About Experts Sitemap - Group 8 - Page 3 2015-08-25

Business Debt: Bank of America right of offset, sole proprietorship, business credit card
sole proprietorship, business credit card, husbands name: Debra: Thank you for your inquiry. I regret the situation you find yourselves in as it has no doubt caused great disruption and stress to you both. The series of events you describe is unfortunate, but within the confines of collections and quite common....

Business Debt: Credit Card debt not mine, personal credit report, business credit line
personal credit report, business credit line, registering business: Jay: Thank you for your question. Based on what you are describing, it seems although you may have no recollection of doing so, you have personally guaranteed this debt. The language indicating personal guarantee is often very easy to miss when signing up...

Business Debt: collection, legal manner, law states
legal manner, law states, debtor: Sean, Most companies or creditors will not talk with you once they have placed the account with an agency or an attorney, which is why they placed it with a company to collect for them or the attorney. Normally, if a debtor calls a creditor after they have...

Business Debt: Dissolving an LLC with advertising debt, search engine marketing, business inquiries
search engine marketing, business inquiries, debt question: Shane: Thanks again for the follow up. As you are seeking direction, let me just say that there are too many variables and unknowns about your situation for me to provide that type of advice. However, it appears by what you have described, that you do not...

Business Debt: can an employee of a corporation be held liable for a signed "personal guarantee", business debt restructuring, work agreements
business debt restructuring, work agreements, owner president: Brendon: Thank you for your inquiry. As an employee of the organization, unless you are an officer of the company you can not be held liable for the expenses incurred by the business entity. The vendor which you mentioned may be applying pressure in an...

Business Debt: Bank of America right of offset
Business Debt: Bank of America right of offset

Business Debt: Question, cccs, lawer
Business Debt: Question, cccs, lawer, pymt

Business Debt: Midland Collection Manegment, attorney generals office, fdcpa violations
attorney generals office, fdcpa violations, manegment: Jason, You can file a complaint with your Attorney Generals office and also with the Federal Trade Commission, you can do this online at https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01 You can also get an attorney that specializes in FDCPA violations...

Business Debt: Personal judgement affect on LLC, personal judgement, franchise agreement
personal judgement, franchise agreement, franchise fees: Depending on the terms and conditions of your contracts you might be responsible, but I would check with your accountant and/or attorney in regards to the specific LLC. State laws vary and I am not positive what the laws may be in your state or the states...

Business Debt: Professional Question?, american collectors association, personal liability insurance
american collectors association, personal liability insurance, martin sher: If you are a member of the American Collectors Association or your company is, call ACA and ask them about E&O insurance. They have some companies they deal with and pass along savings to their members. Otherwise, ask other collectors who they use but try...

Business Debt: Question, cease and desist letter, s corp
cease and desist letter, s corp, good faith: Vanessa, Even though your name is no longer on the cards, since you are his spouse, the creditor and the collection agencies can go after you for the payments. Also, any debt you both incur together or separately when you are married will be reflected on...

Business Debt: Collecting on business debts, verbal contracts, business debts
verbal contracts, business debts, warp speed: Jenise: Thank you for your question. You are correct about the statute of limitations in your state. If you are really pressed for time, I would turn this over to a licensed/bonded collection agency or collection attorney to gain some recovery. This may mean...

Business Debt: Collecting debt from a business with a new owner, business debts, squeaky wheel
business debts, squeaky wheel, specialized books: Dear Stacey: Thank you for your question. Although I am not in the business of collections, rather that of arbitrating debts I can only comment on what I believe the best course of action might be. As you are likely aware, the squeaky wheel gets the grease...

Business Debt: Collecting debt on a business that has since changed owners, business debts, accounts receivables
business debts, accounts receivables, retail arm: Stacey, Ask the new owners if when they purchased the business, did they purchase the accounts receivables. If they did, they are responsible. That information can be found in their closing paperwork. If they did not, the old owner is responsible. Also,...

Business Debt: Collection calls for a Business Credit Card, debt settlement program, business credit card
debt settlement program, business credit card, legal pursuit: Derrick: Thank you for your inquiry. I will begin by cautioning that the slope you intend to climb is slippery at best. A Cease and Desist in my experience does nothing more than escalate collections to a legal pursuit for monies. If you indicate to a creditor,(who...

Business Debt: corporation sale, mergers and acquisitions, auto repair shop
mergers and acquisitions, auto repair shop, personal assets: Raisa: Thank you for your inquiry. The issues you present in your question appear to be more legal in nature than debt related. It would seem the liability is secured (SBA?) but truly incurred as business debt under your husbands ownership. If there are...

Business Debt: my corporations debt, rick wilkinson, sole proprietorship
rick wilkinson, sole proprietorship, social security number: Rick, Is your company, the one that billed them, a sole proprietorship or an LLC or some other entity? If you are a sole proprietorship you could be held personally liable. Creditors and collection agencies can get your social security number from the credit...

Business Debt: DISOLVING AN S-CORP, debtor creditor, debt negotiator
debtor creditor, debt negotiator, personal assets: John: Thank you for your inquiry. Based on the information you have provided, it seems most of the debt you have is to vendors/suppliers. I am not sure if you signed a promissory note, or personal guarantee for your purchases. It would be difficult to determine...

Business Debt: debt of LLc, certified public accountant, debt management program
certified public accountant, debt management program, unpaid debts: Theresa: Thanks for your follow up. The attorney may have required you to sign a retainer agreement, that may indicate personal guarantee so that could be a problem. They are litigious by nature and unpaid bills are usually pursued. As for the vendors and...

Business Debt: debt of LLc, bankruptcy protection, debt resolution
Business Debt: debt of LLc, bankruptcy protection, debt resolution, personal guarantee

Business Debt: owed money, window treatment business, small claims court
window treatment business, small claims court, window treatments: Sal, I would call her and tell her you will be stopping by the residence where you delivered the curtains to pick up the check on a certain day at a certain time. Then do that. I would also work on getting her mailing address, maybe off the check she gave...

Business Debt: getting rid of the debt!!!!, business credit cards, small business loan
business credit cards, small business loan, non profit debt counseling: Are these business credit cards in your business name that you want to continue to use or do you want to eliminate your debt by getting rid of all debt? If you want to get rid of all your debt, cancel the cards, call the credit card companies and tell them...

Business Debt: Statute of Limitations on Presenting Invoice(s)?, child support maintenance, sole proprietor business
child support maintenance, sole proprietor business, arrears of rent: Dear Scott: Thank you for your inquiry. Since you are considered the creditor, regardless of who is the debtor, you can utilize the following guidelines to estimate statutes according to www.fair-debt-collection.com: Colorado Statutes of Limitation ...

Business Debt: commercial collection activity, furniture company, lease term
furniture company, lease term, business debt: Nathalie, You should look at your lease and/or contract and also visit an attorney and bring your business corporation paperwork along with this lease or contract. Depending on your state laws and your lease or contract, you may be liable for the remaining...

Business Debt: help me open up my own collection agency out of my own home, clearing house, amazon
Business Debt: help me open up my own collection agency out of my own home, clearing house, amazon, negative reviews

Business Debt: help me open up my own collection agency out of my own home, starting a collection agency
starting a collection agency: Teresa, To buy blocks of debt check out Charge Off Clearing house at http://www.chargeoffclearinghouse.com/ I have some resources that will help you. http://www.credit-and-collections.com/startup-tips.html http://www.StartingaCollectionAgency.com ...

Business Debt: LLC lawsuit, competent legal counsel, financial ruin
competent legal counsel, financial ruin, personal assets: Dear Linda: Thank you for your question. I regret that you find yourself in a financial difficulty. I am familiar with Dex Media, as a vendor they are very aggressive in pursuing collections matters in this manner. I strongly suggest you seek legal advice...

Business Debt: Marketing Debt Collection Agencies, collection agency, marketing
collection agency, marketing, starting: Susana, Yes, networking is extremely important in this industry along with all the other marketing methods used in promoting any type of business. I am also an expert on marketing and have a blog on this that might help you at http://MichelleDunn.com/mmblog...

Business Debt: S Corporation dissolution and debt, corporation dissolution, interest holders
corporation dissolution, interest holders, business entities: Janice: Thank you for your inquiry. Please be advised that I can not offer any legal advice in regards to what is best for your situation. I strongly suggest you consult with an attorney to review the cause and effects of your options. However, when considering...

Business Debt: Seizure of rental furniture, delaware location, suffolk county new york
delaware location, suffolk county new york, massachusetts location: Natalie, Not all collection agencies violate the FDCPA. Yes, third party collectors must adhere to the FDCPA, FCRA and any state laws. If the initial check bounced, you should replace that and any fees right away before they take legal action against you....

Business Debt: Sole Proprietor Small Business Debt, debt settlement program, small business loan
debt settlement program, small business loan, credit counseling agency: Jenny: Thank you for your inquiry. I regret that your business did not fare well and has left you in debt. I am not able to speak for the policy of the bank, but if you have good credit you may want to seek a consolidation loan, or credit card with a low...

Business Debt: starting a new business after personal bankruptcy, business counselors, new endeavor
business counselors, new endeavor, personal bankruptcy: Casey: Thank you for your inquiry. To the best of my knowledge you can apply for a business license and open a business at any time. If you incorporate the new business and take time to establish real business trade lines of credit, than your bankruptcy should...

Business Debt: another warrent in debt question, bill of particulars, debt question
bill of particulars, debt question, warrent: Dear Regina: Thank you for your inquiry. First of all, I strongly recommend you seek legal counsel as this matter has apparently already gone that direction. Here is the legal definition of a Warrant in Debt - A warrant in debt is a summons to a defendant...

Business Debt: applied for business credit card with personal signature, capital one credit card, business credit card
capital one credit card, business credit card, personal signature: If you can prove the charges were made by the other party without your knowledge or consent you may be able to fight the balance. I would talk to an attorney and make sure that you are the only one listed on the card, if that is the case, you may be liable...

Business Debt: applied for business credit card with personal signature, capital one credit card, business credit card
capital one credit card, business credit card, examples of letters: Rina: Thank you for your inquiry. I regret that you have had the unfortunate displeasure of being on the hook for someone else debts. If the debt was recently defaulted on, than it is already in a collection status. You can dispute the debt in writing asking...

Business Debt: Business debt, dry cleaning business, s corp
dry cleaning business, s corp, business debt: You may want to consult with an attorney. Is the business a corporation, LLC or S corp or some other entity? Those factors will help an attorney tell you if and how you could be held responsible, and also be able to advise you on your investment, if that is...

Business Debt: Business debt, confidential consultation, janklow
confidential consultation, janklow, latter option: CC: Thank you for your inquiry. As I don t know anything about your entity or situation other than you are concerned about this money owed, my advice is limited. However first of all, I am not an attorney but just being assigned an officer of a corporation...

Business Debt: Collection reference material, merlindata, cardiology practice
merlindata, cardiology practice, skip trace: Gregg, Check with these companies, though I am not sure if you have to be a collection agency or PI to use their service. If you run into a problem let me know and I will do more research to find something for you. www.Accurint.com www.Searchamerica.com...

Business Debt: Cosigned a Student Loan which may default, loan forbearance, sallie mae
loan forbearance, sallie mae, wives and other women: Dear CL: Thank you for your inquiry. I regret that you have been left with an unfortunate situation on you hands. Firstly, let me preface that I am not an attorney and can not offer any legal advice. Based on the information you have provided, I believe you...

Business Debt: Furniture Rental, attorney generals office, misleading representations
attorney generals office, misleading representations, misleading representation: Dear Tina: Thank you for your inquiry. No matter what state you reside, you are under the protection of the Fair Debt Collections Practices Act (FDCPA). According to the following section taken from thier handbook, item 4 represents a possible violation of...

Business Debt: Guarantor for business debt, personal assets, counseling program
personal assets, counseling program, debt counseling: Ron, You should find your signed copy of the guarantor agreement and visit an attorney in your state. You may be responsible for this debt, but it will depend on the agreement or contract you signed and what it outlines as far as responsibility. It is my...

Business Debt: Guaranty, debt negotiator, personal guarantees
debt negotiator, personal guarantees, janklow: John: Thank you for your inquiry. As an employee of the organization, unless you are an officer of the company you can not be held liable for the expenses incurred by the business entity. If the vendor which you mentioned is not being paid, they may apply...

Business Debt: LLC Credit Card Debt, business closure, small business owners
business closure, small business owners, credit card debt: David: Thank you for your inquiry. I regret that you have suffered a downturn in your business. As it relates to your debts, the truth (and good communication) is always best when dealing with a creditor. If you say you are making payments of $100 per month...

Business Debt: LLC Credit Card Debt not Personally Guarantteed, personal credit report, staples office
personal credit report, staples office, corporate veil: Dear J. Thank you for your inquiry. The assumption that one can simply walk away from a debt with no future liability or risk can only be assured by your qualification, filing and completion of a bankruptcy. Otherwise until payment or a resolution to negotiate...

Business Debt: LLC credit card debt, sole proprietorships, sole proprietorship
sole proprietorships, sole proprietorship, social security number: Amy, Though I am not an expert on LLC s this is what I do know. Being an LLC does offer some protection, if the LLC has an official FEIN and more than one member. However, if you have a single member LLC, the IRS regards this as a sole proprietorship and...

Business Debt: opening up my collection agency out of my home, small business loan, american intl
small business loan, american intl, professional guidance: Terry, You can either purchase debt or work on a commission, which ever you would rather do and whichever is something you can afford. If you would like to talk over the phone, I do offer consulting and would be happy to set up an appointment with you....

Business Debt: payment of debts, concrete foundations, verbal agreements
concrete foundations, verbal agreements, defective work: I would highly suggest you have a consultation with an attorney, most are free for a consultation. Depending on any signed contracts or agreements versus any verbal arrangements, you may be liable or you may not. I would show anything you signed regarding...

Business Debt: Scared to death, due debts, credit collections
due debts, credit collections, debt collector: This question is asked frequently on my forum, and I know there are companies that offer this service to agencies that do not meet the monthly requirements. I don t know if you are a member of my Credit & Collections networking group, but please feel free...

Business Debt: being sued by a bankrupt company, suffolk county new york, delinquent credit
suffolk county new york, delinquent credit, bankrupt company: Ann, When you go to court bring your documentation that supports that your company went out of business and what the results of any accounts receivable were to be at that time. If you had a lawyer help you dissolve your company ask them what other documentation...

Business Debt: Business Debt, credit card debt, business debt
credit card debt, business debt, s corporation: Wayne, Yes, any debt that includes the business name would be the responsibility of the business. If the other two relatives are listed as principals or owners, they could be held liable. Check the specific laws in Georgia to be sure. You might find some...

Business Debt: Collected Past Due Accounts, small claims court, housekeeping service
small claims court, housekeeping service, friendly reminder: Depending on what your terms are, I would make a phone call when the account becomes past due, requesting payment. If you do not get the payment or a response I would send a friendly reminder. Phone calls work best and get the fastest and best results, but...

Business Debt: collecting in other states, michelle dunn, washington state
michelle dunn, washington state, no exceptions: Yes, it is required by federal and state law to be licensed in the states you are collecting in. Some states also require an agency to be Bonded as well. There are no exceptions. If you have a copy of my book, the 3rd edition of Starting a Collection Agency,...

Business Debt: concerning business being sued, accounts receivables, contempt of court
accounts receivables, contempt of court, court judgment: You will have to find out if when the business was sold, did the debts get sold with the business. If they did, the new owners would be responsible. If they did not sell the debt (accounts receivables included) with the business, then the original owner would...

Business Debt: EIN and business credit, taxpayer id number, sole proprietorships
taxpayer id number, sole proprietorships, small business owners: Valerie, Most Entrepreneurs or new small business owners don’t realize that their personal credit is crucial to their ability to successfully run a business. When you first start a business your personal credit is what is used to determine the types of credit...

Business Debt: Payment Plan, business debt management, debt management company
business debt management, debt management company, bankruptcy protection: J: Thank you for your question. I realize the difficulty of your situation. You have (it seems,) done as much as you can do given the current economy. If you can, calculate the remainder of what you owe and whatever you can pay now as one final payment and...

Business Debt: My right to collect a debt as a business owner, michelle dunn, cleaning company
michelle dunn, cleaning company, separate ways: If you are trying to collect from a customer you must have a paper trail. Provide the customer with the original agreement or contract or purchase order, what ever you have to prove they ordered or requested your services. then provide a breakdown of what...

Business Debt: SBA Loan, excavation company, sba loan
excavation company, sba loan, bank representative: Sherrie: Thank you for your inquiry. I have received many like this and have invested significant time through a vast library of resources to turn up very little on the rules of how government backed loans can be enforced if defaulted. Without having benefit...

Business Debt: start up cost, michelle dunn, startup tips
michelle dunn, startup tips, amazon: I have some resources that will help you. http://www.credit-and-collections.com/startup-tips.html http://www.StartingaCollectionAgency.com http://www.Credit-and-Collections.com/blog My book “Starting a Collection Agency, How to make money collecting...

Business Debt: I want to know?, follow up letter, florida llc
follow up letter, florida llc, correct person: Rachel, If you have sent them a demand letter before your first call outlining the mini-miranda, you can just begin by making sure you have the correct person on the phone and then telling them, Hello, this is Rachel from GT Collect and I am calling for...

Business Debt: Business Bankruptcy, conselation, obligation consultation
conselation, obligation consultation, business bankruptcy: Dear Jeanette: Thank you for your inquiry. I do regret you and your business have come upon hard times, and although it is no conselation, you are not alone. If I understand your situation correctly, you have little ability to continue to service debt on...

Business Debt: business debt, arbitration firm, debt arbitration
arbitration firm, debt arbitration, transaction attorney: Thomas: Thank you for your question.I have known other entities who have done this to try and escape their liabilities, without much success. The reason is, this is a transparent approach which to creditors appears quite fraudulent in its intention, especially...

Business Debt: Credit Cards, credit score, credit cards
credit score, credit cards, credit card: It is better for your credit score if you pay off the account and then voluntarily close the account. It will show as paid in full and closed by the user on your report which is better than paying it off and leaving it as a valid card because then when someone...

