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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
How do you determine how much to deduct from a paycheck?
How much federal tax is deducted is determined by how many withholding allowances you select on Form W-4. Ask your employer's HR or payroll department for a Form W-4, fill it out, and return it to them.
How do you select the number of allowances?
There are many calculators on the net that are designed to help you. The IRS has a calculator here:
http://www.irs.gov/individuals/article/0,,id=96196,00.html
Your state may have a similar form for state income taxes.
After you choose the number of withholding allowances, you can see how much tax will be deducted from each paycheck by using the following calculator:
http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp
Do a "sanity check" on the amounts that are subtracted from your (and your spouse's if filing jointly) paychecks and make sure the amounts are roughly what you expect to owe in taxes at the end of the year. You should end up neither getting a refund nor owing the government more than $1000. If you are getting a refund, you can have a little less tax deducted by increasing the number of withholding allowances. If you are paying too much at the end of the year, you can have a little more tax deducted by decreasing the number of withholding allowances.
Who is responsible for credit card debt if spouse forged my name to credit card application?
I am not sure which state you are in; therefore, I will pose my answer to your question using Texas information. You should do further research to see if the same doctrine applies in your state. First, you need to contact the lender to let it know that your spouse forged your name on the application. If your spouse sent the application via mail or fax, then the lender had a duty to verify the applicant and the applicant's signature were genuine. The lender may balk at transferring the debt from you to your spouse. In that case, I would recommend you retain an attorney to file suit against the lender for its negligence. The lender will likely bring your spouse into the suit as a cross-party defendant. All of this gets a bit tricky, which is why I recommend you retain an attorney should the lender not release you from liability on the debt. Lastly, you may have an action against your spouse during the divorce lawsuit under the doctrine "fraud on the spouse." (This is a Texas doctrine to which you should research your state's statutes to see if they have a similar doctrine.) Typically, after divorce, the rights of preexisting creditors are not affected. This means, even if the divorce decree gives one spouse responsibility to pay a debt, if that spouse defaults on payment, the creditor still has a cause of action for collection against the borrower of the loan. Therefore, if the above-mentioned unsecured loan has not been corrected or if it is still pending (in litigation, etc.), you are the liable party as the "borrower." That said, in your divorce petition and during your divorce proceeding you should assert the "fraud on the spouse" doctrine. The doctrine is used when one spouse disposes of the other spouse's interest in community property without the other's knowledge or consent. This would be the case with the credit card monies. If this happened shortly before your spouse left, then you have a good argument here. The court may not make your spouse pay you back, but it may weigh more of the assets in your favor during its division of the community property. (Again, Texas is a community property state. Check your state's marital property laws.) Because of the complexity of this all, I would recommend you seek legal counsel. Best of luck, T.D. Lewis of T.D. Lewis Law Firm, PLLC Dallas, Texas (877)469-5997 www.lewisjustice.com DISCLAIMER: The information contained in this answer should not be construed as legal advice or opinion. It is not an offer to represent you, nor is it intended to create an attorney-client relationship.
What is liquidity in accounting?
Liquidity is the ability of the business to pay immediate debts. Cash at bank and cash in hand are perfect liquid assets. Debtors are near liquid and closing stock is an illiquid asset.
How do you avoid your credit card debt?
If your trying to avoid paying your credit card debt, please keep in mind that there may be negative consequences. Creditors are multi-billion corporations. They are staffed with 100's of attorneys, and most likely they won't sit back and do nothing.
First, they will send you letters reminding you of the delinquent amount that you owe. If you ignore the letters, your creditors will eventually sell your accounts to a debt collector.
And then the harassing calls will begin. If you ignore the debt collectors, or don't make arrangements to pay your unpaid debt, they may sue you.
If the collection agencies or your creditors obtain a judgment in their favor and you still refuse to pay, they may garnish your wages or freeze your bank account(s).
There are more viable methods of eliminating your debt than simply ignoring them.
Can you be removed as a joint account holder when you have not placed any debt on credit card?
No you must close the account.
If you owe money to the IRS is it better to pay by credit card or paying penalties to the IRS?
First, let me emphasize that you should file your tax return on time whether or not you can pay your taxes on time. The penalty for failure to file on time is TEN TIMES the penalty for failure to pay on time. File on time even if you can't pay.
The IRS failure to pay penalty is 0.5% per month or partial month as long as the taxes remain unpaid. That works out to an APR of roughly 6% per year. (It's actually a little more since you get charged the full amount for even a partial month.) In addition to the failure to pay penalty, interest is added. The interest rate is a variable rate that changes quarterly. It is currently 4% per year, accrued on a daily basis.
Once the IRS sends you a notice of intent to levy, the failure to pay penalty goes up to 1% per month, roughly equivalent to 12% per year.
So interest plus penalties add up to 10% to 16% per year. If your credit card rate is less than that, it is obviously better to pay by credit card. And don't forget credit card cash back and bonus miles and other perks in your calculation. A lot of credit cards are still offering promotions like 0% for the first twelve months for new applications. I still get convenience checks from my existing credit cards offering 3.99% for a year or more. Look into these offers.
