Creditor Defense
Before bankruptcy, try a commercial loan workout
When a business owner is having trouble making loan payments even after adjusting business economics as much as possible, it may seem like foreclosure is the only option with bankruptcy not far behind. But savvy business owners know they can pursue one last option – a loan workout with the lender. In a loan workout,…
Read MoreWhat collection options are open to creditors?
What can you do when a customer fails to pay his debts? There are two basic scenarios – go to the courts, or don’t go to the courts. There are several options if you choose to avoid court action. The most basic is to contact the debtor and work out a payment method. If that…
Read MoreHow to file an extension for state, federal taxes
As April 15 nears and you get your taxes ready for the IRS, you may find that in some cases, the new federal tax law doesn’t jibe with state laws which makes filing state and federal taxes less than seamless. If you have trouble with your taxes, you may consider filing for a deadline extension.…
Read MoreHow to rebuild your credit after a divorce
In many marriages, one spouse usually handles the bills while the other earns money or takes care of the children. That’s why after a divorce, one spouse could be in for a surprise when it comes to their credit rating. Some newly divorced spouses consider bankruptcy as they look at their finances, but there are…
Read MoreHow to get money back after debtor declares bankruptcy
If you run a successful company, you likely do business with people who have the misfortune of not being as successful as you. In some cases, that means that person owes you money and has declared bankruptcy. Does that mean you’re out of luck when you try to recoup your debt? Not necessarily. There may…
Read MoreCreditors’ rights: options for getting paid
Your business works hard. You, as a creditor, deserve to be paid for your efforts. Sometimes, though, your customers simply don’t pay their bills on time. You may be wondering what your debt collection options are, both in and out of the courtroom. Non-judicial options So-called “self-help” options don’t require any sort of judicial involvement.…
Read MoreCreditors’ Rights – Options for Getting Your Clients to Pay
Clients who refuse to pay for services rendered are not only frustrating but can represent a real threat to your company’s bottom line. Fortunately, creditors have recourse at their disposal. But taking self-help measures is not always the right way to go. Here are some strategies to help you collect from delinquent clients without resorting…
Read MoreWhat is a creditors’ committee?
If you are a creditor, one thing that might fill you with worry is if a business that owes you money ends up in bankruptcy, such as Chapter 11 bankruptcy. You may worry about whether the debt will be repaid and whether your rights and interests will be protected during the bankruptcy process. These worries…
Read MoreEnforcement of Judgments in New Mexico
When a plaintiff sues a defendant to recover monies owed by the defendant and eventually succeeds in winning the suit, an award of damages is incorporated in to the judgment of the court identifying the exact amount of the judgment and whether any court costs, attorney’s fees and interest may also be part of the…
Read MoreNew York Attorney General to Settle with Debt Collection Company
The Attorney General for the State of New York, Eric Schneiderman has announced that his office plans to settle a case against Encore Financial (“Encore”, a debt collection company which buys the debt of other companies in an effort to turn around and collect those debts). The New York Attorney General investigated the company because…
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