Business Debt: Can a collection agency report negative info on a personal credit report for a corporate account?, personal credit report, tax id number
personal credit report, tax id number, viable business: Nick: Thank you for your question. I regret that you were unable to maintain a viable business operation. To answer your question based on the information you have provided would be difficult as there are many issues that come in to play regarding collections...

Business Debt: collections, credit card collections, credit card contract
credit card collections, credit card contract, michelle dunn: Stuart, Statute of limitations in Ca : Open account reduced to writing (Credit card contract) 4 years, the clock starts ticking from the last date of activity... last payment made or the last date the card was used. Open debt no writing 2 years. Michelle...

Business Debt: no contract debt collection, small claims court, proof of debt
small claims court, proof of debt, michelle dunn: Your first step might be to try to work with the customer to find out if there is anything you can do to correct what they perceive as a wrong with the work, but if that is not an option and you feel you did a quality job and kept your end of the bargain,...

Business Debt: credit card guarantor, court summons, social security number
court summons, social security number, small claims court: Dear John: Thank you for your question. According to the Fair Debt Collections Practices Act,(www.ftc.gov)a creditor must notify you in writing of their authority to collect on behalf of a creditor. There are statutes for collection in each state that are...

Business Debt: Debt Purchased by Arrow Financial, missouri state laws, principal obligation
missouri state laws, principal obligation, credit card debt: Kristin, 1. The date opened can be the date the account was started or the date the original creditor reported it. The reported since date can be the date of the last or first payment. 2. All three credit bureaus will have different inforamtion, it all...

Business Debt: SBA loan and possible foreclosure?, sba lender, situtation
Business Debt: SBA loan and possible foreclosure?, sba lender, situtation, business failures

Business Debt: Lein, personal guaranty, collections agency
personal guaranty, collections agency, lease company: George, When you sign a personal guarantee you are committing to paying for a business expense personally if the business can t pay or goes out of business etc. When you returned the equipment to the lease company, did you sign anything or get any paperwork?...

Business Debt: Personal Guarentee on Business Debt, legitimate business purposes, sole proprietor
legitimate business purposes, sole proprietor, personal guarantees: Daniel: Thank you for your question. First let me begin by stating that I am not an attorney, and unable to offer legal advice or reference/interpret laws pertaining to your rights or obligations regarding contracts. That said, I know it is common for business...

Business Debt: "S" Corp credit card debt, personal credit report, excellent credit score
personal credit report, excellent credit score, credit card debt: Dear Ann: Thank you for your question. Based on the information you have provided, the answer is yes, your creditors can opt to report personally guaranteed debts to the credit reporting agencies who are responsible for rating your credit score. That said,...

Business Debt: SBA defaulted loan where business is dissolved, sba loan, forward payment
sba loan, forward payment, lien holder: Kellie: Thank you for your question. The SBA loan is secured by equity (albeit worthless on their part.) You appear to have shown good faith in payment as agreed, and I am aware of many in similar situations who have come to reasonable settlements on remaining...

Business Debt: SBA loan and possible foreclosure?, sba office, sba loan
sba office, sba loan, business assets: Amanda: Thank you for your inquiry. I do not know the collection procedures of SBA, but based on my experience I don t think their threats should be taken lightly. I highly suggest that you immediately go back to a supervisor or manager of your lender that...

Business Debt: SBA loan, sba 7a loan, hail insurance
sba 7a loan, hail insurance, state attorney general: Dale: Thank you for the question, and concerns regarding your situation. I believe the best course of action is to consult with an attorney who may be able to strike a compromise in your agreement with the lender or you yourself can call the Small Business...

Business Debt: Small Business Credit Cards & Authorized Users, personal credit histories, business credit cards
personal credit histories, business credit cards, small business credit: 1. Anyone who does credit reporting does not need a SS# to report. Just a name, birth date, possibly an address. 2. I am not sure you can get this removed, you may have to contact an attorney about that to see if that is even possible. 3. This I do not...

Business Debt: business credit card debt default, sole proprietor debt
sole proprietor debt: Christi. As you might have guessed, this is a legal question as well as a financial one, and I want to state up front that I am not an attorney. The question about your husband’s assets is one of common law and I think that in Florida the answer is yes-...

Business Debt: business debt questions, real jam, debt questions
real jam, debt questions, janklow: Michael: Thanks for your inquiry. It seems the first thing you need to do is to contact the DMV in your area and pull title on the car. If it belongs to you or your former partner will determine who gets possession if he defaults on payment. You should also...

Business Debt: Client won't pay, credit, debt
credit, debt, court: Jennifer, If you have a signed letter of agreement and they did not respond to your demand letter, I would suggest placing the account with a third party collection agency or taking them to small claims court depending on the amount owed. The agency will...

Business Debt: dissolving an S-Corp., Business Debt-vs-Personal Debt
Business Debt-vs-Personal Debt: Linda As you probably know, your question is a legal one as well as a financial one, and I want to begin by saying that I am not an attorney. You have many questions and they are understandably interrelated. 1. Can they go after you personally? In...

Business Debt: Investment in LLC, jai jai, janklow
jai jai, janklow, troubled companies: Jai: Thanks for your question. I am not an attorney and can not comment on the legal issues you have addressed in your comments. I can only say that any investment of any kind is a risk.Depending upon how well you and your potential partners know the business...

Business Debt: LLC, LLC, partnership
LLC, partnership, contract: Debbie, If she had a partner but was an LLC and not a partnership, she must have had some type of contract or signed agreement with the partner . As a partnership both parties must apply for and work together on all aspects of the business. As an LLC there...

Business Debt: Personal Guarantee, american express card, business purchases
american express card, business purchases, janklow: Tom: Thank you for your question. As the credit was taken on behalf of the business and used for that purpose, it might be considered a co-guaranteed debt. I suggest contacting the card company and old employee to discuss resolving the balance equitably....

Business Debt: Personal liability for corporate debt, personal guaranty, corporate veil
personal guaranty, corporate veil, debt arbitration: Anna Your question is a legal one as well as a financial one, and I want to begin by saying that I am not an attorney. Your continued payments on this obligation indicate your acceptance of the contractual amount requested for the products and/or services,...

Business Debt: RE;, debt, unpaid
debt, unpaid, past due: Sharon, It depends on the type of debt and the state the debt is in or where the debt was incurred. If you do not believe you owe this money, you can refute the claim by telling them you have no record of the order, invoice or balance due and request verification...

Business Debt: Settlement of Personally Guaranteed S corp Line of Credit, Personal Guaranty
Personal Guaranty: Rus- The answer depends on whether or not the bank chooses to report the personal credit aspects and if they do, how they choose to report it. Once you negotiate with the bank (or even before you start as a means to help you as you negotiate), I suggest...

Business Debt: Business Debt Collection, professional debt collection, debt collection agency
professional debt collection, debt collection agency, fair debt collection: John-Paul: In response to your follow up, it is difficult for me to assess the merit of your claim or the position of your client. However, if you have spent significant time (more than 6 months) pursuing payment on a relatively small claim for money, your...

Business Debt: breach of contract, contract, small claims
contract, small claims, court: Deborah, If you have a signed contract that provides for the customer being responsible for any special ordered materials and you have proof of the special order, you may be able to sue in small claims court, depending on the amount of the bill. If the customer...

Business Debt: Corporate Debt and Personal Guarantee, notice of release
notice of release: John- Boy, this is a toughie. This is a legal matter and you should seek professional legal representation, but should ultimately go in your favor for the following reasons: * The leasing company accepted at least 18 months worth of payments from the new...

Business Debt: Debt Placement, credit, marketing
credit, marketing, debt collection: Jim, I am not sure if you are asking where you can buy debt or if you are going to work on a commission basis. If you are going to purchase debt, check out www.InsideARM.com If you are looking for customers begin locally. Join your local chamber, and start...

Business Debt: Dissolve corp with debts, corporate veil, personal guarantees
corporate veil, personal guarantees, contract accounts: Robert: Thank you for your inquiry. Based on your description of your scenario, it would seem the corporation is inactive and has no assets. As for the incurred costs, you had best make absolutely sure that no personal guarantees were placed on your account...

Business Debt: Lien on my home, debt, judgment
debt, judgment, lien: Eileen, It sounds as though this debt has been out there and past due for a while, maybe the business owner was receiving the bills and past due notices, but if your name is on there you may also be liable. How did your name end up on the card, did you sign...

Business Debt: LLC and Debt, janklow, corporate debt
janklow, corporate debt, guarantor: Michael: Thank you for your inquiry. In my experience, if the creditor forgiving the debt is required to file a 1099 statement, than they would usually send it to the guarantor of the debt. If this is truly corporate debt, and only attached or reporting...

Business Debt: software, software, debt collection
software, debt collection, bill collector: I have never used EZCollector, but I have used Collect! When I started my agency I purchased Totality software because I did not have the funds to purchase Collect and it worked very well for me for over 6 years. I then upgraded to Collect once my business...

Business Debt: Business Credit Card in default, business checking account, business credit card
business checking account, business credit card, fair debt collection: Patricia: Thank you for your inquiry. As you do not specify which state you reside in, as it is possible that it is not among a community property state. Also, how long is the debt in default as a statute of limitations to collect may have expired. See more...

Business Debt: Corp. Debt after a business closes, score office, personal bankruptcy
score office, personal bankruptcy, scope of work: Samantha: Thank you for your question. Your situation is far too common these days and based on what you have disclosed, it is highly likely the debt for the business would have been personally guaranteed by your husband. That means business or not he is...

Business Debt: Business Credit Card Liability, debt settlement program, business credit card
debt settlement program, business credit card, credit card debt: Dear Laura: Thank you for your inquiry. I do regret that your husband is dealing with a difficult financial situation. To answer your questions see below: 1. Once they default will they attack my husbands credit report and/or go after him? Depending upon...

Business Debt: Business Debt, c corporation, business debt
c corporation, business debt, s corporation: A, No matter how you dissolve, go out of business, close your doors or otherwise, you are responsible for your debts and the debts you incurred through any of your companies. If you personally guaranteed the debts, you are legally bound to pay them. I am...

Business Debt: Business dissolved: c/c debt , overdrawn checking, collection fraud, business checking account, business credit card
business checking account, business credit card, overdrawn checking account: Dear Gennifer: Thank you for your question. I do regret that your husbands business did not fare well enough to address your concerns. The manner in which this agency attempted to collect this debt is questionable, although not specified as disallowed, may...

Business Debt: Collecting past due from a buisness which is now out of business, small claims court, sole proprietorship
small claims court, sole proprietorship, personal guarantee: Brian, You can take the account back from the collection agency and depending on the type of business it was you may be able to sue in small claims court or if the dollar amount is more than small claims allows, you can sue civilly. If the company was an...

Business Debt: Collection from owner & company, or just guarantor?, bankruptcy filing, personal guarantee
bankruptcy filing, personal guarantee, guarantors: Stephanie, If your mother was a managing member of the LLC and personally guaranteed the debt, the bank can go after her personally or the LLC or any other principals of the LLC. Once she declares bankruptcy they can no longer pursue her if she includes...

Business Debt: Collection from owner & company, or just guarantor?, fair debt collection, examples of letters
fair debt collection, examples of letters, guarantors: Dear Stephanie: Thank you for your question. Unfortunately, yes your company and you as an owner, could be liable for payment on this account. It does not matter if you were privy to someone using your business name or not unless it is clearly a case of...

Business Debt: corporate business card debt, collections agency, business credit card
collections agency, business credit card, credit card debt: Kate, Your first course of action would be to pull your paperwork on this account, find out if it was set up with a SS# or EIN#, because what happens next would depend on that. Also, is there a personal guarantee? If they cannot provide proof of the debt...

Business Debt: Debt collection, debtor, creditor
debtor, creditor, state laws: This would depend on the state and those state laws, but if they are sueing on behalf of a creditor you owe money to they do not have to notify you, you will be notified by the court of the court date and if you owe the money and that is your first notification,...

Business Debt: Defunct Florida LLC being dissolved and non guaranteed debt, invaluable time, time knowledge
invaluable time, time knowledge, simple questions: Paul, When you say non-guaranteed, do you mean unauthorized bill? Did anyone set up an account with Fed Ex and order services? If so, who was it? Is the reason this is not being paid because it was never ordered or is is disputed? Depending on the contract,...

Business Debt: debt, chexsystem, payment arrangement
chexsystem, payment arrangement, creditor: James, The only way any creditor can attach your assets, such as bank accounts (any, wages, or put liens on your property is if they obtain a judgment. If you are unable to pay or afraid you won t be able to pay your bills, call them now, do not wait until...

Business Debt: dissolve a company, sole proprietor, small business administration
sole proprietor, small business administration, janklow: Tatsiana: Thank you for your question. I strongly suggest that you speak with an attorney or a CPA regarding closure of your business. In most cases your trusted advisors would be pleased to answer such a question (likely without charge) to make sure you...

Business Debt: filing personal bankruptcy & own a company, personal credit cards, filing personal bankruptcy
personal credit cards, filing personal bankruptcy, bankruptcy attorney: Chavela: Thank you for your question. I am not a bankruptcy attorney and highly suggest you discuss these matters with someone who is. With regards to changing the name of your company, I really don t believe it will matter because unless this is truly debt...

Business Debt: need answer, resurgent capital services, bankruptcy paperwork
resurgent capital services, bankruptcy paperwork, filing bankruptcy: Jagjit, If a consumer is filing bankruptcy, ask them for the lawyers name and phone number and contact the lawyer, you can also get the case number and then just wait for the courthouse to send you the bankruptcy paperwork. You cannot continue to try and...

Business Debt: Personal Bankruptcy and LLC, attorney generals office, declaring personal bankruptcy
attorney generals office, declaring personal bankruptcy, construction subcontractor: Christi: Thank you for your inquiry. As I am not an attorney, I can not advise you regarding the various aspects of bankruptcy filing. However, from my experience I have known many people that have filed their personal debts under BK and still run a business....

Business Debt: purchase of a business in foreclosure with a portion of loan SBA, sba loans, purchasing a business
sba loans, purchasing a business, janklow: Dear Ronn: Thank you for your question. Based on my experience with SBA loans, a majority of them have some sort of guarantee AND collateral attached to them. If the business guaranteed and offered collateral usuually a lien on property or equipment, and...

Business Debt: Settling debt with original creditor, lump sum settlement, sba loan
lump sum settlement, sba loan, paying on time: Vanessa: Thank you for your inquiry. I am sorry that your husband lost his employment which has no doubt made paying things that much harder. Depending upon who you owe ie. credit card vs. a SBA loan, you may be able to negotiate a lump sum settlement on...

Business Debt: AR outsourcing, good luck, how to make money
good luck, how to make money: Nicole, When I offered A/R Outsourcing I wasn t able to find many companies that did it either. i did some searches online,and there are many more companies that offer this service now. I checked with some and they will give you their pricing if you request...

Business Debt: amx corporate debt, credit card accounts, debt question
credit card accounts, debt question, payment arrangement: Gary: Yes, it is ok for creditors to contact you within the hours of 8am to 9pm 7 days a week. They do so, but under the FDCPA can not harass you or excessively call you. You can learn more about Fair Debt collection by visiting www.ftc.gov Thank you....

Business Debt: Biz Credit Card Not on My Report, personal credit report, home equity line
personal credit report, home equity line, business credit card: Bob: Thanks for your follow up. I make only this suggestion, that you call your creditors if you are having trouble and see what (if anything) they are willing to do, to provide you some relief. Then you will have the information you need to determine how...

Business Debt: Business Debt, attorney generals office, statue of limitations
attorney generals office, statue of limitations, statute of limitations: Sandra. Look at the contract and paperwork you signed when you signed the application with them. In my experience American Express is different than from MasterCard and Visa, so check your paperwork. The statute of limitations depends on the state you are...

Business Debt: business debt, sole proprietorship, business credit card
sole proprietorship, business credit card, business debt: Since you were married and the business was legally left to you, you would now be responsible for the business and what goes along with it. When you took over the company you assumed all liabilities. If you are still concerned or confused, I would consult...

Business Debt: business debt, personal credit history, personal credit report
personal credit history, personal credit report, sole proprietorship: Barbara, If you are the principal or owner of the corporation this could be on your personal credit. You can write to the credit bureau and let them know you dispute the debt and they can help you take the steps to investigate if it is something that should...

Business Debt: Co-sign on business?, adequate credit, loan defaults
adequate credit, loan defaults, inlaws: Dan, When you co-sign you are signing to guarantee payment if the person signing cannot make the payments. If the person on the loan defaults or becomes past due, creditors or collection agencies or attorneys will then pursue the co-signers. This is why...

Business Debt: Company card debt applied to personal wages, severence package, business credit card
severence package, business credit card, alitia: Alitia, Since the card is a business credit card and not in your husbands name he would not be legally responsible. If he signed anything with the company regarding the charges to this card he may be responsible. They could possibly deduct the money owed...

Business Debt: CPA invoice, small claims court, irs forms
small claims court, irs forms, cpa firm: Before the account is placed for collections I would try to resolve it and come u with a settlement with the CPA. Otherwise you will have to deal with a collection agency, and dispute the debt with them, if you are disputing the entire amount or even a portion...

Business Debt: Credit card company liability, fraud victim, attorney general office
fraud victim, attorney general office, janklow: Wendy: Thank you for your inquiry. If I understood the basis of your question, you are asking if a creditor who received monies to pay off debt has the obligation to refund money to any third party who might have provided that money unknowingly. I suspect...

Business Debt: collection on small business, request verification, creditors
request verification, creditors, tia: Tia, If the amount they are asking for is 3x the amount you owe, request verification or proof of the debt and dispute the amount. When you request this paperwork tell them what you believe you owe and your offer for re-payment. This way you will have it...

Business Debt: CAN WE DEDUCT INTEREST EXPENSE ON A BUSINESS LOAN FOR A BUSINESS THAT HAS DISSOLVED?, variable interest rate, trucking job
variable interest rate, trucking job, employee wages: Deborah: Thank you for your question. As I am not a tax professional, I can only comment regarding options to help ease the burden of your debt servicing. I recommend contacting a CPA, or even visit the IRS.gov website to learn more about corporate deductions....

Business Debt: dissolution of s-corp and debts, articles of dissolution, debt creditors
articles of dissolution, debt creditors, business debts: Dear Linda: Thank you for your inquiry. I regret that you have found yourself unable to meet your obligations due to circumstance. As I am not an attorney I can not provide any legal advice regarding dissolution. I only have a peripheral knowledge of corporate...

