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In such cases, generally, collateral is kept against the given debt. This allows the lender to receive money after attaching the assets or obtaining the collateral in possession. However, a bankrupt customer is a massive blow to the collectionagent, as debt recovery becomes a long, tedious process.
If collectionagents like me are calling you, you need to reduce your debt. To avoid your account being sent to collections, you need to find ways to reduce your debt. Debts secured with collateral might make it impossible for you to run your business if you lost the equipment. Prioritize your bills.
A servicer acting as a collectionagent for the holder of a promissory note will have standing to bring an action by establishing evidence of a valid assignment. The original assignor of a mortgage that has been collaterally assigned cannot bring a foreclosure action without the knowledge and consent of the assignee.
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