Category: Good debt vs bad debt
Options for Personal Debt Recoery Solutions
With the ever changing economy, bad debt can happen to just about anyone. Bad debt happens when the debtor files bankruptcy or when pursuing collection is going to cost more that the debt itself. There are plenty of steps to take in preventing bad debt, but if it is too late, you should begin researching personal debt recovery.
If you are a small business, bad debt can lead to net losses rather than profitability. When this becomes the case, you are going to have to choose a small business debt recovery solution. Keep in mind however that when a debtor files for bankruptcy, you can no longer send correspondence to the business regarding their debt.
The majority of companies keep bad debt reserves in case that small number of their creditors will not pay off their debt in full. This can be a g
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