Creditor

of his own free will and thus having a conscience. He then muses over the idea of guilt, mentioning how the word guilt and debt are very similar in the German language. (II:8) This leads to the idea that guilt was originally separate from accountability. He furthers this point with the idea of punishment in older societies. He states that punishment was originally not in the form of guilt, but instead in a physical retribution. He admires this method as it eliminates the mental turmoil of modern day guilt. If a promise couldn’t be fulfilled, the creditor, or one owed the promise, would still be able to get retribution in the form of seeing his debtor in pain. (II:10) This lead to a greater satisfaction to society when a debt couldn’t be paid. Also, this ensures the unfaithful debtor will have this transgression burned into their mind making them more accountable in the future. Furthermore, this brings up the notion of debtor and creditor. Where in the past, after punishment, there was no guilt and no feeling…

30 days. It is important to know that collectors do not like to validate debt or process credit repair demands. From a collectors perspective they are playing a numbers game; they want to send out collections letters and collect money. They would rather not tangle with debtors over the details. If you do not dispute the debt within the 30 day period allowed the collector is likely to ignore your request. Credit Repair Options Once you have a collection notice in hand there are a couple of…

Check with each creditor; pull your original contractual agreements, etc. In some cases, creditors extend loans to your LLC or Incorporation, but in others they actually extended the credit to you personally. This is an extremely important distinction to determine. If you did NOT personally guarantee the debt, the creditor cannot legally go after you personally for the debt. They’ll only have the right to go after the business. If the business operations cease, the lender cannot collect from you…

("Chapter 13 - Bankruptcy Basics.") These documents are essential for the court and the court appointed trustee to verify the information on the petition. In addition to the schedules and other supplementary forms, the debtor must also turn over the previous year’s tax return to the trustee. Similar to the other forms of bankruptcy, a petition stays all creditors from taking legal actions to collect outstanding debt. Chapter 13 bankruptcy also contains “a special automatic stay provision that…

Client: 7939-042018 Hello Marcelino, I trust you had a good Memorial Day observance, and apologize for just getting back to you; as being closed for two days and with the shortened work week, we are scrambling to get caught up. Having said that, to answer your questions, the credit reporting agencies (CRAs), Original Creditors (OCs), and Collection Companies all have 30 days to respond to a consumer's dispute. However, the bureaus can extend this period for an additional 15 days, if additional…

this role changes, depending upon the different types of cases and the judgment given by the bankruptcy court. These legal professionals are usually the representatives of the creditors, but depending upon case to case, it is also their duty to keep a watch on the debtor's action. For example, if it is a chapter-7 case, their duty is to make sure that all the assets and properties of the debaters have been liquidated as per the laws. At the same time, they also work in favor of the debtors, by…

By checking potentials customer’s history and information it will help prevent bad debts in near future. If L Brown had a thorough credit check, Chloe may have found that he was financially unstable to pay his debts off. But Chloe has allowed L Brown to purchase on credit nonetheless, and it says that Chloe has even allowed him to purchase more chocolates when he hadn’t payed off his previous amount from 2 months ago. His debts have now accumulated to $9,500 and Chloe was forced to write if off…

shareholders and creditors. Shareholders are the owners of the business. Very often, they do not manage the firm as they lack the necessary expertise. Subsequently, they appoint managers to manage the firm on their behalf. Hence, in this situation the shareholders are the principals and the managers are the agents. In…

Some states require filing documents before notifying creditors and resolving claims; others require filing after that process. Certain states require tax clearance for the company before the Certificate of Dissolution can be filed. In these cases, any back-taxes owed by the corporation or LLC must first be paid. Contact your online incorporator, registered agent or Secretary of State's office to learn more. • Step 3: Filing federal, state, and local tax forms Although you’re ending operations,…

and got into serious trouble when they were unable to pay their debts. Creditors were able to seize property as well as have the person imprisoned until the amounts were paid in full. Landing in debt prison was a horrible prospect and many died in the dark dungeons that served as prisons when they were unable to raise the amount of debt owed. The thought of a debtor’s prison was a motivating threat that worked effectively in having people clear their debts. The prison was a sure death trap as…