Commercial Collections Blog

Changes have been made to the bankruptcy laws in 2010.

The new amendments to the U.S. Bankruptcy Code have seen changes to Chapter 7, making a Chapter 7 bankruptcy filing harder.

The changes also make elimination of certain debts more difficult to be removed through the process and is set to impact higher income and middle income groups when filing Chapter 13. If the total household income is higher than the state average, then those need to be filed under Chapter 13. These changes apply when the majority of the earners in the house have an average income more than the state average. The changes also include suggestions to increase attorney fees. It has also been noted that the increase in bankruptcy filings is due to the large number of credit card debts. For more information on your city, visit collection agency by city and contact us for further information.

Technorati Tags collection laws

We hope that this information on Nevada Collection Agencies assists you. The following is a summary of the Nevada Collection Laws. Some important facts about the laws of debt collection including the statutes of Nevada, Nevada judgments, liens of Nevada, interest rates in Nevada, Nevada Bad Check Laws and Collection Agency Requirements for Nevada.
NEVADA COLLECTION LAWS IN INTEREST RATE
Legal: 2% Over Prime
Judgment: 2% Over Prime

NEVADA STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 6
Lease: 4
Domestic Judgment: 6
Foreign Judgment: 6

NEVADA COLLECTION LAWS BAD CHECK LAWS (CIVIL PENALTY)
Amount due, protest fees three times check amount not more than $500, or less than $100

NEVADA COLLECTION LAWS FOR GENERAL GARNISHMENT EXEMPTIONS
Garnish only. 25% of Disposable earnings for each week or 30 times federal minimum hourly wage (whichever is less)

When you need local help on debt collection on your area please call us (702) 920-0247 or for more information and contact for Las Vegas Collection Agency, and will be glad to assist you on your accounts receivable

The information here may not be 100% accurate and should not to be construed as legal advise. For information regarding Nevada Collection Law go to Nevada Law Library

Technorati Tags collection laws

When it comes to collecting what it owed to you, it is important to know the laws of your state and how they affect your business. Burt & Associates keeps a diligent watch on the ever-changing laws of each state in order to make sure our clients’ accounts are managed properly. Our website provides you with a summary of the collections laws in every U.S. state. Simply go to Summary of Collection Laws.

Burt & Associates is a SAS-70 Type II certified and compliant Commercial Collection Agency. Please give me a call today to get us working for you.

Regards,

Jerry Curtis
President & CEO

WHAT’S HOT NOW!

The Motley Fool… www.fool.com Get their top 2 two stock tips now! To Educate, Amuse & Enrich.

Earn Your Green Certification – Business owners who want to make their companies environmentally friendly have numerous resources they can use.

Green Seal sets environmental standards for products such as paints, stains and coatings, paper towels and napkins, even residential cleaning services. Those products that succeed in reaching those standards are certified and listed on their Web site.

Energy Star is a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy to identify efficient products and practices. Its consultants examine the manufacturing and assembly process and use of components.

Is Your Bank Stable? Use the FDIC’s Bank Find page to locate the bank and then click to review your banks’ financial reports.

Educational Tidbits For Today’s Credit Executive
Customer Deductions and Inflated Receivables

Customer deductions, whether valid or invalid, can be a nightmare to those who deal with accounts receivables. Often such deductions as freight, pricing and even sales tax can sit on an AR ledger for long periods of time until they are either credited or paid back by the customer. There are dozens of different kinds of deductions that customers take. In fact, numerous surveys have shown that more than 80% of the time deductions are valid and should be credited promptly. Some companies have systems in place that allow for a quick resolution of these items, yet in other firms (and it often varies by industry not necessarily firm-to-firm) deductions can sit on a company’s books for as long as six months or more. The result? Inflated receivables that in the long run can cost your company money. If a company’s credit line is, even in part, tied to its AR, then the inflation of this current asset could adversely affect the amount that company can draw against–a thought to consider when evaluating your overall AR status.

The Credit Manager’s Q&A Corner

QUESTION: Explain the ramifications if an original financing statement is destroyed.

ANSWER: Occasionally, a filing officer will destroy an original financing statement. While this doesn’t affect the validity of the filing and a continuation statement extends the validity, you may, as a creditor, have difficulty proving the contents and filing of the original financing statement.

Technorati Tags collection laws

When it comes to collecting what it owed to you, it is important to know the laws of your state and how they affect your business. Burt & Associates keeps a diligent watch on the ever-changing laws of each state in order to make sure our clients’ accounts are managed properly. Our website provides you with a summary of the collections laws in every U.S. state. Simply go to Summary of Collection Laws.

Burt & Associates is a SAS-70 Type II certified and compliant Commercial Collection Agency. Please give me a call today to get us working for you.

Regards,

Jerry Curtis
President & CEO

Educational Tidbits For Today’s Credit Executive
The Role of Mark-to-Market Accounting In the Credit Crunch: Unintended Consequences and Possible Reform

The relevance of mark-to-market accounting, which uses current market prices to value a company’s holdings, is being seriously questioned, particularly amid the current credit crunch, as some feel the accounting method is forcing companies to recognize greater losses than they would otherwise. In effect, what mark-to-market accounting does is force companies to recognize losses on holdings even when they don’t intend to realize a loss by, say, selling those holdings. For example, American International Group Inc., the big insurer that has been essentially nationalized, said over the summer that using market values on its holdings forced it to chalk up larger losses that it actually realized on certain derivatives. Specifically, AIG at one point estimated that it would have to realize between $5 billion and $8 billion in losses, sizable to be sure but nowhere near the $25 billion in losses that it had to record based on mark-to-market accounting.

While criticism about the accounting method have become more acute recently, questions go back quite some time. Last fall, toward the beginning of the credit crisis, Ben Bernanke, head of the Federal Reserve, questioned whether mark-to-market accounting was contributing to destabilizing markets. Most recently, a proposal in the Senate-approved version of the financial rescue bill affirms the authority of the Securities and Exchange Commission to reevaluate the issue and to suspend mark-to-market accounting.

The Credit Manager’s Q&A Corner

QUESTION: Explain the importance of cash collateral in the context of a Chapter 11 bankruptcy filing.

ANSWER: While the automatic stay prohibits creditors from seizing collateral through legal action, the U.S. Bankruptcy Code also limits the extent to which a debtor can use cash that’s generated through the sale of inventory or the collection of receivables subject to a prepetition lien. In both cases the important thing is cash collateral, which is generally any cash assets in the hands of the debtor at the time of the petition which are subject to a valid and properly perfected security interest.

Technorati Tags collection laws