Business Debt: Finding Current Address for Old Debt, auto repair industry, small claims court
auto repair industry, small claims court, maria maria: Maria, Check your credit application for any information such as a job that you can call for location information, a relative you can call for location information or anyone else listed on the application. Make sure not to tell them you are calling about...

Business Debt: Purchasing Debt??, debt portfolio, good luck
debt portfolio, good luck: The sellers I have talked to are all advising against purchasing debt at this time, but you can look online and check out www.Chargeoffclearinghouse.com, they sell debt portfolio s and have information on debt purchasing on their website. Good luck...

Business Debt: please help, consumer credit counseling, creditor files
consumer credit counseling, creditor files, disability benefits: Paula: Thank you for your question. I regret that your daughter was ill, and compounding the issue is the remaining debt you face. First of all your Social Security or Disability benefits are not something any creditor can touch to repay debt. Secondly, you...

Business Debt: who is responsible?, business deal, monies
business deal, monies, credit cards: Yes, if the card is in your name or the business name that you purchased, you are responsible. In this scenario, my best advice would be to get a lawyer, because this will be a hard one to deal with and you will need the help of an attorney and you may still...

Business Debt: SBA Colateral Modification(Secured), sba loan, collateral loans
sba loan, collateral loans, risk implications: Robert: Thank you for your question. Yes, your matter seems complicated not only in the proper resolution but in the amount owed and the risk implications. Collateral loans are very difficult to alter and it is certainly advisable for you to contact the original...

Business Debt: out of state collections, graphic design business, state collections
graphic design business, state collections, letter of demand: Roger, I would contact an agency in MD to work the account for you. Most agencies are licensed to collect in the states in which they reside, so that would be your best course of action. also, the sooner you take action or place the account, the better...

Business Debt: Vendors Sharing Debt Info, debt consolidation companies, debt settlement companies
debt consolidation companies, debt settlement companies, flooring store: Dear Katy: Thank you for your question. I regret that your business did not survive this tough economy. You are right to explore options regarding debt management and invite any other questions you may have about the subject of settlement as my firm specializes...

Business Debt: 1099 Contractor Debt, small claims court, payment contract
small claims court, payment contract, land broker: Kevin, When you say you agreed to a 10 month payout, did they also agree? Was it in writing with any signatures? If yes and you are not getting any response you should immediately sue, I would not wait. Was the agreement or payment contract singed by...

Business Debt: Advanta Credit Card, advanta business credit card, business credit card
advanta business credit card, business credit card, economic times: Any creditor that you owe money to can accept payment arrangements or lesser payment amounts but they are not required to by law. I would suggest you try to work with other creditors you owe money to to make lesser payments so you can pay the monthly payment...

Business Debt: avoiding bankrupcy, personal guaranty, one million dollars
personal guaranty, one million dollars, sba loan: Bob: Thank you for your inquiry. I regret that you find yourself in a difficult financial situation. You like others have elected to invest in secure property which unfortunately has retained less value of late. If you have not already applied for forbearance...

Business Debt: Business Credit card reporting and Personal credit, business credit card, janklow
business credit card, janklow, personal side: Charlotte: Thanks for your question. If you applied for a card on behalf of your business entity but personally guaranteed the card, it is unlikely if you are current that any of it will be reported to your personal credit. If however you do fall behind,...

Business Debt: Collection of Business Debts, attorney generals office, debt collection practices
attorney generals office, debt collection practices, fair debt collection practices: If you signed a personal guarantee and the business defaults you would be personally responsible for the debt and it can be reported to your personal credit. That is the purpose of a personal guarantee. That does not change the fact that it is a business debt...

Business Debt: Credit card debt to start a business, high interest rate, sba loan
high interest rate, sba loan, credit card payments: Dear Sara: Thank you for your question. I understand your plight, and to the best of my knowledge there are no programs available for business debt with the exception of an SBA loan. That said, you may be able to go back to your creditors and ask them to...

Business Debt: collection fees to debtor, due balance, debtor
due balance, debtor, collection fees: Nicole, If the collection fees was expressly provided for in the signed contract with the debtor before the debt was incurred and that state s law provides for this, it can be added. Check the signed contract or agreement and that state and the state you...

Business Debt: collection question, collections agency, collection tactics
collections agency, collection tactics, debt collections: Brent: Thank you for your inquiry. If the amount is substantial, it might be advisible for you to contact a collections attorney, or independent but licensed/reputable collections agency to see if they can attempt to collect the debt. If you have an address...

Business Debt: personal guarantee, dear ann, insolvent company
dear ann, insolvent company, community property states: Dear Ann: Thank you for your inquiry. If you were only an employee of the corp and not an owner (or owners spouse where applicable in community property states) or an officer, than your personal guarantee on an insolvent company should not be enforceable....

Business Debt: personal guarantee, family owned company, minority owner
family owned company, minority owner, personal guarantee: Ann, When you sign a personal guarantee, you are personally guaranteeing that if a company cannot pay a debt that you, personally will pay it. It doesn t matter how you are related to the company. In the future, always read everything before signing to...

Business Debt: reporting to credit bureaus, three major credit bureaus, major credit bureaus
three major credit bureaus, major credit bureaus, home based businesses: I did start and run my agency from home. You don t want to get around this you want to make sure you are meeting the criteria of the bureau you wish to join. You can have an office from home but if it is from your kitchen table, you will not be approved....

Business Debt: business credit card, business credit card, debt collections
business credit card, debt collections, janklow: Louann: Sorry to hear of your recent lay off. The card in question was a corporate debt and simply because you were a card holder, does not make this your liability. You are getting calls because the company defaulted, and this is in collections. The collection...

Business Debt: collection services, medical billing business, startup resources
medical billing business, startup resources, free networking: Sheila, Start researching everything you can about starting a collection agency, read books, trade magazines and network with others in this field. Some resources: Article: http://www.credit-and-collections.com/articles.php?article=1 Free networking:...

Business Debt: home based collection agency, major credit bureaus, delinquent tenants
major credit bureaus, delinquent tenants, file cabinets: If your home based collection agency is at your kitchen table you will not be able to set up an account. As long as you meet the criteria, having a separate office, separate entrance, signage, separate phone lines, locking file cabinets etc. you won t have...

Business Debt: S-Corp Business Debt: how to tell if there is a personal guarantee?, majority shareholder, s corp
majority shareholder, s corp, educated guess: Melissa: Thank you for your inquiry. Your situation although complex is not uncommon. You claim to have outstanding debt that is nearing default and you don t know if you personally guaranteed this or not. My educated guess is yes, because unless you actually...

Business Debt: Being sued by US Bank as co-signer, fair debt collection, corporate bankruptcy
fair debt collection, corporate bankruptcy, default judgment: Michael: The CC company probably has some form of verification, and no they don t need a physical signature, and may have a verbal recording if you applied over the phone. It is really likely unless you have a well established credit history for your business...

Business Debt: AmEx card in the name of LLC and my personal, amex card, fair debt collection
amex card, fair debt collection, social security number: Again, much of what is said is done so in an effort to threaten you into paying, or facing a mark on your score. Credit is repairable and if it does report it will also add the balance owed to your current debts, regardless of the status. If you are not...

Business Debt: Business Credit Card Debt, business credit card, debt question
business credit card, debt question, credit card debt: Dear GS: You are most welcome. As difficult as this situation is, it is also quite complex as to its occurrence. I m sure you understand this is not the forum for me to address nor condemn the activities that lead business owners astray. The facts are this...

Business Debt: Business Credit Card Debt, Creditor, Objection to Proof of Claim
Creditor, Objection to Proof of Claim, Joint and Several Liability: Caution: You are asking questions about bankruptcy and while I have some experience on the creditor’s side in business bankruptcy cases, this is NOT my area of expertise and I suggest that you obtain legal representation and assistance. I’m not sure if...

Business Debt: Business Debt, credit card debts, viable plan
credit card debts, viable plan, janklow: Peter: Thanks for your question. The answer is yes banks will negotiate, but there is a specific and proper procedure that should be conducted on your behalf by either an attorney or a professional debt settlement company that can restructure business debt....

Business Debt: Business Debts, business debts, effective companies
business debts, effective companies, nh business: Dear Jacques: Thank you for your inquiry. I know little about the protocol or requirements for dissolving a corp in your state. However there are many cost effective companies that can do this for you such as www.legalzoom.com As for the outstanding invoice,...

Business Debt: Business debt, collecting a judgment
collecting a judgment: Yes. A judgment is a legal decision against the debtor, in this case a business. There are many options for satisfaction including but not limited to garnish wages or to attach personal property. Bank accounts are one of the most common forms of property...

Business Debt: Business loan debt, sba loans, sba office
sba loans, sba office, sba loan: Colette: Thank you for your inquiry. The SBA loans that lien collateral are also guaranteed by the government for reimbursement of around 75% of the value of the balance if defaulted upon. As lienholder on collateral, they do have the ability to foreclose...

Business Debt: bills owed, fees for late payment, tranfers, local bank
tranfers, local bank, state offices: Debbie, It is different in each state, check with your local bank or state offices to see what the maximum amount is you can legally charge based on where you are located OR where your debtor is located. You can also check out www.lawdog.com which might...

Business Debt: business credit card debt/personal bankruptcy, business credit cards, sba loan
business credit cards, sba loan, business credit card: Dear Colette: Thank you for your inquiry. I regret that you find your business on the downturn due to encumbrances. If you have loans outstanding such as your SBA, which is apparently secured against assets it would be in your best interest to consult with...

Business Debt: business credit card - personal liability, business credit card, credit card payments
business credit card, credit card payments, michelle dunn: Wendy, Look at the paperwork you all filled out and signed when you opened the card. Did any of you agree to be personally responsible? Was the business Incorporated at that time? Have the relatives been helping you make the monthly payments up until...

Business Debt: Collection Software, debt collection software, startup resources
debt collection software, startup resources, resources page: Sheila, Check out the collection software I have listed on my resources page, it gives you a listing of the different debt collection software companies and a brief description. You can click on the link to visit their websites. If you let them know I...

Business Debt: Collections, industry networking, networking groups
industry networking, networking groups, credit collections: I had saved $10,000.00 before I started my agency and I kept my day job for 6 months. I also had an office set up so if you have any money saved and/or an office area with equipment you can save on having to pay for that right away. There are many resources...

Business Debt: Confession of Judgment, confession of judgment, unsecured creditor
confession of judgment, unsecured creditor, pennies on the dollar: Steven, 1. You don t need them to but if they signed a contract as a business entity, you cannot go after them personally for any debt. If they sign a promissory note or a personal guarantee you may be able to attach personal assets if you obtain a judgment....

Business Debt: Debt of LLC, pennies on the dollar, best bet
pennies on the dollar, best bet, llc company: LB, If you owe the money, you would have to pay the balance for the debt go go away . If you dissolve the company and start under a new name, you will tarnish your reputation and image if the only reason you are doing it is to get out of paying a debt....

Business Debt: Business loan debt, score counselors, sba loan
Business Debt: Business loan debt, score counselors, sba loan, loan collateral

Business Debt: Debt of LLC, creditor protection, partial payments
Business Debt: Debt of LLC, creditor protection, partial payments, time is of the essence

Business Debt: LLC & Credit Card Debt Collection, cash disbursements, personal expenditures
cash disbursements, personal expenditures, business credit card: Dear G: I appreciate your due diligence regarding your situation, but it seems a futile effort because unless this is a clear case of fraudulent usage of your credit, the bank will continue to pursue you. It does not matter to them if you can argue who placed...

Business Debt: leverage ratio, Debt Ratio, Long Term Debt
Debt Ratio, Long Term Debt, Short Term Debt: Answer: All of the ratios will be important to the long term success of the business, not just those that evaluate debt to equity. Even within these ratios there are ways to manipulate the numbers. For example the owners could loan the business money instead...

Business Debt: Michelle, question., consumer collections, agency letters
consumer collections, agency letters, michelle dunn: Michael, Yes, I offer consulting on starting an agency. You can check out my fees at http://www.michelledunn.com/shop/catalog.php?category=4 I am availble M-F 8am - 6pm EST. To answer some of your questions: Do we need any licensing if no consumer...

Business Debt: personnal bankrupcy and starting a new business, personal debts, new endeavor
personal debts, new endeavor, filing bankruptcy: Marci: Thank you for your inquiry. If you are planning to start a new business, and have recently filed for personal bankruptcy it should not have any bearing unless you are trying to apply for loans, credit cards or the like to start the business. Lack of...

Business Debt: Cant pay or wont pay, business payment, open ended questions
business payment, open ended questions, dedicated line: Richard, The best way of differentiating between the can t pay and the won t pay debtors is to ask specific questions that will answer that question for you. For example, Ask how they are paying their bills now, are they getting unemployment if they...

Business Debt: company filed chapter 11 and i am the personal guarantor, reorganization plan, logical advice
reorganization plan, logical advice, personal assets: Danielle: Thank you for your inquiry. I regret that your business has been forced to reorganize. Please understand that I am not an attorney, and this is not intended to be legal advice. Rather without knowing the specifics of your situation it should serve...

Business Debt: corporate v. personal debt, debt, past due
debt, past due, liability: Sheri, Any debts he signed for personally, he could be responsible personally. When the company let him go, they would have made arrangements in the contract for any severence pay, liabilities etc. If they did not, your husband should right away before...

Business Debt: Money Owing, priority mail, delivery confirmation
priority mail, delivery confirmation, contract agreement: Jacqueline, Did you have this customer sign a contract, agreement or a credit application? I would suggest you send them a collection letter right away, that has some firm language and points out the fact that they said they paid this to your account...

Business Debt: Business debts and personal guarantee, business debts, debt resolution
business debts, debt resolution, janklow: Troy: Thank you for your inquiry. I regret that your business is suffering, no doubt due to present economic conditions. If you are considering your options for debt resolution, you must first begin by realistically assessing your business model to calculate...

Business Debt: business credit card debt, overdraft fees, business credit card
overdraft fees, business credit card, welfare money: Correct. Because this is a general purpose account there is no way to identify the source of the funds once they have been deposited, nor any restrictions on the use of funds outgoing. Again, I know this is not the answer you want to hear. The only approach...

Business Debt: Credit card debt guarantor, bank of america visa, debt forgiveness
bank of america visa, debt forgiveness, credit card debt: Dear Eric: Thank you for your question. I don t know the specifics of terms of settlement for this account, but if you say the creditor is willing to do the above, get them to put it in writing and fax to your client before making payment. A 26% deal is a...

Business Debt: credit repair, credit repair, debt
credit repair, debt: Yes, I have a Fix your Credit special report that gives you the steps to take in order to fix your credit in very easy steps. You can learn more about it or order it at http://www.michelledunn.com/shop/catalog.php?item=15 With this kit you will: ...

Business Debt: Offer & Compromise, crowd, white house
Business Debt: Offer & Compromise, crowd, white house, blog

Business Debt: SBA loan forgiveness, corporate dissolution, sba office
corporate dissolution, sba office, sba loan: Cheri: It seems that you have spent considerable time trying to gain some concessions, and for the most part you go about it well. As for the landlord, generally speaking most don t take tenants seriously until they are 30 days or more late. This is risky...

Business Debt: personal guarantee, personal credit report, personal guarantee
personal credit report, personal guarantee, creditors: Anna, If you personally guarantee any type of loan you are personally responsible. What happens depends on the creditors, the amounts due and overdue and the states that these debts were incurred. Since you personally guaranteed the debts, they will show...

Business Debt: personal quarantee, janklow, timely resolution
janklow, timely resolution, business loans: Anna: Thank you for your question. To the best of my knowledge, there is no way to transfer your liability to another person, that did not originally sign as co-guarantor or is a spouse in a community property state. Regardless of your businesses status (operational...

Business Debt: plumbing, mechanics lien
mechanics lien: Hi Wayne- When you did the walk through, did you get the go-ahead in writing? How about a business card? Did you submit a written estimate and if so, did you give it to the homeowners or the insurance agent? The written details would also have outlined...

Business Debt: RE; CAN A DEBT COLLECTION AGENCY COME AFTER ME PERSONALLY AFTER MY COMPANY HAS CLOSED?, personal bank account, debt collection agency
personal bank account, debt collection agency, money in the bank: Rena, If anyone has a court order against you they can attach property, bank accounts or any other assets. If you had won against the judgment when you went to court, they would not be able to do this. Since a court order has already been issued, if you have...

Business Debt: s-corp/personal foreclosure, real estate professionals, s corp
real estate professionals, s corp, steady business: Douglas: Thank you for your question. Sorry for your situation. You are like millions of homeowners, that find themselves upsidedown financially. You did not mention what state you reside, but you should check with your local department of real estate to...

Business Debt: Bank set off, social security benefits, ira retirement
social security benefits, ira retirement, money judgment: Jon: I am not an attorney, so I can t say for sure if your assets would be exempt under a Ch. 7 filing, however there are many resources that list general and federal exemptions. Please check out the link below as they list most states available: http://www.filing-bankruptcy-form.com/list-of-exemptions.html...

Business Debt: Business debt, cod basis, due balance
cod basis, due balance, business debt: Mysti, If you are paying COD for purchases while you pay down a past due balance, it is very unlikely you can negotiate a settlement on the past due balance. That might only happen if you were no longer purchasing from this customer. When they offer a settlement,...

Business Debt: Going through business buyout, personal credit report, low interest loan
personal credit report, low interest loan, janklow: Lori: Thank you for your question. So your business debt won t likely show up on a personal credit report unless something triggers them to enforce collections on the payor or personal guarantor. In other words if you maintain paying them, it most likely...

Business Debt: business debt collection, debt, judgment
debt, judgment, garnishment: Karen, If you are really unable to pay what they are asking, the judge will look at your finances and decide what you can pay, so if he decides you can afford $1000.00 a month he will order that as the payments. If the judge thinks you can pay $2000.00...

Business Debt: Collection Salary, average yearly salary, masters in psychology
average yearly salary, masters in psychology, party collections: I only have a couple of part time collectors now because of the explosion on the consulting/training end of the business; but when I did have full time help I started them out at $12/hr which averaged between $20,000 and $23,000 annually -- gross. There were...

