When a person (the debtor) purchases real estate or property it comes with the expectation that they will pay a monthly mortgage to the bank until they own that property outright. Should something go wrong and they stop making payments, the creditor can file a lien...
Debt collecting can be made difficult when people don’t want to cooperate. That can lead some debt collectors to think outside the box when doing their job. Some great ideas collectors come up with may not be the best course of action. That doesn’t mean there are no...
It’s estimated that around 61% of businesses around the world regularly struggle with their cash flow, and roughly a third can’t pay their bills. Some even find it impossible to meet payroll, which presents even more issues and problems. As a creditor, this can be...
There are federal regulations and unique state laws that determine what collection activity a business can pursue. When a debtor has not made a concerted and sustained effort to repay what they owe, their creditors may take them to civil court. A judge can review the...
Having customers who won’t pay their bills after you extend them credit, is a frustrating situation. Even after letters, emails and phone calls, some debtors refuse to respond. At some point, you must decide if you will take more drastic measures to collect the money...
There are basically two types of debts: secured and unsecured debts. Secured debts are attached to specific assets while unsecured debts are not. If a debtor fails to settle the debt in question, the creditor can use the court system to seize the lien in question. A...
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...