Debtors sometimes don’t want to have to pay their debts, but this doesn’t mean that the creditors have to deal with the refusal without taking action. It’s sometimes possible for creditors to take legal action against the debtor, but this requires them to have a good...
As a creditor, winning a judgment against a debtor might feel like the finish line, but it’s just the beginning. Successfully suing someone for a debt only gives you a legal document that says you’re owed money. The next step is getting paid by collecting what you’re...
The ability to keep trade secrets private has become increasingly difficult in recent years. Just a few decades ago, the stealing trade secrets generally meant an employee attempted to sneak a stack of papers or copy files onto a floppy disk out of the office. Now, a...
In some cases, when commercial borrowers fail to pay back their financial obligations, it could be because the business is experiencing cash flow issues. This doesn’t necessarily mean the company isn’t making any money, but there’s some level of issue with the...
Recovering payment for overdue debts from debtors often takes some convincing. Threatening debtors with legal battles, garnishment or liens may make it harder for debt collectors to collect owed money in the long run. While these collection methods may be legal, debt...
As a creditor, one tactic that you may use to seek payment for outstanding debts is known as wage garnishment. The big advantage of garnishing someone’s wages is that their employer sets the money aside before paying that individual. If you have a court order setting...
For a business owner, unpaid invoices can be very frustrating. Not only that, but a few unpaid invoices can put the business at financial risk. While you can never be certain, there are some early warning signs that a client may be swerving your invoice. Here are...
Debt collection is a critical part of maintaining a healthy cash flow, but it must be done ethically and effectively. Poor collection practices can harm customer relationships and lead to legal issues. A well-structured approach prioritizes communication, compliance...
Most business owners know that having open collections with people who won’t pay willingly is largely a part of doing business. Even though they expect it, dealing with these collection accounts can be challenging. Some businesses recognize that they can’t wait any...
In some cases, when a person owes money to a creditor or collection agency, a judgment may be issued against them in a different jurisdiction. This could involve another part of the United States or even a foreign country. For instance, if an international business...