Archive for January, 2014
Resolving delinquent accounts with debtors is not easy. You often have to make uncomfortable phone calls to debtors and collect money from them for their bad debt. If an individual or family is in a financial crisis or suffering through a difficult time, the call can even more litigious, as they often do not want to hear from someone who is trying to get money out of them.
Essentially, a bad debt definition would be an amount owed by debtors that they are not likely to pay off. This could happen with individuals who are facing bankruptcy, or companies that are facing liquidation. This is often true for small business, as more than half of all new companies fail within the first 5 years, according to the US Small Business Administration. Continue Reading No Comments