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Lessons for Trade Creditors from Recent Bankruptcies

Your Virtual Credit Manager

Collectors are continually learning what works to get people to pay up and what doesn’t. Another thing trade creditors can study is companies that have defaulted or filed for bankruptcy. The company filed for Chapter 11 bankruptcy protection in September 2010 and gradually closed its remaining stores. J.Crew Group, Inc.

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The CFPB’s Concerns with Medical Debt Credit Cards

RevCycle

In fact, medical debt is the leading cause of personal bankruptcy in the country. In a 2022 report, the CFPB found that these cards can lead to higher costs for patients, as well as increased risk of debt collection and bankruptcy. Work with debt collectors to resolve disputes. Aggressive debt collection practices.

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Global Payment Delays And Bankruptcies: Causes, Consequences, And Solutions

MNS Credit Management Group

The world of business-to-business (B2B) debt collection is a complex and ever-changing landscape, and global payment delays and bankruptcies can have a significant impact on the industry. This, in turn, has led to difficulties in making payments to suppliers, including B2B debt collectors. What exactly is certainty?

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Red Flags, Slow Payments, and Collection Secrets

Your Virtual Credit Manager

We then provide situation intelligence regarding the causes of past due balances, and finally reveal seven habits common to successful collectors. For the past year, the number of commercial bankruptcies has been trending upward and is at a 4-year high. Successful collectors understand that persistence is critical to getting paid.

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Is Your Collection Agency a Good Fit?

Your Virtual Credit Manager

Make sure you and your team understand the basics of the Uniform Commercial Code, Bankruptcy Statutes, and other regulations to avoid compliance pitfalls and missed opportunities to secure payments.

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RMAI Update May 2023

RMAi Blog

26, 2023) A consumer filed for Chapter 7 bankruptcy, listing past-due rent he owed, and was subsequently granted a discharge. A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. Mendelson Firm, PLLC | TN Dynamic Collectors, Inc. |

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Effective Debt Collection Strategies in Vietnam: Tips and Best Practices

MNS Credit Management Group

Nevertheless, by this point, debtors may have already sold their assets, transferred them to another party, or even declared bankruptcy, leaving creditors, particularly unsecured creditors, with nothing to recover. A local debt collector has also mastered the art of applying pressure to debtors specifically in Vietnam via years of experience.