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...
It is incredibly frustrating when someone won’t pay you the money they owe. It seems you spend a great deal of time collecting on debt. Sometimes it feels as if the debtor has significant legal protections in place, while you have very little. However, there are some...
Debt collection is a highly regulated process, and companies that collect debts on behalf of others must follow strict federal guidelines. One of the most important — and commonly misunderstood — is the 777 rule. What Is the 777 Rule? The 777 rule comes from the...
You have every legal right to collect what is owed to you, but do you know what options are available? Florida offers legal remedies to collect from your debtors and recover the money owed to you. Here are some to consider. Filing a lawsuit Creditors can begin the...