Debtor in Possession: What it Is and How it’s Used
A Debtor in Possession must keep meticulous financial records. If the court or creditors find that court orders aren’t being followed adequately
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Business Need to Know When Collecting Their Bad Accounts
Do: Leverage to Collect the Debt, Impact on Credit Score, Send a Demand Letter, Offer to Settle the Debt, etc.
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What is next after account goes past due?
So what does it mean when your debt goes into the hands of a collection agency. When the past due goes to collections, the company has the choice
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The Snowball Debt Plan: What it Is and How to Use It
Trying to pay off debts are faced with the difficult question of prioritization. What’s known as a debt avalanche - Snowball Debt Plan
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Debtors Go to Jail for Unpaid Debts?
What is a Debtor’s Prison? Back in the old days, if a person owed a debt to anyone, he or she could be arrested and thrown in jail. Under FDCPA
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Mini-Miranda Rights
Mini-Miranda rights were established by the FDCPA of 1977 to guard consumer protection. It gave consumers legal protection against abusive debt collectors
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Restarting the Clock on an Old Debt
As discussed in previous articles, creditors seeking to collect on old accounts that are long past due must collect within their state’s defined statute of limitations. Failing to recover unpaid bills before the statute of limitations expires means sacrificing any legal recourse to sue the borrower/debtor to force them to pay what they owe. However,…
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How Effective are Your In-House Collections?
In-house collections is rated according to the standard known as the Collection Effectiveness Index. How effective are your collections
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Time is Up!
Time-barred debt also directly affect business credit as well. Collecting on old debts is a bit of a two-edged sword because it gives the creditor a chance to recover some or all of their unpaid accounts
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Clients Suffering From Debt Fatigue
Lender and Collector Strategies for Helping Borrowers Overcome Debt Fatigue. Borrowers both individual and corporate allow their debt to stack up over time
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