Debt Collection FAQs

Debt Collection FAQs2018-12-12T14:38:17+00:00
How Do I Deal With Bankruptcy and Debt Collection?2018-12-12T14:26:51+00:00

Filing for bankruptcy is typically the last desperate move of a debtor who is too deep in debt to ever pay off all of their creditors. Once a consumer files for bankruptcy, all collection efforts against them must cease and a court will force the consumer to sell off their assets in order to make good on as many of their debts as possible.

How Does International Debt Collection Work?2018-12-12T14:28:22+00:00

International debt collection is a much more complicated version of domestic debt collection where the debtor resides in a foreign country. In these cases, the collection agency must follow the rules and regulations that have been set forth by the government of the country where the debtor is living, which is not always as friendly to legitimate collection efforts as the United States.

How Do I Collect on a Promissory Note?2018-12-12T14:28:42+00:00

To collect on a promissory note, a creditor or collection agent needs to follow whatever collection procedure they have in place for collecting any other type of delinquent debt. In most cases, this includes a written plan that details communication attempts like making collection calls and sending collection letters.

What is Debt Collection Statute of Limitations?2018-12-12T14:29:02+00:00

A debt collection statute of limitations is the amount of time that must pass without any activity before a debt can be considered time-barred. The amount of time varies from state to state. In most cases, the standard statute of limitations is between three and six years, but in some states it can be as high as 10 or 15 years.

What is Asset Collection?2018-12-12T14:29:22+00:00

Asset collection is a type of debt collection where a collection agent accepts hard assets as payment or partial payment for an outstanding debt. In many cases, once a judgment is obtained against a debtor, that debtor can be forced to sell certain assets in order to make good on the debts they owe.

What is the California Rosenthal Fair Debt Collection Practices Act?2018-12-12T14:30:40+00:00

The California Rosenthal Fair Debt Collection Practices Act, which is more commonly referred to as the Rosenthal Act, is a list of California regulations that use the FDCPA as a base and expanded even more protections to consumers in California. In addition to adding additional regulations, the Rosenthal act also expands the definition of a collection agent to include original creditors.

What is the FDCPA?2018-12-12T14:31:21+00:00

The FDCPA stands for the Federal Debt Collection Practices Act. It is a detailed set of rules and regulations passed in 1978 that define acceptable forms of debt collection and specifically limits collection agents from using a number of unethical practices. The goal of the FDCPA was to protect consumers from a wide range of predatory debt collection efforts.

What Are Time-Barred Debts?2018-12-12T14:31:47+00:00

Time-barred debts refer to outstanding and sometimes delinquent debts that are old enough to be considered beyond the statute of limitations set forth by the federal and state governments. In most time-barred debt collections, the creditor no longer has any rights to pursue the debtor.

What Are B2B Collections?2018-12-12T14:32:22+00:00

B2B Collections is a way of describing a debt collection between two businesses on behalf of a commercial debt. In most cases, this involves a business that extended credit to another business attempting to obtain payment for services rendered according to the agreed upon credit terms.

What is Commercial Debt?2018-12-12T14:32:56+00:00

Commercial debt is a type of debt that exists when one business extends credit to another, which is often referred to as business-to-business debt. Commercial debt is unique because federal regulations like the FDCPA do not necessarily apply to original creditors or collection agencies attempting to collect a business debt.

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