Business Debt: collecting debit, payment, past due
payment, past due, bad debt: John, Your rights depends on a few things, do you have a signed contract or agreement? What does the signed document say about getting paid? What are your terms? If they are ignoring your calls and letters, I suggest sending a very firm letter letting...

Business Debt: home based collection company, debt, purchase debt
debt, purchase debt, debt buying: As a home based or outside office based agency, if you are going to buy debt be sure you are knowledgeable about what to look for, pricing, scrubbed accounts and other factors such as skip tracing. Be sure to ask what type of documentation or paperwork you...

Business Debt: Late / Finance Charges, FDCPA
FDCPA: Hi Dave- I am not an attorney, nor am I a debt collector, but I do know that you are blending the two categories and the regulations treat each differently. Late charges are not the same as Interest Rates and the same rules do not apply. Having said...

Business Debt: old business credit card debt, business credit card, stock holder
business credit card, stock holder, credit card debt: Mark: Thank you for your inquiry. Your situation is slightly complicated because based on the information you provided it seems as though the debts could possibly belong to the business. If you have a D&B and have established a separate credit rating for...

Business Debt: Sole Propietor but did not personal gurantor credit debt., last ditch effort, sole propietor
last ditch effort, sole propietor, sole proprietor: Kevin: Thank you for your question. The answer is simple and I am quiet surprised your legal counsel did not inform you that you live in a community property state, so if you are still married, your wifes liability can be transferred to you without notice...

Business Debt: Would like to settle, arrearage, janklow
arrearage, janklow, minimum payments: Geoffrey: Thank you for your question. Based on the situation you described, it would not be a bad idea to discuss your situation with your creditors to see what can be worked out. If they are unsympathetic, than you can always go to plan B and settle out...

Business Debt: Can a store that is now out of business collect on a debt?, lumber company, business furniture
lumber company, business furniture, finance company: Christina: Thank you for your question. Based on the information you provided, you need to do two things before you pay anyone: 1. Make sure that the Statute of Limitations (different per state) for this old debt to be collected is still in force. To check...

Business Debt: Training, credit, debt
credit, debt, training: Lisa, Due to the recession many people are taking advantage of online training to save on travel costs. Some courses I can recommend for credit management are: Get your customers to pay: http://www.credit-and-collections.com/pages/ecourse_getpaid.php...

Business Debt: Late Fees/Finance Charges, legal recourse, michelle dunn
legal recourse, michelle dunn, clients sign: The interest and late fees that can be charged vary from state to state. Check with the bank that you do business with and see what their late fees and interest rate is, that is normally what people follow. If you want to be sure to be charging the maximum...

Business Debt: old , old , debt, Statute of Limitations on Debt
Statute of Limitations on Debt: I cannot answer what this might be because I have no details. However, I can tell you that if the age of the obligation is as old as you indicate, then you are correct in that the statute of limitations would PROBABLY cover any potential obligation that might...

Business Debt: Personal Guarantee, judgment, personal guarantee
judgment, personal guarantee, debt: Carol, Depending on what state you are in, the spouse may be responsible. Check with a lawyer in your area. Even if the person who signed the guarantee has no income, if they have any assets you can go after those. Things such as a bank account (any...

Business Debt: Right of Offset, business checking account, personal damages
business checking account, personal damages, bofa: Erik: Thank you for your question, sounds as if a banking error has occurred. Normally unless you have an agreement that allows accounts to be co-mingled i.e. a Sole P and personal checking under one suite, that should not have happened. I highly suggest...

Business Debt: S Corp bankruptcy W/personal guarantees, Social Security & Debt/ Garnishment
Social Security & Debt/ Garnishment: Hopefully the other partner has not yet left the business or if (s)he has, that it happened very recently. You should discuss responsibilities what that partner has in this situation. Signing over shares in a business that is having difficulties means that...

Business Debt: unsecured business credit card deb, small claims court, business credit card
small claims court, business credit card, visa card: Depending on what they mean by legal department this could mean it is going to go straight to small claims court or maybe they will place it with a collection agency. If it goes to court and they win a judgment they will try to attach assets if you don...

Business Debt: Business debt collection, fair debt collection, janklow
fair debt collection, janklow, business debt: Hello G: Appreciate the inquiry. If the debt were paid then it would not likely have been passed onto collections. you do have the right to the validation of the debt within 30 days of the notice (you need to send a written notice to collection agency asking...

Business Debt: Corporate debt w/ personal gaurantee, personal guarantee, corporate debt
personal guarantee, corporate debt, repo: Mike, They can require you to pay without putting it in writing when they offer you a settlement amount. Sometimes they will send a letter just confirming the settlement amount, and when you agreed to pay it. The collection companies pay off (or settlement...

Business Debt: collecting loan from llc, debt, LLC
debt, LLC, repo: Mary, Can I ask why you did not want to take the equipment back? When you say you gave a personal loan with a promissory note to an LLC - was this a personal guarantee by the owner or someone who is a part of the LLC? You also mention that the LLC...

Business Debt: corp debt personal guarantee - no longer with company, severance package, mercedes benz
severance package, mercedes benz, s corp: Tara: Thank you for the inquiry. As you have stated, you have personal property in possession that is being paid (presumably) by a third party. I am not sure what state you reside in however, if you had and now have an S-Corp. than although the lease may...

Business Debt: Responsibility of Electric Bill of dissolved S Corp
Karen: Thank you for your inquiry. When you say you dissolved the S Corp. I assume you mean you emptied the bank accounts and sold all assets related to the business and closed shop. If you also notified your state franchise tax board that you are a non-operational...

Business Debt: S-corporation debt, personal credit history, business creditors
personal credit history, business creditors, s corp: Peter: Thank you for your question. This is a most unfortunate yet typical circumstance. First, whether or not the corporation is operating or was solvent or not has nothing to do with who guaranteed the debt when the loan was issued. That remains unwavering...

Business Debt: starting a collection business, medical debt, collection agency
medical debt, collection agency, HIPPA: Hi Andron, If you are going to focus on medical debt be sure to learn and follow the laws pertaining to medical debt - there are different laws such as HIPPA in addition to the FDCPA and the FCRA as well as state laws that you will have to follow. You will...

Business Debt: AMEX card, Reporting credit to D&B
Reporting credit to D&B : Dear Yasma, You probably cannot report the bad debt to D&B. The reason is that they do not accept unsolicited credit reports. The exception to this is if you HIRE them to collect the debt. I have heard that you can submit a letter to the bureaus, but...

Business Debt: Dissolution & Debt, legal debt, janklow
legal debt, janklow, guarantor: Anna: Thank you for your inquiry. As I am not an attorney this is not to be considered legal advice. If your old corp had debt such as vendor or supplier bills owed and there is NO personal guarantor, than the old debt still and will only ever belong to...

Business Debt: Drowning and scared..., bankruptcy, attorney
bankruptcy, attorney: Steve, After reading through this is your question asking me if you should both file personal bankruptcy? You may want to sit down with an attorney with all of your paperwork, they can tell you what you can both legally do in this situation. The laws...

Business Debt: EIN, credit loans and 1 partner using my EIN, debt, credit
debt, credit, business: James, If your business is a partnership and you used the EIN for that partnership then you both can use that EIN to open accounts with vendors for credit, loans or credit cards in the business name. If he runs up a high balance and runs away you may...

Business Debt: Florida LLC Debt, Personal obligation for corporate debt
Personal obligation for corporate debt: Brian, It is true that LLC’s and corporations are organized to protect your personal assets from creditors as a matter of law. So while I do not believe that it is legal as you have presented it, you still need to proceed with caution. The reason is that...

Business Debt: Should I file Bankruptcy before opening a buisness, owning your own business, lifetime goal
owning your own business, lifetime goal, should i file bankruptcy: Nicole: Again, it is highly advisable that you seek counsel with regard to timing of your financial plans benefits of bankruptcy and particularly creditors rights. However, generally speaking once a bankruptcy is filed, creditors must stop all collections...

Business Debt: recurring notice of fee and late fee in dispute, home alarm system, better business bureau
home alarm system, better business bureau, collections department: Pam: Thank you for your inquiry. You did not state if you had signed a term contract with the service provider that entitles them to the entire amount of the contract in the event of early cancellation. Some vendors have the specific language imbedded in...

Business Debt: Valid Debt?, bail bondsmen, collecting a debt
bail bondsmen, collecting a debt, debt question: I would wait until you get “the letter” and then I would also report them to your state’s attorney general’s office. Besides the Fair Debt Collection Practices Act (FDCPA) there could be many other laws being violated and the attorney general would love...

Business Debt: Business debt after dissolution, administrative dissolution, sole proprietor
administrative dissolution, sole proprietor, business debt: Administrative dissolution just means that the state dissolved the corporation for failure to pay the annual fees. It does not mean that the business no longer exists. In fact, that actually HELPS your case. This means that if the owner has conducted...

Business Debt: Business debt after dissolution, dissolving a corporation, secretary of state of georgia
dissolving a corporation, secretary of state of georgia, s corp: Kevin You are correct in that the corporation had a duty to notify creditors of the dissolution and this might be the only way to attempt to force a settlement – demonstrating that the owner did not treat creditors equally. However, you will have limited...

Business Debt: Biz Debt Affecting Personal Credit Score, attorney generals office, personal credit cards
attorney generals office, personal credit cards, legal partnership: Carlos, Was the business forms as a legal partnership? If so, you can look at your states website or contact your attorney generals office to find out how being formed as a partnership protects you personally if at all. How are you relinquishing your...

Business Debt: Business debt pursued as personal debt, consumer debts, business debts
consumer debts, business debts, c corp: Jeff, The FDCPA pertains only to consumer debts. There is no case law in regards to this, that is the fact of the law, it does not pertain to business debts at all. In this case since you personally guaranteed the debt, you may want to check with a lawyer...

Business Debt: business debt, business credit card, divorce decree
business credit card, divorce decree, filing bankruptcy: Dear Cindy: Thank you for your question. It is unfortunate that you have encountered issues with old debt, however based on what you have described you should have a strong argument to dispute your creditors claim regarding your liability. It is common for...

Business Debt: Credit Reporting, credit reporting software, credit bureaus
credit reporting software, credit bureaus, 10 years: Alain, Check with all three credit bureaus to see who has minimums and who might be able to help you with a small number of accounts. They no longer use credit reporting software, once you sign up with a bureau you log into their website to do your reporting....

Business Debt: sba loan foreclosure, sba loans, michael fay
Business Debt: sba loan foreclosure, sba loans, michael fay, sba loan

Business Debt: Licensing, starting a collection agency, entrepreneur
starting a collection agency, entrepreneur, how to: Brian, In NH a 3rd party collection agency is not required to be licensed. You are required to be licensed in MA - the cost for the licensing to be able to collect in MA is $500.00. contact The Massachusetts Division of Banks, One South Station, Boston,...

Business Debt: LLC Business Machine Lease Default, dun and bradstreet, credit reporting agency
dun and bradstreet, credit reporting agency, social security number: Kristi: Thank you for your question. I do understand the nature of your concerns. It appears that collection of the debt has fallen into the hands of an aggressive collector perhaps even a law firm. Obviously the leasing company is trying to collect all it...

Business Debt: LLC loan assumption, business credit report, personal credit report
business credit report, personal credit report, loan assumption: Dear Will: Thanks for your question. Depending on the type of loan, if it is residential real estate for instance the lender may assume this to be a household expense and thus place it on your personal report regardless of current status. If it is a business...

Business Debt: sba loan foreclosure, secured business loans, sba loan
secured business loans, sba loan, legal collections: Dear Chris: Thank you for your question. Sorry to hear that your business was unable to be maintained. As for the SBA loan, there are too many variables unknown about your loan to be specific. That said, I do know that a majority of these loans are collateral,...

Business Debt: starting collection agency, starting a collection agency, entrepreneur
starting a collection agency, entrepreneur, how to: If you have a copy of the 3rd edition of Starting a Collection Agency, how to make money collecting money, there is a chapter that lists each state, if licensing and/or bonding is required and full contact information on who to contact to start that process....

Business Debt: statute of limitations, attorney generals office, agreement states
attorney generals office, agreement states, state statutes: Greg, This depends on what the signed contract or agreement states. If there is no signed contract or agreement the signed credit application may also have that information. If you don t have any of this paperwork it depends on the states you are in,...

Business Debt: Commercial Debt, small claims court, filing bankruptcy
small claims court, filing bankruptcy, commercial debt: Bobbi, If I am understanding your question correctly, an incorporated company owes your business money? If that is the case, depending on who incurred the debt, that is who you would file against, if it was the business you file against the business -...

Business Debt: Contract Debt / Past Due Account, small claims court, plumbing work
small claims court, plumbing work, periodic payments: Theresa, Whether someone else gets paid for a job they do has no bearing on their paying you for your work or services. Since this was 2007, I would visit my local courthouse and pick up the documents you need to fill out for small claims court, depending...

Business Debt: Debt collection protocol, collecting bad debts, amex cards
collecting bad debts, amex cards, lump sum settlement: That all depends on the creditor themselves, they are not under any legal obligation to even accept any type of payment plans or arrangements, so they are trying to work with you but they legally don t have to accept anything and can try to access assets if...

Business Debt: Dissolution of DBA--Was OWED Money and had no debts, city of yonkers, monetary reasons
city of yonkers, monetary reasons, statue of limitations: Joshua- The standard statute of limitations should apply, so that would be governed by whatever contract covered this obligation. The contract would also stipulate the “rights to receive” or assignability of the asset(s) in question. Without further information,...

Business Debt: Former employee liable for company debt?, commercial construction company, business credit application
commercial construction company, business credit application, personal guaranty: Meredith, You should not ignore the phone calls especially since they could sue you if you do. You may want to go see an attorney, if your husband did sign any type of personal guarantee, he could be liable for this debt if the company doesn t pay. My...

Business Debt: Furniture Repossession, consumer advocacy groups, janklow
consumer advocacy groups, janklow, monies: Sara: Thank you for your inquiry. You did not mention if the store you purchased from provided financing directly or if this was a rent to own situation. However, your contract with them should indicate what they are entitled to do if a default on repayment...

Business Debt: how do I handle this debt collector, unpaid invoices, sole proprietor
unpaid invoices, sole proprietor, payment disputes: Dear Beth: Thank you for your question. This appears to be an unfortunate situation and perhaps erroneous. You are being collected upon for a debt that may or may not be yours (or your business) and someone is aggressively eluding to the fact they will pursue...

Business Debt: Liability for fraudulent use by someone else, social security number, fraud charge
social security number, fraud charge, bookkeeper: Frank: Thank you for your question. First of all, your wife is or was an employee of a not for profit, and unless she personally guaranteed the card with her social security number the account should not be deemed as her debt. The account will be closed if...

Business Debt: Personal Guarantee on Business LOC, gross receipts, janklow
gross receipts, janklow, personal guarantee: Mark: Thank you for your question. I understand your dilemma and assure that your situation is quite common. Your dealings with this creditor are a matter of leverage and because your remain current, apparently bank with them and have signed a personal guarantee...

Business Debt: S-Corp Default on line of credit, spousal obligation
spousal obligation: Alex, I apologize for the delay, I did not receive any e-mail notification of your question until this morning. Your situation has a two-fold problem. The first is the corporate debt itself. The impact on the shareholders should be limited, but this...

Business Debt: sba default / lien / foreclosure, sba lender, sba loan
sba lender, sba loan, tax accountant: Michele: Thank you for your question. With the information you provided, in general it seems pointless to pay a lien even in part (which could mean hundreds of thousands of dollars, which should have been left to the discretion of a trustee), when your debt...

Business Debt: state licensing, rotary club, road blocks
rotary club, road blocks, local papers: Mary, You can apply yourself with each state you want to get licensed in or use a company to do it for you such as Cornerstone support, though that is very expensive. Start marketing your agency, create a website and join local networks such as your...

Business Debt: Business Closing, personal guarantees, cheap furniture
personal guarantees, cheap furniture, janklow: Benjamin: Appreciate your inquiry. Yes, it is best you notify them of your company status and that you will be discontinuing services. If there are no personal guarantees that is that. If there are PG s and you are unaware of them, the vendors may or may...

Business Debt: SBA Line of Credit, lump sum settlement, credit question
lump sum settlement, credit question, should i file for bankruptcy: Julie: As previously stated, you are getting a lot of information, some which could be very misleading as it is coming from a partial source. I do not believe the creditor has the automatic right to garnish without first getting a judgment or lien allowing...

Business Debt: Starting a collection agency, starting a collection agency, entrepreneur
starting a collection agency, entrepreneur, how to: James, I am not familiar with any books targeted towards how to purchase debt but I do know of many resources available on how to start a collection agency. (http://www.michelledunn.com/shop/catalog.php?item=34) To gain more knowledge about this industry...

Business Debt: BUSINESS DEBT, personal guarantees, depth answer
personal guarantees, depth answer, debt question: Samantha: You are most welcome. Let me state this simply - you can run but you cannot hide. If you attempt to avoid payment by assuming a new corporate id, you still have some personal guaranteed debt to attempt resolve with. The personal guarantee has already...

Business Debt: Business Card Debt, credit card debt, going out of business
credit card debt, going out of business, business purposes: Susan, Did you have a signed agreement with your business partner? If you did, refer back to the agreement in regards to any debts in the case of the business closing or going out of business. Was your business legally formed as a partnership with your...

Business Debt: Business Debt, statute of limitations in canada, personal guarantees
statute of limitations in canada, personal guarantees, janklow: Claudia: Thank you for your inquiry. I noticed you contacted us from Canada, and am not familiar with incorporation laws or rights regarding debt collection in that country. Generally speaking however, if no guarantor exists other than the corporation itself,...

Business Debt: Credit Card debt, business credit card, lump sums
business credit card, lump sums, dear carl: Dear Carl: Thank you for your inquiry. What you have in relation to your business card is a personal guarantee. If you are falling behind on payments or actually go into a default status the account will be assigned to the banks collection department. After...

Business Debt: collecting, cash flow issues, mechanics lien
cash flow issues, mechanics lien, pennies on the dollar: The answer depends mostly upon the terms listed on your contract as well as the laws of the State/ Province governing the transaction (usually your location as the seller, but again that can vary based upon the terms listed in the contract itself.) There...

