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Debt Collection
Debt collection is a legal and necessary practice when products or services have already been provided but the consumer has not paid for them. Some companies use collection agencies to pursue payments on debts owed by persons or businesses.
5,393 Questions
Are children responsible for deceased fathers debt in California?
Not unless they co-signed for the loans or credit cards. The estate is responsible for the debts.
When to hire a Collection agency?
There is some basic signs for a business to hire a Collection Agency.
Sign #1
The customer (or business) you are trying to collect from ended communication with you. If a client is no longer answer their phone, answer voice messages, or acknowledging their debt in any case, most probably start to get used to the idea that debtor won't pay, and it is time have an agency (or often times called, third party collection agency) to apply a greater pressure
Sign #2. You are beginning to lose sleep over the cash flow that you're missing out on, and your focus is being spread too thin. When your effectiveness at running your business begins to suffer because of collections, you know it's time to hire an agency for assistance. Your focus belongs on making sales & taking care of your paying customers… not on chasing down problem clients.
Can you keep the asset of a company that owes you money?
Technically no, but it would really depend on what the company did in response to you trying to keep it. They could report the asset stolen or worse.
There is only two ways to legally obtain an asset against money owed, mutual agreement between you and the owner, and by order of the courts (ie., Writ of Garnishment and Seizure).
At the end of the day, just keeping an asset of the company amounts to theft, even if they owe you a zillion dollars.
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What is the statute of limitations on a credit card debt Arizona?
The SOL starts on the last date of activity on the credit card. So, don't make any payments or you will restart the SOL. In Arizona, the SOL is 6 yrs on credit cards.
Why does a business written off debt as bad?
When a business has debt to collect, it is listed as accounts receivable on their books. This is considered as asset. When it becomes clear that the business cannot collect the debt, it must be written off as bad debt. This is done to remove it from the AR listing.
How long after foreclosure can you buy another home?
Depends on how long it takes you to raise your credit score back to an 'excellent' rating and save enough money for a down payment.
Can my wages be garnished because of my wife's medical bills?
Wages can be garnished if the creditor wins a judgment against you. In order to so that, you must first be sued by the creditor. And the creditor must win the judgment in court. If you are sued, be sure to attend the court hearing and plead your case to prevent this from happening.
Can a creditor levy your bank account and how?
A creditor can only levy your bank account by getting a judgment against you. To do that, they must sue you. And they must win in court. If you are sued by a creditor, be sure to show up for court to prevent this from happening.
Do you have to pay a debt that's over 6 years old?
You may be liable for a debt over 6 years old, depending on where you live. The debt statute of limitations (SOL) varies by state. Remember that the SOL starts on the date of the last activity on the account. This means if you make a partial payment on it, the SOL clock starts over! Get the SOL info for your state below-
Can a credit card company go after the car of a deceased person to satisfy unsecured debt?
A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.
Are adult beneficiaries responsible for deceased parents debts?
No, you are not responsible for their debt. The only person legally responsible for a debt is the person that signed the contract for the debt. It doesn't matter if your dead parents left you money. Collection agencies cannot legally collect someone else's debt from you - but they will try. See the FDCRA to know your rights in debt collection.
How long can a debt be collected by a debt agency in Wisconsin?
The statute of limitations starts on the date of the last activity on the account. So, making any payments at all restarts the statute of limitations period. In Wisconsin, the statute of limitations is 6 years. After that, they cannot collect.
Can family members call to notify creditors of a death even if he has a wife?
Yes, family members can call. You must be able to verify account details though. And you will be required to send a death certificate as proof of death.
Can a borrower continue to market a home in foreclosure?
The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.
In Florida is the surviving spouse responsible for medical bills?
Is your name on the bills? If you did not sign anything to be liable for the bills, then you are not responsible. Only the party that enter into the contract is liable for the debt. This means if your spouse is the only one named on the bills that you do not have to pay. A collection agency may tell you that you are liable even if you are not. Learn your rights under the FDCPA.
Can the California franchise tax board levy on out of state property or bank account?
Yes, but the FTB would need to go through a judicial process designed to gain the target state's bank. If it were a bank in, say Nevada, and it was a Nevada corporate account, that would take quite a while for the FTB if they could do it at all.
Added: If the bank in question was a branch of a bank operating in CA the court could serve the lien papers on the bank's registered agent in the state of California.
Can a collection agency freeze your bank account in NY?
If you are sued, then yes. First, the collection agency must try to collect from you. Then they can sue you if you don't pay. If they win, the judge can issue a judgment against you. And that is how they can freeze your bank account.
Can bank account be garnished if filed by collection agency rather than original debtor?
Yes, it can be garnished by a collection agency (CA). What happens is that the original credit sells the debt to the CA. Then the CA owns the debt. The CA tries to collect from you. If you don't pay, they can sue you. If they sue you and win a judgment, they can garnish your wages. Of course, the CA may be suing you for debts that are not yours or where the statute of limitations has expired! Learn your rights by reading up on the FDCPA.
Can your wages be garnished for your wifes unpaid dental account?
In some instances, yes they can. Did you sign anything at the dental office with your wife? If so, you may have signed something stating that you would pay if she could not. If that is the case, you can be held liable for the debt. If the dental company sues, they could win a judgment to garnish your wages. If you are not listed on the debt, you are not legally liable and cannot be sued or have you wages garnished.
Can a spouses wages be garnished for the others debt Utah?
In some instances, yes they can. Is the spouse listed on the debt? An example would be a joint loan or credit card. If so, that makes the spouse legally liable for the debt. If not, then no, the wages cannot be garnished because the spouse is not legally liable for the debt.
How long does a debt collector have to collect on a medical bill in Kentucky?
In KY, the debt statute of limitations (SOL) has provisions for signed contracts and non-signed ones. If you signed that you would pay, the SOL is 4 yrs. If you did not sign, it is 5 years. If they sue you and win a judgment, the SOL for collecting is 15 yrs.
Can your wages be garnish if your RV is repossess?
Only if you are sued for the debt. First the RV is repossessed. Then you will get collection notices in the mail. If you are going to be sued, you will get notice of that too. If you are sued, the judge can award the creditor a judgment that allows them to garnish your wages.
Am i responsible for my spouse's credit card debt after they die in the state of Ohio?
Only in certain instances. If your name on the credit card debt? For instance, is it a joint account? If so, you are liable for it. If not, you are not legally liable for it. Some sneaky collection agencies will try to tell you that you are liable when you are not. This is illegal. Learn your rights against collection agencies by reading up on the FDCPA.
Can banks come after home owners after foreclosure?
Yes, they can but do not always do so. When a home is foreclosed, the bank tries to resell it. They can then come after the home owners for the difference in the amount you owed and the amount they sold it for. Sometimes though they never even go after hte home owner and just write off the debt instead.
