The term “Mini-Miranda Rights” refers to the fact that, when an individual is taken into custody by the police, they are read their Miranda Rights. However, when an individual is simply being questioned about their debt, they are not read their Miranda Rights. This has led to some individuals being tricked into confessing to their … Read more
The phrase “re-aging debt” refers to the process of changing the reported date of first delinquency on a consumer’s credit report. This can be done by the creditor themselves or through the use of a debt management company. The goal of re-aging debt is to improve the consumer’s credit score, making it easier for them … Read more
Bad debt recovery is the process of recovering payments from customers who have failed to pay their invoices. This can be done through a number of methods, including sending reminder letters, making phone calls, or using a debt collection agency. When a customer fails to pay their invoice, it becomes a bad debt. This can … Read more
. What is Insolvency? How Does Insolvency Work? What Are the Contributing Factors to Insolvency? What can we learn from Chapter 11? Debt management is the process of handling debt in a responsible and effective way. This includes understanding different types of debt, developing a budget, and creating a plan to pay off debt. There … Read more
A lien sale is a type of sale in which a lienholder sells the rights to a debt to a third party. The third party then becomes responsible for collecting the debt from the debtor. This type of sale is often used when the lienholder is unable to collect the debt themselves. Is lien a … Read more
A debtor in possession (DIP) is a debtor who retains possession of his/her property during a bankruptcy proceeding. The debtor is not required to surrender any property to the bankruptcy trustee. Instead, the debtor is allowed to keep possession of his/her property and to use it in the operation of his/her business. A DIP has … Read more
A frozen account is a financial account that has been temporarily suspended or restricted by the account holder’s bank or credit card issuer. This may happen if the account holder has failed to make a required payment, has been involved in fraudulent activity, or for other reasons. A frozen account may also be called a … Read more
A “time-barred debt” is a debt for which the statute of limitations has expired. This means that the creditor can no longer sue you for the debt, and you can no longer be legally obligated to pay it. However, just because a debt is time-barred doesn’t mean it’s gone for good. The creditor may still … Read more
A wage assignment is an agreement between an employee and employer that allows the employer to deduct a certain amount from the employee’s wages and send it directly to a creditors. This can be a useful tool for employees who are struggling to pay off debts, as it can help them stay current on their … Read more
Bankruptcy: Types and How It Works What are the five steps in bankruptcy? 1. The first step in bankruptcy is to assess your financial situation and figure out if filing for bankruptcy is the right option for you. This means taking a close look at your income, expenses, debts, and assets. 2. The second step … Read more