Business Debt: Is the company liable for debts incurred by the employee, agency agreement
agency agreement: You used two names: Books and Brookes and I cannot tell if this is the same or not. It does not impact the answer, but it does make the question a little more confusing. The answer to the question cannot be determined by the facts presented here. One...

Business Debt: SBA loan workout (offer in compromise), john homan, more than thirty years
Business Debt: SBA loan workout (offer in compromise), john homan, more than thirty years, sba loan

Business Debt: LLC credit card debt, business credit cards, social security number
business credit cards, social security number, credit card debt: Dear Gali: Thank you for your question. I regret that your business did not fair well. If you have not already discussed renewal of the hardship program with your creditors, you should if you want to continue to pay the debt down. Many will extend this up...

Business Debt: SBA loan workout (offer in compromise), loan workouts, loan workout
loan workouts, loan workout, sba loan: Dear Susie: Thank you for your question. If you default on payment due to short sale, the second lender will likely be reimbursed up to 75% by the SBA. They can however pursue you for payment on the deficient amount. If you were to offer them, lets say for...

Business Debt: SBA loan workout (offer in compromise), SBA loan workout
SBA loan workout: Susie, I need to be careful in my response, since I am a volunteer with SCORE and they are very closely associated with the SBA. I know that the SBA guarantee is such that there should be little left that is not covered; however, the bank that did the financing...

Business Debt: sba loan assumption, debt collection practices, sba express
debt collection practices, sba express, assumption of mortgage: The additional details have not significantly changed the original analysis. They are trying to collect from someone who has no obligation, remember “SBA allowed an assumption of the loans” as did the bank. Your business was successful and/or profitable...

Business Debt: Company debt, janklow, company debt
janklow, company debt, personal guarantee: Charles: Thank you for the question. If you are buying the business, you will not automatically assume the debt, as the prior owner has likely signed a personal guarantee. Whether or not he is still involved with the business, he is responsible for payment....

Business Debt: LLC in Fl., franchise tax board, janklow
franchise tax board, janklow, odf: Dear Joe: This is not my area of expertise, however if you have documentation to the fact, I believe there would be a statute of moratorium to prevent anyone from opening in the same name. You should check with your attorney or your states franchise tax board...

Business Debt: SBA foreclosure rules, foreclosure proceedings, sba office
foreclosure proceedings, sba office, sba loan: Dear Madame: Thank you for the question. Unfortunately your situation is not so simple. You probably have placed a personal guarantee on the loan. This meant that you, the small business owner, had to put up your house, retirement fund or other personal asset...

Business Debt: Debt collection, bill collector, debt collection
bill collector, debt collection, judgment: Kathleen, Yes, there is a difference between debt collection and judgment recovery. I have never worked as a judgment recovery professional, but I have collected on judgments through my collection agency on judgments we obtained. The difference is that...

Business Debt: debt collectors harrassment, cell phone number, address of company
cell phone number, address of company, block numbers: Briana: You are likely to be on someones call list. Ask who they are attempting to reach, then tell them that you have a newly acquired number, and you are not the intended party they are trying to reach. If calls persist you can refuse to answer as this...

Business Debt: Name of Company, collection agency, lawyer
collection agency, lawyer, debt: Morgan, I think the name is fine, but if you are worried ask an attorney who is familiar with the FDCPA. Just to give you an example, there is an agency near me that is called Plymouth Credit Bureau - he is a collection agency, not a credit bureau like...

Business Debt: Personal Guarantee, credit card terminal, personal guaranty
credit card terminal, personal guaranty, fair debt collection: Gail: Thank you for your inquiry. I assume based on your comments that you were an employee and not a principal of the firm. If that is the case, you need to dispute the guarantee as this agreement was not guaranteed for personal use. If they put the account...

Business Debt: SBA Loans exceed assets for Single Member LLC, sba loans, chapter 7 bankruptcy
sba loans, chapter 7 bankruptcy, sba loan: Viola: Thank you for your question. A majority of banks who issue SBA are obligated to exercise taking action to collect on what is owed or liquidate assets. I don t know what state you are in but you are personally liable which means business or not, you...

Business Debt: Debt Collection, collection agency, lawyer
collection agency, lawyer, debt: Donna, Your first step is to ask the collection agency for verification of the debt. You have 30 days from the receipt of the first letter they sent you to request this information by law. If they cannot provide the documentation, they cannot continue...

Business Debt: Debt collection!, debt, bill collector
debt, bill collector, debt collection: Phillip, Once you send a cease and desist letter you have forced the agency or client to only be able to pursue legal action. Once they receive this letter from you they cannot continue to try and collect from you, except to possibly send you one last...

Business Debt: LLC Debt, corporate veil, franchisers
corporate veil, franchisers, janklow: Jason: Thank you for your inquiry. Sorry your business venture did not fare well. Without benefit of knowing what state you are in or what the covenants are of your franchise is, it is fair to assume that this matter will just simply go away. If when you...

Business Debt: Business Debt, debt, personal guarantee
debt, personal guarantee, business: Jane, You will know if the loan is personally guaranteed if you specifically signed a personal guarantee, check the loan agreement or contract or the personal guarantee itself, you can also ask the lender for a copy. If you or your business don t owe...

Business Debt: Closing S Corp, personal guarantees, exposure risk
personal guarantees, exposure risk, s corp: Peggy: Thanks for the inquiry. Sorry your business did not fare well. Based on your comments it appears that you may only have a few good choices; 1. You each take out a separate credit line or credit card with a separate institution to pay down your portion...

Business Debt: Debt guarantee after death, Estate, Probate
Estate, Probate, Personal Guarantee: Cheri- The answer depends upon many factors, beginning with the language in the contract itself. The most likely outcome depends upon the status of the loan at the time of death. If the loan is not in default, then there is (almost) no basis for a claim...

Business Debt: Delinquent Commericial Personal Property taxes, personal property inventory, personal property taxes
personal property inventory, personal property taxes, physical hardships: Dear Arden: Thanks for your question. Although tax is not my area of expertise, if you are dealing with state tax owed, or any other debt of the business, you would be best either offering a settlement (Offer in Compromise) or work out a repayment schedule...

Business Debt: LLC offset, Possible relationship between banking accounts for different businesses
Possible relationship between banking accounts for different businesses: Bank of America must believe that they had some basis to take such an action. Without knowing such facts as: who the officers and/or authorized signators are on each account, the nature of the relationship between the two businesses, the language on the...

Business Debt: Am I personal guaranteed on SBA loan modification, sba loan, loan modification
sba loan, loan modification, personal guarantee: Alexis: Thank you for your inquiry. I would make no assumption that your personal guarantee has been forfeited. The document may just have been a clerical error that omitted that. Usually, the original guarantors remain unless through some other indemnity...

Business Debt: debt, business credit cards, dear tony
business credit cards, dear tony, revolving accounts: Dear Tony: Thank you for your inquiry. Your partners previous liabilities will not affect your new business unless you intend to utilize the same vendor or suppliers, who may be aware of his involvement in your new venture. If the old business is gone, and...

Business Debt: Personal Guarantee Question as employee, declaring personal bankruptcy, personal guarantees
declaring personal bankruptcy, personal guarantees, sign contracts: Tara: Thank you for your inquiry. It is unfortunate that you have been subject to the fallout of a failed company. In my experience, although someone may have signed to agree to a contract arrangement on behalf of the company, you did not represent that...

Business Debt: SBA Loan, sba loans, calateral
sba loans, calateral, sba loan: Christina; Thank you for your question. It is regrettable that you have been dealing with a difficult situation. The SBA offers disaster relief loans, which typically are taxpayer backed, so getting rid of them is a challenge. If the collateral of the loan...

Business Debt: Single Member LLC Dissolution and outstanding SBA loan debt, chapter 7 bankruptcy, sba loan
chapter 7 bankruptcy, sba loan, debt forgiveness: Mike: Thank you for your question. Your situation is common and needs professional advice. I am able to provide some insight but advise that you should review your options with your bankruptcy attorney. Typically when someone places collateral on an SBA loan,...

Business Debt: SBA back loans, sba default, sba forgiveneness
sba default, sba forgiveneness, sba offer in compromise: Hi Keith, When an SBA loan is defaulted, the originating bank makes an assessment how collectible they think the loan is. If you did not respond to Chase Bank s collection attempts, they likely closed their file and referred it over to the SBA. You...

Business Debt: How to collect a court ordered or arbitrated judgment, judgment, court order
judgment, court order, credit: Roland, If you have a judgment and they have not made any payments or are not making payments, go back to the courthouse that issued the judgment and tell them you want to file for Periodic Payments. A new hearing will be set and they will have to appear...

Business Debt: collecting debts from customers, due bills, due balances
due bills, due balances, credit collections: Malinda, If you don t have any experience with bookkeeping I would start by taking any seminars, webinars or classes you can on the subject and maybe picking up a book on the topic to learn more. To learn more about guidelines for collecting check out the...

Business Debt: Business credit cards, credit card debt, bad debt
credit card debt, bad debt, past due: Robin, I would go back to that lawyer and have him write a letter as a response to the letters you are getting - if that doesn t take care of it, you said you had a summons, so I would go to court (take that lawyer if you can) and bring all your paperwork...

Business Debt: Business Debt, public disclosures, social security number
public disclosures, social security number, orderer: Trish: I appreciate the question, and regret that unfortunately this is a very common scenario. As for the rights that you have or don t have, the FDCPA rules are available to enforce unfair collections, harassment or unnecessary public disclosures for...

Business Debt: Am I protected under the FDCPA, loan documentation, business debt
loan documentation, business debt, guarantor: Hello William, If you personally guaranteed the debt, then you would be liable for the debt regardless of whether the business is still operating or in existence, provided that there is no defect in the loan documentation. With regards to FDCPA, there...

Business Debt: who assumes the debt?, unsecured creditors, bankruptcy protection
unsecured creditors, bankruptcy protection, vendor contract: Dear Amanda: Thank you for the inquiry. When you say the State has taken over the business entity, it is unclear if they did so to liquidate assets, place in trustee or receivership. If a loan was government guaranteed (typically SBA type) most have a...

Business Debt: Bankruptcy, unsecured credit cards, business debts
unsecured credit cards, business debts, lenders mortgage: Vicki: Thank you for your inquiry. I regret that your business did not fair well and have caused you such distress. If your business is insolvent, and none of the debt is personally guaranteed by you than it may be possible to simply close down and liquidate...

Business Debt: BUSINESS DEBT WRITE OFF'S, dear elizabeth, bankruptcy protection
dear elizabeth, bankruptcy protection, valid web: Dear Elizabeth: Thank you for your inquiry. From the details you described, the company (service provider) whom you owed money to has gone out of business and filed for Bankruptcy protection. In the event that they liquidated and are not going through a re-organization,...

Business Debt: business collections, collection agency, debt
collection agency, debt: Tina, It depends what the contract that you signed with the agency says. It can also depend on if you placed the account with an agency and then never took it back or closed it with the agency. If so they may still have the account on their books...

Business Debt: Daycare Threatening Collections, judgment, collection agency
judgment, collection agency, bad debt: Carrie, If you have the contract or agreement that you originally signed with the day care check to see if it specifies leaving under favorable terms, most do not, but check to be sure. If it does not specify how you leave, you would normally have to do...

Business Debt: personal debt vs. business debt, LLC vs INC
LLC vs INC: Allen, the same answers apply. LLC and INC are two different types of the same thing and the law treats them similarly in this situation (except for taxes). Both corporations and LLC are each viewed as an “artificial person.” So you have more protection...

Business Debt: Small business credit card outstanding debt dispute, credit card, debt
credit card, debt, credit: Sally, When you say both accounts I am assuming you mean the bank account and the credit card account. Two very different and separate things which would need to be handled individually. Taking your name off the business account is the right thing to...

Business Debt: Business debt with personal guarantee with partners, secondary target, primary target
secondary target, primary target, trace searches: Arthur: Thank you for the inquiry. The scenario you have described is unfortunately all to typical.Please allow me to state that I am not an attorney therefore this should not be considered a substitute for legal advice. With respect to the guarantors, collection...

Business Debt: Collection of Past Due Account, credit, debt
credit, debt, small claims court: Rhonda, His first step is to find out why or what the reason is the customer is refusing to pay the $350.00 bill. Is the person who is refusing the same person who signed the contract or agreement? Since the customer has made payment promises to...

Business Debt: Offer in Compormise with SBA, personal tax returns, sba loan
personal tax returns, sba loan, personal financial statement: Hi Patricia, The SBA always wants to know where the funds for a settlement are coming from, so sharing the details of where the funds are coming from is a good idea. The fact that you are current on all your other obligations could work against you, as...

Business Debt: Is an S Corp business line of credit repayment treated as an "Expense" (reduction of income) on the shareholder's personal tax returns?, personal tax returns, income tax liability
personal tax returns, income tax liability, taxation expert: Randie: Thanks for the question. I am not a taxation expert, however if the loan was taken and repaid by the business and for its use, than a personal guarantee (only required by bank in case of default) and has no influence on how you will claim it. It is...

Business Debt: SBA negotiations, sba loan, offer in compromise
sba loan, offer in compromise, spouse need: Alice: Thank you for your question. The Treasury will want all assets pledged on the loan liquidated before they will consider an OIC. This includes your businesses as well as your home (proceeds), which they are likely privy to. Remember that creditors may...

Business Debt: Starting a homebased collection agency in Louisiana, starting a collection agency, debt collection
starting a collection agency, debt collection, credit: Shayla, I would check out the groups available online in regards to starting an agency, for example, I have a free discussion and networking group through yahoo groups called Credit and Collections with thousands of members and it is free. There is also...

Business Debt: sba loan, sba loan, offer in compromise
sba loan, offer in compromise, treasury dept: Danny: Thank you for your question. I regret that your business did not fare well during this tough economy. There are two rules of thumb regarding SBA, on is that if attempting to modify a payment with the SBA, all assets attached or pledged to the loan...

Business Debt: liability for negative balance corporate bank account, credit card debt, credit
credit card debt, credit, California: Without seeing your paperwork, I can only go by what normally happens. It depends on how the business was formed, LLC, sole P., Corp. Depending on that, the signers or principals of the company could be liable. You should check with an attorney, and bring...

Business Debt: Sbarro Bankruptcy, economic losses, right to work state
economic losses, right to work state, looking for a new job: Mike: Thank you for the inquiry. Firstly, I regret that your organization has suffered economic losses. You first should educate yourself to what the Chapter 11 process is and is set up to do, which is reduce debt and reorganize the organization so it can...

Business Debt: small claims judgment for business, claims judgment, default judgment
claims judgment, default judgment, janklow: Laura: Thanks for the inquiry. I am not an attorney, therefore it is difficult for me to speculate on the potential exposure this situation may present. However, it does not appear that you in any way signed a personal guarantee, and were certainly not an...

Business Debt: Can I transfer personal gyarantees to other partners, personal guarantees, partnership agreement
personal guarantees, partnership agreement, janklow: Buddy: Thank you for your inquiry. Simply put, once personal guarantees are pledged by an individual, they are generally non-transferrable, unless it is a spouse, or co-guarantor or the primary guarantor is deceased. If you need to negotiate with your vendors...

Business Debt: Unsecured Business Credit, no personal guarantee, unsecured credit lines, collection effort
unsecured credit lines, collection effort, janklow: Kevin: Thanks for the question, however don t be so sure that a personal guarantee does not exist. Even if you claim not to have provided a SS, most banks when issuing credit, have hidden language where businesses are concerned that require an owner/partner...

Business Debt: Wrong Party to Business Debt, debt collection practices, legal recourse
debt collection practices, legal recourse, ukiah ca: Hi Wallace, Thanks for your question. While I cannot speak to the legality of specific debt collection practices in your state, I think you have done the right thing by asking for proof of the debt if you don t believe that you owe the money. I would...

Business Debt: Debt of 800.00 to a Credit card processing company, dun bradstreet report, business credit report
dun bradstreet report, business credit report, credit reporting agency: Hi James, If the debt is owed by the corporation only, and the individuals who own the corporation did not personally guaranty the debt, a collection company generally cannot hold the individual owners personally accountable. It s more likely to show up...

Business Debt: Outstanding debt owed by corporation, state provisions, social security number
state provisions, social security number, corporate entity: James, The answer depends. You will need to check the terms of the contract under which the debt was incurred. There may be provisions that cover personal responsibility. Was a personal guarantee signed for the debt? If so, then the answer is absolutely...

Business Debt: buying a business thats in debt?, ucc liens, loan advisors
ucc liens, loan advisors, medical company: Hi Brandon, One way to avoid the debt is purchase the assets of the business, as opposed to purchasing the LLC, which may be liable for debt to many creditors. It s important to keep in mind that when purchasing assets, you need to run a UCC (Uniform Commercial...

Business Debt: Co-signer for a Business debt - Now in collections, personal guarantees, co signer
personal guarantees, co signer, court settlement: Hemanth: Sorry to hear of your situation. It should be incumbent on the prior owner to help in your defense of this, by if nothing less than providing documentation to the creditor that the business is closed, no assets and the guarantors are incapable of...

Business Debt: personal guarantee, personal guarantees, loan advisors
personal guarantees, loan advisors, personal guarantee: Kelly, Since the guarantee is a personal guarantee (as opposed to a corporate guarantee), I believe that that as long as the loan remains in place, any personal guarantors will also remain liable even if at some point the loan balance was $0. With regards...

Business Debt: SBA Loan personal guarantor, impact of current guarantee on 2nd loan
impact of current guarantee on 2nd loan: Frank, The answer to the question about the personal guarantee is not one that really applies to the SBA. I am a counselor with SCORE, the SBA partner, and can tell you that from the SBA standpoint it won’t have an impact. Like you, the SBA provides the...

Business Debt: Wachovia/Wells Fargo and business debt, merger acquisition, sba loan
merger acquisition, sba loan, asset loans: Hi Ken, Thanks for your questions. I have not worked for Wells Fargo, so I will answer your questions based on my own experiences. I ll tackle them one at a time: -Would the Special Assets designation be roughly equivalent to some level of FDIC classified...

Business Debt: s corp closing, personal guaranty, corporate veil
personal guaranty, corporate veil, s corp: Chad: Thank you for your question. I regret that your business did not fare well, however at least you have accepted the direction you must go and intend to address your obligations. that said your creditors will have already separated your obligations based...

