The Importance of Giving Credit for Payments in Debt Collection Cases

Image of a calculator and invoice to represent giving credit for debt collection payments.The importance of giving credit for payments made can not be overemphasized when it comes to debt collection. The improper allocation of credits and payments will directly affect your claim and recovery.

Failing to give credit for payments when credits are due will extend the life of your debt collection case. It can also, in some instances, cause you to forego recovery of your NY debt collection claim. Continue reading “The Importance of Giving Credit for Payments in Debt Collection Cases”

Read more...

New York Comptroller May Have Funds to Satisfy Your Debt Collection Case

A tornado of money that represents debt collection and the comptroller.Looking for assets to satisfy your New York debt collection claim? According to this week’s New York Post, New York’s comptroller may have money that can satisfy your debt collection claim.

The article highlights monies being held for the wealthy including the Trump Association, President Donald Trump, Jeff Bezos and more.

Continue reading “New York Comptroller May Have Funds to Satisfy Your Debt Collection Case”

Read more...

Should You Take Advantage of Debt Forgiveness?

Illustration of a person handcuffed to a dollar bill to illustrate debt forgiveness.Schools, institutions, and other lenders are in the news for writing off their balances owed, thereby forgiving the debt. What are the consequences of debt forgiveness, and should you take advantage of debt forgiveness offered by a creditor?

While it is true that when a debt is forgiven in whole or in part, you are no longer required to repay that portion of the debt. However, did you know that the lender or creditor may issue a statement that the debt was forgiven? In fact, for many, the lender must issue a statement and report the forgiveness to the IRS by issuing a 1099.

That is, of course, if the debt exceeds $600.

Continue reading “Should You Take Advantage of Debt Forgiveness?”

Read more...

How Bankruptcy Can Affect Your Debt Collection Efforts

Tiles spelling out the word bankrupt to represent debt collection and bankruptcy.Do you ask your client if they’ve previously filed for bankruptcy? If not, you might want to.

We are encouraged not to discriminate and to do business with individuals and companies who once filed for bankruptcy. After all, bankruptcy affords many companies relief, allowing them time to become better payors.

But did you know that if your client previously filed for bankruptcy, it may affect your debt collection abilites?

Continue reading “How Bankruptcy Can Affect Your Debt Collection Efforts”

Read more...