Hammerhead Attack – Hammerhead Debt
At Hammerhead Debt, we use a very unique approach to acquire bad debt and past due monies owed to us (formerly owed to our clients). The approach is called the “hammerhead attack.” The hammerhead attack does not utilize typical commercial collection agency tactics like making harassing phone calls, yelling, screaming, or hollering. As our company name suggests, we act like a shark: we attack and we go for the jugular.
So how would we define “going for the jugular” in this analogy? We attempt to put deadbeat businesses out of business. We do this by utilizing the law, or disrupting their sales/revenue streams.
Our hammerhead attack has over 20 procedural variations we can utilize to effectively put deadbeat businesses out of business. Without publically disclosing too many of our business trade secrets, we can tell you about a couple of the general processes we use.
The first involves disrupting their ability to effectively buy goods from vendors and sell products to their customers. We utilize various PR and/or advertising campaigns to cripple their revenue streams and make it nearly impossible for them to continue doing business.
The second general hammerhead attack procedure utilizes a rarely used provision in the business bankruptcy code called Involuntary Bankruptcy. There are two main reasons it is rarely used:
1. It typically costs $10,000.00 – $50,000.00 in legal fees to file any type of business bankruptcy proceeding.
2. Most businesses – including collection agencies – that are owed money think that bankruptcy is a dirty word.
Even if a business is allowed to file bankruptcy on their own accord, then nine times out of ten, the only people that get paid any worthwhile amount are the attorneys and the trustee; however, when a deadbeat business is unexpectedly forced into Involuntary Bankruptcy, the creditors (i.e. us) that filed the bankruptcy are in control of the proceedings. If the debtor cannot pay we then petition the bankruptcy court to liquidate assets and/or the entire business to pay us the monies owed. And since we initiated and paid for the proceedings, we almost always get paid in full and get paid first.
At the end of the day, making nasty phone calls or filing civil lawsuits will only resolve a small percentage of bad debt situations. Regardless of the specific hammerhead attack procedures we choose to implement against a deadbeat business, most of them get results. And in order to get the full attention of most debtors in this economy, you have to physically disrupt the flow of money to their bank accounts.
If you would like to learn more about the rates we offer for purchasing bad debt receivables and contracts/leases, please click here (Hammerhead Rates). If you would like to speak with someone at our company, please click here (Hammerhead Attack – Hammerhead Debt) to go to our Contact Us page.