Wage garnishment is one of the most effective tools for debt recovery. Wage garnishment happens when the debtor’s employer is directed by the court to withhold and remit a certain portion of their salary directly to the creditor or the individual to whom they are...
When trying to collect a debt from a consumer, it’s important to play by the rules. This means following the regulations outlined by the Fair Debt Collection Practices Act. The main goal for debt collectors is to get the money owed. However, if you use some of these...
If a company that owes you money files for Chapter 11 bankruptcy, you may be chosen to be on a creditors’ committee along with others who are owed money by the company. While participation in a committee can involve a significant amount of time, work and potentially...
When you're setting up a business contract, you'll probably start with the goods and services rendered. But the second part of that contract is likely the amount of money that is to be paid for those goods and services. You can negotiate all sorts of aspects of these...
When someone owes you money and falls behind on payments, you can take them to court. If the judge agrees that you deserve that money, they will issue a judgment in your favor. A judgment can help you collect on a debt by garnishing someone's wages or placing a lien...
Your company loaned money to someone who has failed to pay it back. You've tried to collect for a while, and they've informed you that they're going to declare bankruptcy. They don't believe they can ever get out of debt without it. You're wondering if this means that...
Collecting on a debt is something that comes with time limits. In Florida, there’s a five-year limit for collecting on a debt. This clock starts when the person misses their first payment. It restarts with each payment they make on the debt. Once a debt expires, it’s...
Companies can’t make ends meet and remain successful if they allow customers to obtain goods and services without paying for them. When the business allows people to make purchases on credit or through a billing system, there’s a chance that the person won’t make the...
People will usually get defensive when a bill collector contacts them. Sometimes, debtors can be downright rude. As a professional debt collector, however, it’s up to you to ensure that you comply with the applicable laws that govern the profession. You can never...
Chasing money owed to you can be a tiresome process. Some debtors will do everything they can to avoid you or obstruct your attempts to collect from them. Yet, if you are persistent and get the right help, you should triumph in the end. When a debtor dies before...