Business Debt: Sold LLC and New Owners defaulted on Unsecured Creditors, business tax id number, tax id number
business tax id number, tax id number, monitronics: Melissa: There are too many variations of contracts to know for sure. However, one could argue that upon the new owners purchasing the LLC and continuing to utilize vendor relations previously established, they benefited, and were in agreement that they were...

Business Debt: Business Loan, janklow, 100k
janklow, 100k, positive feedback: Jeff: Thank you for the inquiry. Without benefit of knowing all the particulars of your situation, it basically boils down to this; You loaned your corp $100k - the officer loan to you is still outstanding for the remaining balance (forgiven or unpaid portion)...

Business Debt: SBA Default, sba business loans, offer in compromise
sba business loans, offer in compromise, filing bankruptcy: Hi Tami, Even though were no longer part of the business, the fact that you personally guaranteed the debt means that you are personally responsible for the debt. If you need assistance with the OIC paperwork and negotiations, these are matters that my...

Business Debt: Guarantor of corporate debt., attorney generals office, illinois attorney generals office
attorney generals office, illinois attorney generals office, unfortunate circumstance: Robert: Thank you for your inquiry. With regards to the personal guarantees, if you signed them as an officer of the company then the likelihood is that they remain valid. No doubt collection efforts have been attempted on your friend as well, to no avail....

Business Debt: OIC, release of personal guarantee but LLC still liable for debt, 1099c, sole member
1099c, sole member, us treasury: Hi Drew, I have never heard of anyone declaring income on a settlement before receiving a 1099, so I can t address that part. Some banks are so unorganized they never send a 1099 so its hard to predict when (or if) they will send one. I would say you...

Business Debt: business credit card, credit card debt, ex spouse
credit card debt, ex spouse, bad debt: If this was done against a court order, you should notify the courts and give them copies of any paperwork you have that indicates why you feel this was done. Otherwise, take that same documentation and your worries along with the court order and go see an...

Business Debt: Guarantor/Debt, bad debt, divorce
bad debt, divorce, business debt: All you have to do is send the lawyer or collector a copy of the page of the divorce decree stating she was no longer involved in any way for the business or its debt. In every case like this that I have worked on - they just need proof she is not responsible...

Business Debt: a bankrupt business trying to collect an alledged debt three years later, scam, credit card
scam, credit card, debt collection: Dear feeling scammed, Without paperwork to prove you returned those DVD s you may have to pay for them. Your other option would be to hire an attorney but that may cost more than the 5 DVD s. I can t answer why you were not notified earlier, but there...

Business Debt: Closed Business Debt, virginia law, personal guarantee
virginia law, personal guarantee, business debt: Good evening Maria, Because there is no personal guarantee you do not have the same responsibility to pay that you did with the other debts. However, you need to consult an attorney because I do not know Virginia law well enough to comment on any specifics...

Business Debt: Collecting a debit from a corporation out of business, balance statement, credit card debt
balance statement, credit card debt, collection effort: Lisa: Thank you for your question. The collection effort can continue forever, however, there is a limited time frame by which creditors can take legal action to collect your debts. This is called a Statute of Limitations, which varies state to state from...

Business Debt: Personal Guarantee, competent legal counsel, companies leverage
competent legal counsel, companies leverage, starting my own business: Kevin: Thank you for your question. Regrettably, yes they can sue you to attempt to get payment on this account. It is unfounded as you clearly were not a owner or officer, and in no way benefited from the occurrence of the debt, however you did knowingly...

Business Debt: Personal Guarantee, secondary lender, personal guarantees
secondary lender, personal guarantees, assignment for the benefit of creditors: Dear AK: I appreciate your question, and based on the information given, I can only comment on the non legal aspects of settling with creditors. If your business is sold and the proceeds are not enough to spread amongst the various creditors, you may try...

Business Debt: SBA & deed of trust, sba loan, loan advisors
sba loan, loan advisors, deed of trust: You can run a title search to determine exactly who holds the Deed of Trust. Whoever holds the Deed of Trust is who you need to approach. Even if the file was passed to the SBA, it s still the bank who would need to release the Deed of Trust if they are...

Business Debt: Debt due to a supplier, credit repair, debt collection
credit repair, debt collection, collection agency: Dania, Since you say you were going to start making payments - but did not - that would be why your account has now been placed with a collector. The worst thing to do is ignore them, if you do they will probably just go straight to legal - bad news for...

Business Debt: sba lien, sba loan, treasury dept
sba loan, treasury dept, diaster: Robert: Thank you for the question. Regrettably, with these types of SBA liens, one can only hope to liquidate them through the sale or refinance of property secured. Sorry to state, that offers in compromise are seldom unless there is extreme hardship and...

Business Debt: business loan, loan modification, night job
loan modification, night job, corporate loan: Patrick: Don t despair, there is always a solution to these issues. It sounds like this may be an unsecured (and non-performing)loan, of which there is a defunct corporation and a person who can t afford the payments. If this is the case, the loan is surely...

Business Debt: Closing business and $380K SBA loan, rita thanks, sba loan
rita thanks, sba loan, declaring bankruptcy: Hi Rita, Thanks for your question. With regards to your OIC, you would need to offer a sum of money above and beyond the proceeds from the liquidation of the business assets and the amount of equity in your home. They would consider payments over time...

Business Debt: employee being held responsible, attorney generals office, debt buyer
attorney generals office, debt buyer, private citizen: Carolyn: Thanks for your inquiry. I regret the undue stress this situation has placed on you, however know that it is exceedingly common. Let me preface by stating that I am not an attorney nor is this meant to be a substitute for legal advice. Firstly, this...

Business Debt: Guarantor for Unsecured Line of Credit, credit, debt
credit, debt, llc: Riki, No, anyone can sign as a Guarantor for an Unsecured line of credit, normally they would have good credit and a means to pay back the debt if the original debtor cannot - hence the need for a guarantor. As a guarantor you are guaranteeing you will...

Business Debt: Personal Guarantee on SBA Commericial Loan, sba loan, pioneer credit
sba loan, pioneer credit, pioneer 2: Hi David, Here are the answers to your questions: 1) Yes, Pioneer is one of the collection companies that the Treasury uses to collect on SBA loan. You will have to deal with Pioneer (if you call the Treasury, they will refer you back to Pioneer)....

Business Debt: Business debt and my house, home equity loan, liquid cash
home equity loan, liquid cash, janklow: Stephen: Thank you for the inquiry. I regret that you are enduring a situation causing you distress. In response to your question, if you remain current with your lender for your business loan, they should not look to foreclose on you to collect the remaining...

Business Debt: S-corp dissolution, s corp, stock holders
s corp, stock holders, janklow: Dear Tamie: Thanks for the inquiry. If you elect to shut down operations, and liquidate all assets to pay off creditors, as well as no personal guarantee this loan will become uncollectible. Make sure to document the dissolution and review your loan contract...

Business Debt: Home Based Medical Collections, starting a collection agency getting paid past due bad debt credit collection agency entrepreneur
starting a collection agency getting paid past due bad debt credit collection agency entrepreneur : Kelcey, First you state that you want to collect on behalf of the practice rather than as a third party - so that means you would not be starting a collection agency. A collection agency is a third party debt collector. If you collect for the practice...

Business Debt: Opening collection business, starting a collection agency getting paid past due bad debt credit collection agency entrepreneur
starting a collection agency getting paid past due bad debt credit collection agency entrepreneur : Murat, Start with reading everything you can about starting a collection agency, and networking with others in this industry. You can do this online by joining my free group on Linkedin called Starting a Collection Agency , there are many resources and...

Business Debt: Commerce, debtor, creditor
debtor, creditor : Creditor can have many meanings, often related. For example in a legal setting, a company or person who has a monetary judgment entered in their favor by a court is called a creditor or judgment creditor. A creditor might also represent someone who...

Business Debt: debt statute of limitations in CA
Ian: Thanks for your inquiry. The statute of limitations in CA is four years for written, 2 for verbal. In HI it is 6 for each listed below. Please understand that debts that have passed the statute of limitation are known as time-barred debts. Because you...

Business Debt: chase line of credit default / SBA
Unfortunately a referral to the US Treasury is common when it comes to SBA debt. If Chase deems your account to be uncollectible, the file is passed to the SBA or Treasury, who attempt to collect the debt themselves, as they have likely reimbursed Chase for...

Business Debt: Loan to a closed business, bad debt, personal guarantee
bad debt, personal guarantee, small claims court: Benjamin, Without a personal guarantee you may want to consider researching to see if this person has any assets and if they do, filing through small claims or civil court, depending on the amount of money owed. The type of business will help determine if...

Business Debt: Affiliate payments, certified mail, small claims court
certified mail, small claims court, email businesses: Without reading the contract or online terms you accepted, there is no way to know, however, Im willing to take a stab here. These sound like legitmate email businesses so I would suspect that you could collect on the debt via a collection agency or small...

Business Debt: admin dissolution (?), dissolution, renter
dissolution, renter, annual report: This may mean nothing, but it is hard to say for sure without knowing more. “Admin dissolution report” sounds like perhaps the party was formerly incorporated or was an LLC or something like that. If that is all there is to it, there is probably no problem....

Business Debt: Is there any agencies that help a person skiptrace?, tracing resources, startup resources
tracing resources, startup resources, skiptrace: Tom, Yes, there are many online skip tracing providers. Check out http://www.credit-and-collections.com/pages/startup_resources.php for more skip tracing resources as well as joining my Credit & Collections Association for free, and many people that work...

Business Debt: assumption of business debt, sprint pcs, janklow
sprint pcs, janklow, business debt: Yuna: Thank you for your inquiry. While I appreciate you mothers position and desire to respond, I am not in a position to provide legal advice. I would suggest that you speak to an attorney to verify that none of the previous owners debts were assumed or...

Business Debt: Bad Checks, bad checks, pay fines
bad checks, pay fines, state offices: First if someone else closed out your checking account, you need to go to your bank and find out who had access and did this, then file a complaint with your bank. Depending on the face amount of the bad checks that were written, and the action that is taken...

Business Debt: Bank of America set off company credit card debt with my personal checking account, credit card debts, sole principal
credit card debts, sole principal, credit card debt: James, Were you the sole principal of your company? Was your company an LLC a Corporation or some other entity? If you have retained counsel to contact them, I would not do anything and let that attorney deal with them. Once you have an attorney contact...

Business Debt: Bank visits my office, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, fdcpa violations: Mike, they cannot discuss your debt with anyone who is not responsible for the debt. That is a violation of the Fair Debt Collection Practices Act. I would look up an attorney in your area who specializes in FDCPA violations and get a free consultation...

Business Debt: Biz Credit, poor payment history, fico score
poor payment history, fico score, formal entity: Laura: Thank you for your inquiry. Establishing credit for a business depends on several factors including if you are a formal entity such as a corporation, LLC, etc. Creditors are usually able to offer small unsecured lines based on the age of the business...

Business Debt: BUSINESS, demographic target, subject focus
demographic target, subject focus, janklow: Dear Pankaj: Thank you for your inquiry. Although it does not pertain to the topic of business debt (my expertise.) I do know something on the subject. Focus groups are utilized primarily to gather information for marketing purposes. Focus groups are...

Business Debt: Business Credit Card liability, business credit card, post dated check
business credit card, post dated check, debt resolution: Shawn: Thank you for your kind comments. Your follow up question is good to however, this is where it gets tricky. The more combative or inquisitive you are, the higher the risk that they will turn it over to legal and put it to rest. The collectors are not...

Business Debt: Business Credit Card liability, business credit card, owing people money
business credit card, owing people money, civil judgment: John, I received a call today from a collection agency on a business credit card of which I did not personally guarantee. He stated that their client was considering criminal and/or civil charges for the debt, which was 12k. Insofar as criminal charges...

Business Debt: Business Credit, credit card visa, business credit card
credit card visa, business credit card, interest thanks: Sorry Dan, I thought I answered this. I must have failed to push the submit button. By all means, start shopping. WIth a great history, man card companies out there would love your business and would be willing to drastically reduce your rate. Warmest...

Business Debt: Business Debt?, equipment leasing companies, janitorial service contracts
equipment leasing companies, janitorial service contracts, debt repayment plan: You may not have all the options that you think you have in terms of Chapter 13 bankruptcy for the business, but I can t say for sure without knowing more facts that you don t state in your question. Transferring the assets may also have its problems....

Business Debt: Business Debt, corporate competitors, fishing store
corporate competitors, fishing store, sole operator: My stepfather owned & was sole operator a small Hunting & Fishing store his entire life until passing away last August. After his death my mother and I inherited the business and all of its debts. His books show he was taking a loss each year and he took...

Business Debt: Business Debt, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, collection practices act: Hello Melissa, Thanks for taking the time to write to me, as I am currently in London doing a 3 week seminar! My first reaction to your question is that the agreement that was established by and between you and the original creditor is indeed the agreement...

Business Debt: Business Debt, consumer credit counseling, credit card debt
consumer credit counseling, credit card debt, time request: Thank you for your great question. It seems as if you have already attempted to contact your creditors to lower interest rates. I would suggest another attempt, but this time request that you speak to a supervisor or manager that is authorized to approve a...

Business Debt: Business Debt Help, equipment leasing companies, janitorial service contracts
equipment leasing companies, janitorial service contracts, debt repayment plan: Rajat; i have been a turnaround specialist for 38 yrs. YOU need to tell me a lot more than you have. TO lease that much equipment is absurd if you do not have the jobs to perform. I am guessing someone in the family took some cash flow to do other...

Business Debt: Business Debt Settlement, debt mediation, obligation evaluation
debt mediation, obligation evaluation, bankruptcy protection: Lauran: Both Vermont and Delaware are states that we can provide service to. Please review our website to familiarize yourself with our services, and if you wish to contact us, do so as indicated in our prior communications. Respectfully, Christine Janklo...

Business Debt: Business Debt v. Personal Debt laws, debt collection act, debt consolidation company
debt collection act, debt consolidation company, debt management companies: I would be the last one to ask to give a positive recommendation regarding so called “debt management” companies. Invariably, what ends up happening is just what is happening to you - not all of the creditors go along with the negotiation and as a result,...

Business Debt: Business Debt, debt negotiator, personal guarantees
debt negotiator, personal guarantees, defunct magazine: Ciaran, It would be helpful to know if you have any personal guarantees on any of the debt. If not, it should be relatively easy. I do suggest having a third party with experience in these matters do it for you; either your lawyer or a business debt negotiator...

Business Debt: Business debt, old adage, payroll taxes
old adage, payroll taxes, debt situation: Robbie: Thank you for your question. I appreciate the pressure you may be experiencing in dealing with your debt situation. As the details of your situation are a bit vague, I can only suggest that when dealing with business debt, the old adage you can t...

Business Debt: Business debt - Dissolving company, termination fee, termination fees
termination fee, termination fees, personal guarantee: Tim, When you say under contract, who signed the contract and what does the contract state for terms of service and early termination? If you signed something that states a certain amount of time for a certain amount of money with an early termination fee,...

Business Debt: Business debt to be paid, dear christine, unexpected circumstances
dear christine, unexpected circumstances, financial aspect: Dear Aurelian: It appears as if you have done all you can to work something out with your business associates. Regrettably, they have not complied with your generous offers. My main concern for you at this point is that you take a step back from this emotional...

Business Debt: Business debt, civil judgments, tax exempt organization
civil judgments, tax exempt organization, bankruptcy laws: Interesting question. I don t see any reason why you could not assign or sell the interests you have in accounts receivable or civil judgments to anyone including a charity. However, are you really asking not whether you can assign or sell those debts to...

Business Debt: Business Issue, pizza places, building lease
pizza places, building lease, business issue: Marlene, Do you have the option of talking with the attorney who was going to transfer the shares over? Was this an LLC in both names or a partnership in both names? I would check with the attorney, your husband may be liable depending on the structure...

Business Debt: Business LLC issue, michelle dunn, joint checking
michelle dunn, joint checking, operating agreement: Mary, Did you register as a partnership or an LLC? When you say you didn t have anything in writing, do you mean with each other and do you mean there are no bills, or contracts with anyone else with both of your names on them? When you registered the...

Business Debt: Business owes my business money, screen printing company, lump sum payment
screen printing company, lump sum payment, competent attorneys: Debbie: Thank you for your question. It is a regrettable situation, but one that occurs often when rendering services to individuals or businesses. You mentioned a contract rate for service; if you have a contract that you signed with the other party you...

Business Debt: Businss Debt Help, equipment leasing companies, janitorial service contracts
equipment leasing companies, janitorial service contracts, debt repayment plan: I responded to this the other day but somehow failed to send it. I apologize for the delay. Be very vary of anyone who says they can renogiate your debts or equipment leases if it s anyone other than the lease holder. There are many companies running around...

Business Debt: out of business collections- Robert Paisola Responds, business collections, lumber company
business collections, lumber company, lame excuse: Hello Fred, I wanted to take a moment to write to you personally and tell you that I apologize for the delay in getting back to you. The reason for the delay is that my sister, Lisa Paisola was a passenger on the Cruise Ship, the MS Explorer that went...

Business Debt: business debt, credit card debts, first data corp
credit card debts, first data corp, personal credit report: Rather than doing this back and forth on this site, it might be easier to talk about on the telephone. Can you send me your telephone number and I will call you later on today or tonite (Monday)? I will not charge you just to talk on the phone. This is...

Business Debt: business debt, free overdraft protection, insurance deductibles
free overdraft protection, insurance deductibles, handheld calculator: Quinta, Would you please provide feedback on the allexperts site! Thanks : ) Rob ___________________________________________ Quinta, I am glad that you are looking into the world of business as a place to work in the future. I am honored that...

Business Debt: business debt relief, international profit associates, turnaround companies
international profit associates, turnaround companies, business turnaround: Hello Sara, Thanks for writing to me about the current status of your business. I have been involved in the world of business turnaround companies International Profit Associates and George S. May for the past two weeks. You have a BUSINESS problem...

Business Debt: business debt resolution, mediation firm, professional debt management
mediation firm, professional debt management, debt mediation: Dear B : Thank you for your inquiry. I regret that your business did not survive and that you are left with such overwhelming issues. Based on what you have briefly described I can only comment on what would apply to handling your debt issues. Please seek...

