After a slow economic recovery, New Mexicans just received the unwelcome news that our unemployment rate is the highest of any state in the country, according to the Albuquerque Journal. Citing the U.S. Department of Labor or DOL as well as state data, the paper reported that the Land of Enchantment's unemployment rate was 6.7 percent in January, where it has been stuck for months.
Last month, we talked about the importance of debt collection to the stability of many small-business owners. We pointed out that a lawyer should draft precise contracts for both customer and business-to-business transactions. Clear contractual provisions that specify when debts are due, methods of payment and how defaults will be handled puts the family business owner in a position of strength when debt collection becomes necessary.
We represent small business owners in a variety of matters, but an important part of our practice is helping these clients collect debts owed to them. We have blogged about this before, particularly about the different approaches to collection that might be taken to secured versus unsecured debts.