Mar 14, 2019
Wilson Cole, President of Adams, Evens, & Ross (AER) and Samantha Cole, in-house counsel for AER, explore the specifics of what happens when a debtor makes an offer to settle part of their debt with a client. First and foremost, Wilson completely understands that these offers can frustrate clients even further, after already being frustrated from having to jump through hoops to get money owed to them by the debtor in the first place. But he says AER is legally bound to present the offers to its clients, even if they are low offers, most of the times an offer is made. Samantha goes on explain it is important to relay offers to clients if the debtor has substantially changed the offer since the last time or if a long period of time has elapsed since the last offer. It is important both legally and ethically. Something important for clients to consider when hearing offers from debtors, even if they are offering below the minimum the client has said they are willing to accept, is the potential net gain if the case goes to court.