Business Debt: business debt - statute of limitations, debt statute of limitations, michelle dunn
debt statute of limitations, michelle dunn, personal assets: Scott, The California Statutes of Limitation is as follows on some debts: Written agreements: 4 years, calculated from the date of breach. Oral agreements: 2 years. The statute of limitation is stopped only if the debtor makes a payment on the...

Business Debt: business debt, credit card debts, first data corp
credit card debts, first data corp, small diner: Alan, I am sorry to hear that things didn t work out. Often with new businesses, anyone extending credit to the company will often ask that you personally guarantee the loan/lease/contract, etc. The first thing I would do is obtain copies of all of your...

Business Debt: business llc credit - personal credit, social security number, personal guarantee
social security number, personal guarantee, credit score: Brooke: Thank you for your inquiry. If you have not purchased or leased your truck through a corporation, or using a tax ID, but rather your social security number, than you are considered the guarantor. You will be held responsible for the debts. If the...

Business Debt: business loan problem, bottom line question, sba loan
bottom line question, sba loan, loan problem: Brittney: Thank you for your inquiry. I regret that you have encountered this financial hardship. Because you have personally guaranteed an SBA Loan (Federally backed) you will have to find a way to repay the loan. If you don t pay it collections actions...

Business Debt: business, american collectors association, debt collection letters
american collectors association, debt collection letters, insolvent debtors: No matter what you put in your contract, before you use it, have a lawyer or a member of the American Collectors Association look at it before you begin using it. If you are not a member of ACA, use a lawyer. As with all contracts and debt collection letters,...

Business Debt: buying business?, biz plan, station c
biz plan, station c, gas station: a; why you guys? b; why a gas station? c; who is putting in what $? d; who has gas station running exp? e; what will u do if the gas supplier chooses not to supply you in a crunch? do u have a written biz plan? kkemper@mindspring.com 602-705-2319...

Business Debt: Cancellation of debt by Attorney, cancellation of debt, debt cancellation
cancellation of debt, debt cancellation, divorce attorney: Im not an expert in taxes. A 1099-C is used to report a debt cancellation and are requirements of the IRS, not your attorney. It is typically used when you are absolved of a debt through bancruptcy, a lot of times mortgages. I suspect that the same would...

Business Debt: Clashing with Controller over ethics of A/R, lengthy letter, invoice numbers
lengthy letter, invoice numbers, customer payments: Good morning Julie, First, let me apologize for taking so long to get back with you. I was out of town and failed to notify All Experts. Second, let me say that this is the most intelligent set of questions I have ever seen. You are very perceptive and...

Business Debt: Client closed owing us a lot of money, audiovisual production services, financial difficulties
audiovisual production services, financial difficulties, new businesses: Kirk, If you had a contract with the original owners and they signed it you should immediately take them to court for your money. Since the new shareholders was something you learned of when you showed up at the job and they did not sign any agreement or...

Business Debt: Collecting on business debt, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, fair debt collection: First I m not an attorney. I do have a sound understanding of the FDCPA. The FDCPA was written to protect creditors from unfair collection practices of thrid parties. Since you are third party, I would humbly suggest that you abide by the FDCPA letter for...

Business Debt: Collecting Debt on a Corp that went Out of Business, debt collection agency, email accounts
debt collection agency, email accounts, hard time: If you don t have any legal or written agreement with them, such as a contract for services or payments you might want to see if the company has dissolved or try to contact the owner personally. If you are unsuccessful, without any signed contract or agreement...

Business Debt: Collecting from a dissolving corporation, business assets, collection attorney
business assets, collection attorney, personal guarantee: K, Getting a judgment may help in putting you in a better position to be paid if there are any business assets which may be liquidated. Verifying if the corp status has been revoked may determine who you pursue for the remaining balance. Verifying if there...

Business Debt: Collection Agencies, collection agencys, trucking companies
collection agencys, trucking companies, debt collections: The short answer is Yes, but only if your current creditors elect to share information. This typically does not happen across industries but within. Like trucking companies share, metal fabricators, etc. They kind of look out for each other. Businesses...

Business Debt: Collection on a Business Debt, debt collection practices, collection practices act
debt collection practices, collection practices act, fair debt collection practices: Assuming that you are talking about the federal Fair Debt Collection Practices Act (some states, like California, have their own), the answer to your question is that generally the FDCPA does NOT apply to commercial transactions, but there are exceptions....

Business Debt: Collection letters for business debt, collection letters, michelle dunn
collection letters, michelle dunn, business debt: Doug, Congratulations on your agency, I am so glad you are doing well ! I don t know of any resources for just business debt, I do have 3 different books of collection letters but they are for consumer debt as well. When I had my agency I would create my...

Business Debt: Collections for small business, petsitting business, certified mail
petsitting business, certified mail, contingency basis: Good morning Rachel ! I am sorry to hear of your dilemna. First, send a 10 day demand letter to your client. It needs to be very firm and very specific. Send it certified mail. It should read something like... this letter serves as notice that payment...

Business Debt: Collections, small claims court, dryve
small claims court, dryve, deadbeats: Small claims court is your best option. Explain to the disputing party that you need to resolve this in an amiciable manner. Politely state that it is not fair that they withhold the entire balance on a 21.00 dispute. If that fails to work, then I would...

Business Debt: Commerical Debt Counseling, debt management firm, debt management company
debt management firm, debt management company, commerical debt: Sherry: Thank you for your detailed inquiry. Your situation is regrettable, but one I am particularly familiar with. I am an executive of a Commercial Debt Resolution firm, and your case is classic with the exception of how your situation is being handled....

Business Debt: Company out of business trying to collect debt, statue of limitations, oral agreement
statue of limitations, oral agreement, statute of limitations: This depends on the type of bill or debt that this is. Was there a written or oral agreement for the store bill? If there is a judgement the debt has a statute of limitations of 20 years which can be renewed for another 20 years if it is not paid in that...

Business Debt: Corporate Debt Responsibility, personal credit reports, couple applications
personal credit reports, couple applications, social security number: I would not suggest ignoring them, it will just get bigger and more out of control. You can send a letter explaining the circumstances and be sure to send it certified or with a return receipt so you can be sure they received the letter. Be very clear and...

Business Debt: Corporate Debt Responsibility, personal credit reports, couple applications
personal credit reports, couple applications, social security number: Tim: Thanks for your follow up question. Unfortunately there is no simple answer. You have to do what you feel is right in notifying creditors. They will generally pursue collections aggressively if they get through the phone line to leave a message or speak...

Business Debt: Corporate Debt, blessing in disguise, unsecured credit card
blessing in disguise, unsecured credit card, credit card debt: The fact that they turned down your offers of settlement may turnout to be a blessing in disguise. This will be easier to discuss on the telephone. I will not charge you just to talk on the telephone. 432 853-5711 Then we can discuss your various...

Business Debt: Corporate debt, affidavit of fact, personal credit report
affidavit of fact, personal credit report, return receipt: Lori: Thank you for your question. I do understand the complexity of your situation, but do not have a simple answer to resolve it. I would suggest that you send a letter to the creditor where your debt originated validating that the debt and all expenses...

Business Debt: Credit Card Machine, credit card transaction, acupuncture practice
credit card transaction, acupuncture practice, taking the plunge: Good morning Mike ! Glad to hear you are taking the plunge into business ownership. I don t have extensive hands on experience with credit card machines but will be happy to share with you what I do know. First of all, fees vary greatly. Most of the...

Business Debt: Credit Card says I am co-guarantor, but I never signed anything, sole responsibilty, business mail
sole responsibilty, business mail, letter of indemnification: Dear G.Green: Thank you for your inquiry. Your situation is quite common but no less unfortunate than an individual who has suffered fraudulent use of his credit information. It appears that the debt may be quite old, and has likely been sold to a collection...

Business Debt: Credit reporting, credit bureaus, transunion
credit bureaus, transunion, credit history: Marquetta, I would get copies of your credit reports from all three credit bureaus and find out what is on there that is negative. I would take care of that as soon as you can, it could be an error or something that is easily and quickly resolved. If not,...

Business Debt: Credit Score For My Company, live news feed, prime minister tony blair
live news feed, prime minister tony blair, minister tony blair: Good Morning Larry, First of all, I want to take a second to thank you for writing to me. I have been traveling a lot and am happy to finally have a bit of free time. I am glad that you have been watching my site and all of the national media coverage...

Business Debt: Is this a collection agency or billing service, due bills, service ms
due bills, service ms, billing service: Kim, I have never worked with or for a billing service but a collection agency is something totally different with different laws and guidelines as well as different job objectives. Collection agencies collect for clients on accounts that are past due and...

Business Debt: collection letters, debt collection letters, michelle dunn
debt collection letters, michelle dunn, leters: Hi Brenda, You can get copies of collection letters to use, by doing a search on the internet in a major search engine. You can also ask other business owners if they would share their leters with you, or ask your local chamber of commerce. There are also...

Business Debt: company went out of business, can collection agency still collect?, last straw, management office
last straw, management office, illegal activity: Renee, I would get out a copy of your lease and check on the notice portion of this question. But as you stated, you decided that you needed to break the lease. If the debt would be in the companies name and not in your name personally it may depend on...

Business Debt: company credit card, business credit card, pocession
business credit card, pocession, debt issues: Cindi: Thank you for your inquiry. I regret that you and your organization have been jeopardized and violated in such an irresponsible way, especially by someone whom you all trusted. It is difficult for me to provide advice since I am uncertain of who is...

Business Debt: contract breach, gerry harris, contract breach
gerry harris, contract breach, accounting books: This situation has so many issues that are still unresolved, it would be impossible for me to give you a good answer on the facts that you stated here. I would say one thing though, there is obviosly some serious breachof fiduciary duties here insofar as...

Business Debt: credit card debt collection, amex card, credit card debt
amex card, credit card debt, equipment purchases: James, If you request verification or proof of the debt, they have to send that to you by law. If they cannot provide it, they cannot continue to try to collect from you. If the card wasn t in your name or applied for by you, they won t be able to provide...

Business Debt: credit card liability, compensation policy, room charges
compensation policy, room charges, incidentals: Shari, If it is legal or not depends on the contract you have with this company. Pull out your contract and check to see if there was a time limit or anything that specifies you would be responsible or they would be responsible for those fees. then you can...

Business Debt: Dealing with company debt with company dissolution, payroll employees, personal assets
payroll employees, personal assets, credit card debt: Dear Ernest: Thank you for your question. As it seems quite loaded I will attempt to answer portions that relate to debt liability only. As it relates to corporate debt, if your corporation opened trade lines utilizing a tax id only, NOT a SS# or with...

Business Debt: Debt Collections, check stubs, debt collections
check stubs, debt collections, potential liability: Doug, If you paid off what you charged on the card and have copies of your check stubs or receipts of your payments, send that to the collection agency and also let them know that the card is not yours. If the company obtained and issued a card, they would...

Business Debt: Debt to be collected from my American partner, debt collection agency, american partner
debt collection agency, american partner, ammount: Constantin, If you can t pursue the debt yourself in the US I would contact an attorney OR a debt collection agency. make sure you provide a copy of the contract. This will help you to get paid, either with the help of an agency or attorney or if you decide...

Business Debt: Debt collection on a commission?, service advertisement, technical matter
service advertisement, technical matter, favorable terms: In direct response to the specific question that you asked, it is not uncommon for overpayments (which this would appear to be) to be treated as debts subject to collecgtion by whatever legal method the creditor decides to utilize such as collection agencies,...

Business Debt: Debt Elimination -GET OUT OF DEBT, unforeseen circumstance, legitimate companies
unforeseen circumstance, legitimate companies, area of north dakota: I would recommend that you attempt to do so on your own first. Explain your situation and let them know that you intend to resolve this but need some help. Explain that you do not intend to file BK. I would also suggest that you ask for a Supervisor...

Business Debt: Debt free free first?, debt to income ratio, sole proprietor
debt to income ratio, sole proprietor, paying off debt: Michael: First of all, thank you for your inquiry. Your father is very fortunate to have a son as concerned for his well being as you seem to be. As in life, business provides us with many opportunities to prioritize. Growth is critical to sustain a business,...

Business Debt: Debtor Examination, good answer, creditor
good answer, creditor, sorts: Just to make sure, you are being called in for a debtor s examination, not for the creditor s meeting, right? It would be impossible for me to give you a good answer without knowing more about what kind of a creditor this is and some other basics about...

Business Debt: Disolved, business credit cards, credit card accounts
business credit cards, credit card accounts, certified mail: If you requested verification of the debts within 30 days from being contacted by the collection agency and they did not provide it, you should talk to an attorney. Show him the letters you received from that agency along with your proof of requesting the...

Business Debt: deadbeat client, contingency basis, lawyer fee
contingency basis, lawyer fee, john thanks: Not a problem Bob. I would send him a 10 day demand letter. Send me your email address at jsabol@dsosolutions.com and I will send you one in which you can fill in the blanks. Send the letter to the debtor via certified mail, return receipt requested....

Business Debt: debt, exact issue, business matter
exact issue, business matter, debt collectors: Dear Alec: Thank you for your inquiry. If these firms or debt collectors are not leaving you specific information as to the nature of their calls, one might assume that their calls are erroneous. However, without benefit of the background of your case, I...

Business Debt: a debt that is over 10-12 yrs old- Robert Paisola Responds, fair debt collection practice act, debt collection practice
fair debt collection practice act, debt collection practice, fair debt collection: Sherry, If what you are saying is true, they are screwed. Let me be clear...they can not do anything. If she really did say that they were going to arrest you, then I want you to send me the information of that agency and will call them and put it up on...

Business Debt: debt, exact issue, request verification
exact issue, request verification, debt collectors: Alec, If the phone calls you are getting are getting your answering machine, that is why they dont state exact issues and just leave a vague message, they cannot leave that information on your machine by law. I would not recommend not answering or calling...

Business Debt: debt collection, vip logo, nonsense approach
vip logo, nonsense approach, international corporations: Hello Natalie, If I were you, I would immediately file a counter claim against the party that sued you for wrongful suit. I would also sue the seller of the business for non-disclosure and if you have any additional payments due on the purchase like...

Business Debt: debt collection, personal credit card, warehause
personal credit card, warehause, proof of delivery: Verification of the debt is proof or validation of the debt. Sometimes that can be a signed purchase order, or your order form when the item was purchased, ti can be a signed contract or agreement, it can be an itemized invoice or a proof of delivery. As...

Business Debt: debt collection, credit bureaus, credit bureau
credit bureaus, credit bureau, upstate ny: Roger, If you are a member of ACA or have my book Starting a Collection Agency the requirements and contact information to get those requirements filled are in a chapter dedicated to that and listed by each state you would like to collect in. Once your...

Business Debt: debt collection, collections agency, international corporations
collections agency, international corporations, standards of success: Betty, Would you please provide feedback on the allexperts site! Thanks : ) Rob ___________________________________________ Betty, There is a reason that NCO is being sued all over the nation. This is the kind of crap that they do. It looks...

Business Debt: debt consolidation, business debts, debt consolidation
business debts, debt consolidation, unsecured loan: yep garbage. U can do the same for no cost. and u cannot legally eliminate any debts without going bankrupt---- aside from paying off the debts. some firms offer to the creditors to get them to take a discount off what is owed them. THEN the borrower...

Business Debt: debt owed by me, social security number, dear kate
social security number, dear kate, debt issues: Dear Kate: Thank you for your inquiry. I regret that your business is not fairing well, leaving you with debt issues to resolve. Your partner seems well intentioned, however you both really need to consider some of the following to reach an informed decision....

Business Debt: debt, credit card debts, first data corp
credit card debts, first data corp, small diner: Alan: been there, done that. the creditor is owed money and if u sat at home, and did nothing, u would be free of his complaints. HOWEVER, you reasonably want to go forth and try new things in life and one includes a new mortgage. I had to negotiate...

Business Debt: dissolved business debt, business debts, zero money
business debts, zero money, silent partner: You shouldn t have to live like this in hiding - there are some options that you may have that could give you immediate relief, but to know for sure I would have to know more facts than you state in your question. This really would be easier to talk about...

Business Debt: dissolved business debt, business debts, zero money
business debts, zero money, silent partner: something besides the biz harmed your husband. A small biz would not do that. regardless; why shut it down--hire a manager! anyway, find some fix up real estate and buy it using hard money and sell it and give the cash to these creditors. in 90...

Business Debt: dissolved business debt, business debts, product consumers
business debts, product consumers, personal bankruptcy: Kelly, I am so sorry to hear of your difficult situation. I am saddened that it has come to a point that you can t answer your door. I would attempt to contact all of the vendors and explain your situation. Let them know that you dont have any income and...

Business Debt: Establishing Business Credit, real estate investor, establishing business credit
real estate investor, establishing business credit, ups store: You will find ALOT of information about how to establish business credit, there are many pros and cons. Check out my blog at www.BizCreditPolicy.com and other association websites for the best ways. Most business phone numbers will be included in directory...

Business Debt: Establishing Business Credit w/no pers guarantee, business checking account, establishing business credit
business checking account, establishing business credit, better business bureau: Alvin, I would check references including the Better Business Bureau on the individual that wants to charge you $2100.00 for this service. I have been in this industry a very long time and have never heard of something like this, please make sure to do your...

Business Debt: Follow Up on Credit Card LLC Issue, business mail, credit card debt
business mail, credit card debt, letter of indemnification: Gil: Thank you for your follow up question. I regret that the events that have apparently transpired make it necessary. Here is basically what has occurred; You apparently had accounts with your creditor who issued the cards in question. The bank (BofA) does...

