When it comes to business debt recovery in todays economy, business bankruptcies will normally account for the majority of business bad debt losses. Business bankruptcies have increased 54% from year end 2007 to year end 2008. (more…)
‘Commercial Debt Collection’ Category
Business Debt Recovery: My Customer Just Filed For Bankruptcy – Now What?
Wednesday, February 17th, 2010Corporate Debt Collection – Bad Check Writer Filed Chap 11, Do We Have Any Recourse?
Saturday, February 13th, 2010When it comes to corporate debt collection, state and federal law can sometimes have separate implications to a commercial creditor. The following is in response to the question: If someone bounces a check to a commercial business then files Chapter 11 bankruptcy, do we have any recourse? (more…)
Collection Letters – The Final Demand Letter
Saturday, February 6th, 2010When all other collection attempts fail, you have a choice: either let the matter (and your money) go, or take it to court. A written Final Demand Letter is recommended by most small claims courts and required by a few, to file suit. This is probably the most important among collection letters.
Keep in mind though that you don’t want to go to court, you want to collect the monies owed. The Final Demand Letter sells the need to pay while it fulfills legal requirements. A good letter results in payment in as many as one-third of all cases, probably because the written word is far more powerful than speech at this stage of the game. (more…)
