Today's challenges in collections force new decisions by creditors

Article Abstract:

Credit card companies can protect themselves from disastrous losses arising from bad debts by transforming the way their collections departments are managed. This change in the collections process starts with recognizing what is possible. Old rules should be discarded and technology that empowers managers to make speedier decisions should be embraced. Outsourcing strategies should be developed while the account flows should be reengineered in a manner that expedites the collections process. Relationships with suppliers, particularly those with similar culture and mission, should also be developed. Lastly, levels of expectation should be increased using these partnerships and management team initiatives. All these change efforts can considerably improve the collections process, ensuring the success of credit card issuers for years to come.

All Other Plastics Product Manufacturing, Plastic Credit Cards, Management, Credit cards, Credit and debit card industry, Credit card industry

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Chapter 13 - what it is, why debtors file for it and what you can do about it

Article Abstract:

Creditors can obtain more money from debtors' Chapter 13 bankruptcy filings if they understand the rules of, as well as the reasons for, filing Chapter 13. The reasons why debtors file Chapter 13 include a desire to keep their home or their assets. Debtors' assets are not liquidated under Chapter 13 as they are under Chapter 7. Instead, debtors must propose a Chapter 13 plan. Creditors who do not want debtors in Chapter 13 can take steps such as challenging Chapter 13 eligibility, which involves close examination of secured and unsecured debts. Secured debts should not exceed $350,000, and unsecured debts cannot exceed $100,000.

Analysis, Cases, Debtor and creditor, Bankruptcy

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