Business Debt: Business debt, debt collector, collection agencies
Business Debt: Business debt, debt collector, collection agencies, good luck

Business Debt: Collecting on business debt, consumers
Business Debt: Collecting on business debt, consumers

Business Debt: Corporate Debt, volunteer expert, offer in compromise
Business Debt: Corporate Debt, volunteer expert, offer in compromise, debt question

Business Debt: Credit Card Machine, merchant services
Business Debt: Credit Card Machine, merchant services

Business Debt: Debt Elimination -GET OUT OF DEBT, tax irs, irs tax
Business Debt: Debt Elimination -GET OUT OF DEBT, tax irs, irs tax, filter requests

Business Debt: Establishing Business Credit w/no pers guarantee, store credit cards, dell home
Business Debt: Establishing Business Credit w/no pers guarantee, store credit cards, dell home, home depot

Business Debt: Hair salon commission percentage for employees..., clien, five dollars
Business Debt: Hair salon commission percentage for employees..., clien, five dollars, paying employees

Business Debt: Incorporated Business Credit Card Debt, cardmembers, amex
Business Debt: Incorporated Business Credit Card Debt, cardmembers, amex, good luck

Business Debt: NCO financial, inaccuracies, credit cards
Business Debt: NCO financial, inaccuracies, credit cards, period of time

Business Debt: Personal quarantee on corporate credit card., john hall, carpenter
Business Debt: Personal quarantee on corporate credit card., john hall, carpenter, telephone number

Business Debt: personal vs. LLC responsiblilities, limited liability company, personal business
Business Debt: personal vs. LLC responsiblilities, limited liability company, personal business, liabilities

Business Debt: Time limit on collecting a business debt, california debt collection laws, debt collection laws
Business Debt: Time limit on collecting a business debt, california debt collection laws, debt collection laws, california statutes

Business Debt: fighting unfair debt claim, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, debt collection law: Vic, 1. Did you let your attorney know they were still contacting you? Tell him you want him to send a letter regarding the fact that they violated the FDCPA - since if they contact you after you retain an attorney and they hear from him, that is a violation...

Business Debt: Hair salon commission percentage for employees..., commission percentage, protocall
commission percentage, protocall, t pay: Hairdressers here in New Hampshire start either at 45-50% and stay usually at 50-55%. This seems to be a good system. Commission only so if you don t do any haircuts for 2 days then you make nothing, which is a downside. A 50%commission is normal protocall...

Business Debt: HELP!!!, sba loan, due jan
sba loan, due jan, construction market: Traci: Thanks for your patience. I have done some checking around for alternatives for you. I spoke with the SBA who frankly have very little to offer. As I am unsure of what type of loan you have I assumed it was a bank issued 7A type. You stated that you...

Business Debt: How to handle small business debt., due states, fish business
due states, fish business, tropical fish: Good morning Jon, Sounds like you have your hands full;however, it appears that all of this can be dealt with. Supplier # 1 First, since you are a business, the C & D letter does not have to be honored by the collection agency. C & D s typically apply...

Business Debt: Incorporated Business Credit Card Debt, business credit card, business lawyer
business credit card, business lawyer, debt question: Yes, if you have given them the owners contact information and their attorneys contact information and they continue to contact you, you should have a lawyer contact them to put an end to it. It is illegal for a debt collector to discuss a debt with someone...

Business Debt: internal collection department, federal employer identification, federal employer identification number
federal employer identification, federal employer identification number, employer identification number: Valerie, You would need to have a new Federal ID# as well as a new name for your collection agency, since it would be a new company. If it were a department it would be under your same business name. You will also need to be licensed and/or bonded depending...

Business Debt: Judgment Collection from Credit Card Client, credit card authorization, small claims court
credit card authorization, small claims court, judgment collection: If you have already obtained a judgment, file with the same court for periodic payments. This will get you a hearing where a judge will order specific payments to be made on specific dates and if they violate that court order, they can be held in contempt...

Business Debt: What Laws protect a personal guarantor?, miranda language, personal guaranty
miranda language, personal guaranty, soft manner: Debt buyers are in fact bound by the FDCPA. If they are making an attempt to collect a debt, they are bound. Period. I was just at a seminar in which this exact topic was adressed by a huge buyer of delinquent debt. No exempt business with even think about...

Business Debt: Lease Purchase a Truck?, retail grocery stores, subjective business
retail grocery stores, subjective business, operator company: Mr. Eidson: Unfortunately I don t know if I can be of much help. In order to advise you as to the legitimacy of a particular lease agreement, especially if it involves a subjective business decision hinging on the credibility of particular businesses, a...

Business Debt: Liabilies in a small business partnership, business partnership, salon business
business partnership, salon business, personal income: You may very well have some personal liaiblity here - but yo also may have some other options to deal with this (both against the current owner you refer to and otherwise) that you have not considered. In order to suggest the best way that you might want...

Business Debt: Liability to authorized users on biz credit cards, credit card holder, career mom
credit card holder, career mom, account names: Barbara: Thank you for your question and concern for others apparently involved in your situation. Please allow me to share some defined information on this subject. Basically, an authorized user is someone authorized by the original credit card holder to...

Business Debt: Limited Liability Company, limited liability company, priority debts
limited liability company, priority debts, winding down: My father is the member of a LLC. All of the members have agreed to the dissolution and termination of the company. The business has incured a substantial amount of debt. The few assets that can be liquidated during the winding down process is insufficient...

Business Debt: LLC, liability risk, janklow
liability risk, janklow, personal debt: Josh: Thank you for your inquiry. Unless you have in any way co-borrowed or co-signed, listed the LLC on title or are a spouse of this individual, than it is unlikely any of this will have any negative bearing on you or your business. Just to be certain,...

Business Debt: LLC Collections, high interest rates, written verification
high interest rates, written verification, credit score: Dear Diane: Thank you for your inquiry. I appreciate the severity of your situation and will try to provide as much advise as I can regarding how you may be able to resolve debts. First of all, I do not know if you are still in business, but it would appear...

Business Debt: LLC debt and bill collector harassment, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, fair debt collection: Since I am not involved and have no first hand experience with this company, I do not know if they are breaking the law, if what you tell me about the calls at 7:30 am and to other people not related to the debt are the case, you would have your attorney look...

Business Debt: LLC defaul and the affect on members, filing personal bankruptcy, tax id number
filing personal bankruptcy, tax id number, timely payments: First of all, your tax advisor is mistaken. Debts that are discharged in bankruptcy are an exception to the general rule about forgiven debts being counted as gross income. If your tax advisor doesn t know that, you may consider getting yourself another...

Business Debt: LLC and personal credit, debt creditors, social security number
debt creditors, social security number, personal score: Dear H. Peters: Thank you for your question. First allow me to suggest that if you have not already done so, you may want to consult with an attorney to minimize risks during the formation of your business entity. As it relates to borrowing working capital;It...

Business Debt: My LLC, professional accountant, payroll tax
professional accountant, payroll tax, janklow: John: I truly appreciate your inquiry. The details of your tax situation are a bit vague, and I can not provide tax advice. However, I can provide an example: Let s imagine this $100,000 owed is 941 (Payroll) tax, the IRS CAN come after you personally as...

Business Debt: lawyer/home collecting, legal suit, check writers
legal suit, check writers, legal approach: When you own a collection agency and have worked the account to a point where you do not feel you can collect, you should always go back to the creditor to see what they want to do. If they want you to hire an attorney and pay for that, you would have an agreement...

Business Debt: llc business debt, fitness gym, investment co
fitness gym, investment co, business debt: Jim, I depends on the contracts and the closing documents. did you purchase the A/R when you purchased the business? Check all your agreements and the contract you have or your friend had with the company that is claiming you owe them money, you may not...

Business Debt: Mentor, startup tips, credit collections
startup tips, credit collections, mel mel: Mel, Are you looking for a mentor or for some consulting? Also, I wanted to let you know about some websites with resources that will help you while you start your agency. I have quite a few resources you can check out, one being my Credit & Collections...

Business Debt: NCO financial, levy money, future fund
levy money, future fund, legal steps: Caitlyn, If your question is Can a collection agency levy money you have without your authorization? then the answer is yes, if you owe them money they can take legal steps to do that. If you have any other questions, I will be happy to answer them...

Business Debt: New Membership w/Credit Bureaus- Wants to Start A Collection Agency- Robert Paisola Responds, major credit bureaus, nonsense approach
major credit bureaus, nonsense approach, international corporations: Stacy, Here is my bottom line on starting a collection anywhere in the country...do not do it. The business is now becomming highly litigious and forums like this kill the ability of the debt collector to push and prod for money. There is a reason...

Business Debt: non profit organization debt and personal guarantee, american express credit card, family debt
american express credit card, family debt, co signer: Hello, This is similar to co-signing on a loan. When the church did not pay, the collection agency has every legal right to go after you as the card holder since you gave your personal guarantee. The same as if a co-signer gets a call when the person...

Business Debt: Old Debt, sleeping dogs, credit score
sleeping dogs, credit score, insurance rates: Hello B Terry, Thank you for taking the time to write to me about your debt with the cell phone company. One issue that I an concerned with is that the account was originally a corporate account. In that case the obligation would rest with the company....

Business Debt: Old debts, personal guarantees, personal assets
personal guarantees, personal assets, bko: The facts that you give raise more questions than answers. It would be impossible for anyone to give you a good idea of what should be done without knowing more specific facts - was there actually one LLC and then another LLC or one corporation and then...

Business Debt: Overdue account, mail order catalogs, drop shippers
mail order catalogs, drop shippers, voice mail: Obviously you ae in somewhat of a spot here - if you cut them off you run the risk of not getting anything, but if you don t they still might do that. I would think that when all is said and done, it boils down to just that - and those are the types of decisions...

Business Debt: owning a llc company, social security number, janklow
social security number, janklow, llc company: Dear Deb: Thank you for your inquiry. It would appear that you have no role in your husbands company, unless of course he has placed you as an officer of some sort. If he incurs debt by borrowing in the business name and tax ID only, then only the business...

Business Debt: Paid debt, check copies, collection letters
check copies, collection letters, mail: Keep those check copies, that is what you need to prove you paid the debt. Unfortunately you may have to hire an attorney to send a letter with a copy of your check and any other paperwork you have to the agency in order for them to stop calling you and sending...

Business Debt: Personal guarantee, dencor, load controllers
dencor, load controllers, investigative fees: Hello again Mr Pierson: After sending you that short answer yesterday, I got to thinking about your situation and how you might better protect your position than just doing nothing. You may be in a position to file a counter claim against the people that...

Business Debt: Personal liability of business debt, personal credit cards, personal credit card
personal credit cards, personal credit card, scrapbook store: You should check with your accountant and look over any signed agreements you may have had as well as your general partnership paperwork. If your partner feels this was your business and not a partnership you may be liable if she can prove the balance is...

Business Debt: Personal quarantee on corporate credit card., ubi number, personal credit
ubi number, personal credit, heart attack: I gave you the wrong phone number. It is 214 779-3427 Settling the debt may not be such a good idea for a lot of reasons. You may have other options here. Call me if you would llike to talk on the phone. I will not charge you just to talk on...

Business Debt: payment over the phone, catalina drive, debt cards
catalina drive, debt cards, michelle dunn: Mary, Yes, You can do it yourself using any software that creates bank drafts. Some people who do this use Versacheck. Also, here are some places that will work with collection agencies, please let them know you heard about them through me. rcsmith@midamericasolutions.com...

Business Debt: personal bankruptcy and business credit cards, credit card balances, business credit cards
credit card balances, business credit cards, personal credit card: Dear Aleta: Thank you for your inquiry. I regret that you have encountered financial hardship in your business. It seems you have a mixed bag of personal and business debt. I am not sure what your goal is or your financial situation, but if you are presently...

Business Debt: personal vs. LLC responsiblilities, collection agencies, personal debt
collection agencies, personal debt, personal credit: Keith, You are personally responsible to make sure to take care of the creditors and collection agencies. You should have some paperwork from dissolving the company, and you can let them know you have gone out of business and don t have the funds, they may...

Business Debt: Quick Question, janklow, state basis
janklow, state basis, issue one: Tyler: Thank you for your inquiry. As far as I know there are two main bodies that govern the credit card industry. One is the Federal Trade Commission (FTC) the other is provided on a State by State basis with the Attorney General s office of a particular...

Business Debt: quality of companies, machinery orders, export agents
machinery orders, export agents, intelligent decision: This is outside my level of extertise although I know a little about it. The answer is yes. MOst people do pay timely and want to protect those relationships with agents. Still, there are a few who choose to take advantage of them by not paying. With D...

Business Debt: Ready to be self employeed, self employeed, federal student loans
self employeed, federal student loans, collections agency: Brandi, Are you working for an agency now? Would they consider letting your work from home for them? If you are not ready to start your own full fledged collection agency, maybe you would be interested in a franchise, this way you can work from home but...

Business Debt: robbery, michelle dunn, armed robbery
michelle dunn, armed robbery, jewelry store: Oh no, if you don t have insurance you should contact an attorney. You may be required to sell assets to satisfy the debt without the creditors taking further action. I would check with a lawyer and make sure to tell him you did not have insurance. When...

Business Debt: Small Business owner trying to collect, small business owner, contingency basis
small business owner, contingency basis, small claims court: Sorry for taking so long to respond. I was out on vacation and failed to notify the website. It appears that you have enough documentation and support. I would suggest sending a certified letter to the owner or president of each company. Include supporting...

Business Debt: SOL on HOA variable expenses, property management company, variable expenses
property management company, variable expenses, judy judy: Judy, Most states MANDATE that the Board of Directors levy assessment so that the HOA can fulfill its obligations under the law and CC&Rs to do things like maintain the common areas and provide liability insurance. Negligent billing practices by the Board...

Business Debt: Solution to cash flow problems, cash flow problems, niche market
cash flow problems, niche market, money pit: LeRoy: Thank you for your question. It is an important one, and an experience that many business owners encounter. It seems that this experience may serve as a real pinnacle for the next chapter in your vocation, but in order to gain direction you must first...

Business Debt: Starting a business, background checks fraud, computer security issues
background checks fraud, computer security issues, private investigation business: This will be a lot easier to talk about on the telephone. If you call me at this number tonight (Tuesday) or tomorrow. I will be glad to talk with you in more detail and I will not charge you just to talk on the phone. My cell number is 432 853-5711...

Business Debt: Starting a Collection Agency, startup resources, verbage
startup resources, verbage, agency resources: Florence, I would suggest you look at purchasing my book Starting a Collection Agency, it lists all the laws, types of software, and a listing of who to contact in your state for information broken down by state. Also check out this page on my website of...

Business Debt: Stigma of asking for payment, playa del sol, speakers forum
playa del sol, speakers forum, nonsense approach: Hello Scott, Thanks for writing again. Now that I understand your question, it is very simple... because of the POSSIBLE EMBARASSMENT that they feel as they ask for repayment of the money. People generally are worried about what their friends think, and...

Business Debt: Student loan asking for 25% of income, student loan deferments, sallie mae
student loan deferments, sallie mae, desperate straits: Dear Mr. Hall, I m writing from New York. After a few years of hardship (unemployment, low-wage jobs, etc.) I finally got a job that pays $45,000 a year. I had recently used up all my student loan deferments, and I called them to discuss a payment plan. At...

Business Debt: Student loan asking for 25% of income, student loan deferments, nickles and dimes
student loan deferments, nickles and dimes, lasalle street: G., This is what I know about student loans and re-paying them, I have never doen collection of student loans but checked with my Credit & Collections Association to get you this information, I hope it helps! I found out that the Department of Education,...

Business Debt: can you send me a 10 day letter so i can fill in the blanks?, collection tactics, collection accounts
collection tactics, collection accounts, personal liability: There are many variations of the series of letters that you might send regarding your collection accounts. Most go from a pleasant reminder to a stern warning over a period of 30 - 60 - 90 - 120 days past due. However, if you are going to be effective...

Business Debt: small claims, motor vehicle accident, small claims court
motor vehicle accident, small claims court, faulty workmanship: Typically the following types of situations are what is filed in a small claims court. Breach of a written or oral contract. Return of money used as a down payment. Property damage caused by a motor vehicle accident. Damage to or loss of property....

Business Debt: Getting out of a small debt, nonsense approach, international corporations
nonsense approach, international corporations, business habits: Good Morning My Anonymous Friend! Thanks for writing to me on your issue. Here is the ONLY WAY That you should approach this situation. First I would contact the original creditor and tell them that you are willing to pay, however it must be agreed...

Business Debt: i would like to start my own third party debt collections co., merchant account companies, collections company
merchant account companies, collections company, debt collections: I have quite a few free resources at http://www.credit-and-collections.com/startup-tips.html You can also join my networking group at http://www.credit-and-collections.com/index.html to network and learn from others who are just starting their agencies...

Business Debt: starting a collection agency, medical billing company, medical billing software
medical billing company, medical billing software, phone credit cards: Ramona, I have quite a few free resources at http://www.credit-and-collections.com/startup-tips.html This includes software and all the technology you need to do the checks by phone, credit cards etc. I think the lowest cost software that is of good quality...

Business Debt: US student accounts past due, judgement, student loan
judgement, student loan, debts: What is the reason you cannot pay this loan back? Alot of what happens depends on the circumstances surrounding the reason it can not be paid back, most debts can be paid back even if it is slowly, especially a student loan. If it has already gone to collections...

Business Debt: Tax trouble, tax trouble, tax background
tax trouble, tax background, tax attorney: Depending on how large the debt is, consider hiring a tax attorney to negotiate a settlement for you. Some will ask to be paid hourly while others will want a percentage of what they save you. You could attempt to contact the IRS and negotiate it yourself....

Business Debt: Time limit on collecting a business debt, debt collection practices, fair debt collection practices
debt collection practices, fair debt collection practices, fair debt collection: Tia: Thank you for taking time to ask such an important question on behalf of your friend, she is truly fortunate to have people around her with her best interest at heart! According to the Fair Debt Collection Practices Act the statute of limitations for...

Business Debt: Time to Raise an Invoice, credit card debt, legal time
credit card debt, legal time, different time: I have no idea what the satute of limitations laws are in the UK. Here in the US, it s complex as different industries have different time limits. Trucking is 9 months, while credit card debt is 36 months. SOrry I couldn t be of more assistance...

Business Debt: trying to salvage my credit, unfortunate occurrence, business checking account
unfortunate occurrence, business checking account, credit repair service: Josh: I do appreciate the follow up, and want to state that every situation is different and suggestions provided here are only that, it is up to you to make the best decisions for you. As this is not a forum to outright solicit, I will only be able to provide...

Business Debt: Unfair collection practices?, small claims court, cease and desist letter
small claims court, cease and desist letter, fair debt collections practices act: Kathryn: Thank you for your inquiry. No doubt a difficult situation for you and your business. I have inquired about your situation with some associates that have in depth knowledge regarding what the Fair Debt Collections Practices Act (FDCPA) provides to...