A few years back when the economy was better, it was quite common for credit managers and loan officers to hold on to their delinquent accounts for up to six months trying to work out a payment plan with their debtors. In fact, it made economic sense to hold on to delinquent accounts for as long as possible, because once an account was turned over to an attorney, the monies ...

Unfortunately fraud is extremely prevalent in business credit today. One reason for this is that in this tough economy, many businesses are so eager to make the sale, that they do not perform as thorough a credit check as they should. Another reason for an increased amount of credit fraud, is due to otherwise honest individuals "fudging" on their credit application to make sure they are extended the credit they ...

Debtors today have become extremely savvy. Many of them have dealt with enough creditors and creditor's attorneys to know exactly how to turn the situation around to their advantage. The following scenario is a typical example of this: A credit manager has an account that goes delinquent. After unsuccessfully attempting to collect the debt, he turns the matter over to our law firm to institute legal action to collect the ...

In the world of collections, it is quite common to run across corporate debtors that have recently been sold to new owners. This is because people like to sell businesses that owe money in an attempt to defraud creditors. They believe that if they sell the business, they won't be responsible for the debts of the business any longer. What usually happens is when the creditor calls the business to ...

In our collection practice we have found that many debtors try to hide their assets from creditors by putting their money into a trust. The debtors believe that as long as this money is not in their name individually, they are protected from levy by their creditors. This is absolutely incorrect. If a creditor knows what he is doing, he can just as easily attach that money as he could ...

One of the biggest complaints I hear in the collection field, is that most attorneys focus primarily in obtaining a judgment while the focus for their creditor clients is collecting the money owed by their debtor. There is no question that this is a true statement and that the creditors are absolutely correct. The attorneys that believe this are dead wrong because a judgment and fifty cents will buy you ...