If you don't pay the IRS, sooner or later in addition to the penalties, they will start to threaten other enforcement action, such as levying your bank accounts or paycheck. Once they start doing this, you need to pay them off. Responding to IRS notices is quite expensive for your employer, it can kill your career. Even if they aren't supposed to retaliate officially, you can bet that the next time there is a review, you will be passed up for a raise or promotion for some other reason. Having your bank accounts frozen can also be a downer. The bank will charge you a big fee, all your checks will bouce, which will cause everyone you paid to also charge you fees and cancel your credit, and so on.
It is also possible to request an installment agreement from the IRS. A set up fee of $43 to $105 applies, plus all of the above penalties and interest still apply. However, if you keep up with the term of the agreement, it will avoid collection action. See:
http://www.irs.gov/businesses/small/article/0,,id=108347,00.html
All of the following:
Your A/OPC
Your bank's customer service representative
Your bank's electronic access system or website
Can a credit card company cancel your credit card for non use?
Yes.
Read the issuer Terms & Conditions - for example, I have read Amex Gold Business Charge Card; it says there, that they may close the account for any reason within 2 months notice... I have seen o the net people saying that their account have been closed for this reason and I can assume it is a valid reason as card issuers don't need the accounting paperwork for a non-working account.
Can a law firm withdraw money from a person's account without their permission?
No. Nobody can do that unless they have a cheque signed by the account holder.
Why original creditors sale accounts to a collection agency?
Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.
What does commercial collections mean?
When a debt collection agency specializes in commercial collections, is because they collect business to business, while a collection agency collects consumer debt. A Commercial Collection Agency is certified by Commercial Collection Association regulated by Commercial Law League Association, CLLA.
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This may have been in a more traditional sense but as more debt inclined to increase including those in small businesses ventures, debt collection agencies are transforming to nontraditional methods and forced to expand their services into consumer collections of the mortgage, loan, credit card, retail and supply chain industries in order to compete with the new generation of competitors that seem to have sprouted like mushrooms over night and equipped with an arsenal of state-of-the-art technology.
As commercial collectors encompass the business to business aspect, the consumer collector performs in the business to customer arenas. One major difference is in its method to collect. Commercial collectors focus their attempts at the accounting departments to inquire on past due invoices. It would be best recommended to speak with the person in charge of the accounts payable assigned to your portfolio. Other officers are involved in the event that the A/P person is not available. Consumer collections usually concentrate on the business' deviated customer with attempts to collect on receivables of past due accounts.
However, the mutual goal is to collect from wayward debtors that are not aware of options they may have before the matter gets so deep into the collection pool and leave creditors often to use tactics that encourage customers to make good on their obligations. So, even the most cunning debtor is bound to make mistakes eventually and with the innovation in technology that lure the unsuspected to sign up into social medias with the potential that takes debtors out of hiding will now face a new skip trace method introduce "Cyber-tracking.' It's going to be a whole new ballgame and the best practice, in my opinion, is to approach evasive incumbents with options that build customer retention will soon seek you out instead. It makes them feel they are valued customers and its good business.
What is Mexican bank account in clabe format?
Mexico - Beneficiary's account number must be in 18-digit CLABE format LIKE: 402967542800000000 or 000000004029675428
Can you save your house from foreclosure?
Yes you can save your home from foreclosure. This is a primary reason people file for a Chapter 13 Bankruptcy, the automatic stay can stop a foreclosure as long as it's filed before the sale takes place.
In Texas is the surviving spouse responsible for department store debt still owed?
Texas is a community property state therefore a surviving spouse usually can be held liable for debts solely incurred by the deceased spouse. Exceptions can be made to this law based upon the circumstances of individual cases
What is Writing Off Bad Debts?
This is an accounting concept. Ordinarily, debts( promissory notes) owed to you are assets- representing money that you will be able collect at some point, or sell.
Writing off a bad debt means that you consider the debt to be noncollectable -- the person that owes you is never going to pay and so your note is worthless and should be "written off" as an asset. Some tax advantage may be derived from this write off.
How can you tell if the IRS levied your bank account?
Check your bank balance online (if you have online access) or by phone (if you have bank-by-phone service) or call your bank and ask.
Can you be arrested for not paying your apartment debt?
Yes you could be arrested for not paying your apartment debt.
If a person dies without assets but with debt must survivors pay debt?
A person's estate is responsible for their individually incurred debts. If there are no assets then the estate is declared insolvent and the creditors are out of luck. Some people think of assets as only being money in the bank. Perhaps you should speak with an attorney to verify that there are no assets and that the creditors are out of luck.
Can you do a debt settlement if there is judgment against you?
Yes!!
you can settle your debt before, during, and after litigation.
If you decide to enroll in a program, be leary of any that don't disclose information to you.
generally a good debt settlement company will require extra steps from you prior to enrolling a legal/judgment debt.
A bad debt settlement company will take your debt no questions asked.
Circulating US coins are made in Philadelphia and Denver. Proof coins are made in San Francisco and bullion coins are struck at West Point.
Other mints, now closed, were located in New Orleans, Carson City, Charlotte, and Dahlonega GA.
euros were made when west Germany and east Germany were reunited !
