Debt collection can be a challenging and lengthy process, especially when a debtor resorts to hiding assets to avoid repayment. In many cases, debtors may attempt to shield their wealth by transferring assets to family members, moving money offshore or even...
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Commercial Debt Collection
When a business owner uses an LLC to avoid financial liability
Many small businesses fail within the first few years of operations. Entrepreneurs aspiring to start their own companies frequently try to protect themselves from financial exposure. They may do so by forming a limited liability company (LLC) instead of operating a...
When can wage garnishment help with debt collection?
Individuals who have a significant amount of personal debt may not prioritize paying their creditors. Frequently, frivolous spending takes priority over fulfilling obligations to other parties. That is especially true when a creditor is a business, not an individual...
Gifts may allow debtors to avoid their obligations
There are many ways for an individual debtor to avoid their financial responsibilities. Some people ignore phone calls and return mail to delay collection efforts. Others may take much more extreme steps in pursuit of limiting collection efforts. For example, someone...
3 ways a receivership can benefit a commercial creditor
In many ways, lending to businesses can seem like a safer option than lending to individuals. Unfortunately, organizations can default on what they owe as easily as people might. A business that provided financing or goods and services without immediate payment in...
Can an LLC owner be held accountable for business debt?
The risks of starting a business can deter some people from pursuing self-employment. Entrepreneurs who start their own companies typically try to maintain a degree of separation between themselves and the organizations that they start. Even when only one person...
Alternative service options when a debtor returns their mail
Most people make every reasonable attempt they can to fulfill their financial obligations. Someone who takes a loan from a business or has payment arrangements for unexpected expenses may work diligently to keep their financial accounts in good standing....
Enforcing a judgment originally obtained in a sister state
Some companies attempting to collect on debts have a relatively straightforward process ahead of them. The people or businesses who owe money follow a payment plan and consistently reduce what they owe by sending monthly payments. Other times, creditors may have a...
Can debtors use trusts to avoid their obligations to a business?
Most people are eager to make good on their financial obligations. They communicate with their creditors, follow payment plans and provide advance notice if they might miss a payment or send a payment in late. Unfortunately, there are some people who take on debt...
How can a bank levy facilitate collection efforts?
For some companies, collecting what they’re due proves to be a challenge of patience and sometimes logistics. In some cases, they have to turn to the courts to order payments. Enforcement of these orders may involve methods such as bank levies and garnishments. A...