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How to Prevent Bad Debts in 2023. Tips from a DebtCollector . 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 unsecuredcreditor in the case of insolvency. .
Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecuredcreditor, 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.
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.
The company expects to have sufficient funds to fully repay unsecuredcreditors. On October 31, Ohio AG Dave Yost (R) announced that the state is suing a Florida debtcollector who employed “harassing and abusive tactics” to try to collect debts from Ohio consumers. sanctions violations.
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