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How to Prevent Bad Debts in 2023. Tips from a Debt Collector

Debt Recoveries

How to Prevent Bad Debts in 2023. Tips from a Debt Collector . Credit control and debt collection are the two most crucial components of sustaining a solid cash flow since, as they say, cash is king. As a result, it is significantly safer than an unsecured creditor in the case of insolvency. .

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$225,000 Punitive Damages Award Upheld Where Creditor Repeatedly Contacted Customer After Being Notified of Attorney Representation

Troutman Sanders

Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt. The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

Bankruptcy Law Provides a Fresh Start While bankruptcy brings a negative mark on your credit report for up to ten years, it allows you to get out from under crushing debt you simply can’t repay. With secured debts, your creditors have the right to seize the collateral property if you default on payments.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

The company expects to have sufficient funds to fully repay unsecured creditors. On October 31, Ohio AG Dave Yost (R) announced that the state is suing a Florida debt collector who employed “harassing and abusive tactics” to try to collect debts from Ohio consumers. sanctions violations.