Most commercial receivables are recovered without a lawsuit, and the sequence matters more than the leverage.
Verify the account. Contract or purchase order, delivery evidence, invoices, statements, and the payment history. Disputes usually surface here, and pursuing an account with a genuine dispute wastes time.
Direct contact early. Slow payment is usually a liquidity signal. Contact before the account ages, and negotiate a payment plan documented in writing with an acknowledgment of the balance — which restarts the limitation period in many states and removes the disputes later.
Escalate deliberately. A demand letter identifying the amount, the basis and the deadline, with interest and fee provisions cited if the contract provides them.
Security. Where a plan is agreed, take security if available — a lien on equipment, a guaranty, a confessed judgment where lawful.
Assess collectability before suing. A judgment against an insolvent customer is an expense.
Statutory tools. Construction liens, bond claims, reclamation rights for goods delivered shortly before insolvency, and stop delivery rights for goods in transit. These have very short deadlines and are lost by delay.
Preference risk. Payments obtained shortly before a bankruptcy may be recovered, which argues for consistent payment terms rather than unusual ones.