commercial debt resolution practice you will find you are dealing with the same creditor agents or attorneys on a regular basis. Building a professional rapport early on will be extremely helpful so that they understand you can be trusted in future cases, especially if you find it necessary to request answer date extensions for pending lawsuits.

Also of importance is keeping good records of each case. A simple legal pad to take notes of conversations with clients and creditor agents is all that is needed. I find it helpful to create a file folder for each new client. Listing their contact information on the inside cover saves time whenever I need to get in touch with them. Copies of all contracts and correspondence are kept within each client folder along with my notes on conversations.

I also recommend you create a file for each creditor. Of course you will want to list their contact information. But just as importantly, you will want to summarize the settlement terms for each case as you deal with this creditor. Knowing how they have structured past settlements will be quite beneficial as you open settlement negotiations on behalf of new clients. Having this reference will help you get the very best deal for your client on each negotiation.

Scott F. Soape