In our continuing effort to provide unparalled service and resources to our clients, Security Financial Solutions, LLC has provided our clients with this free, online Resource Center.
Here, our customers can find detailed information concerning many aspects of debt, collections,and recovery. Understanding the terminology and laws is one of the first steps towards building an effective collections policy.
A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts.
Three basic types of bankruptcy cases are provided for under the Bankruptcy Code, each of which is discussed: Chapter 7, which involves liquidation of assets; Chapter 11, which deals with company or individual reorganizations; and Chapter 13, which is debt repayment with lowered debt covenants or payment plans. Bankruptcy filing specifications vary among states, leading to higher and lower filing fees depending on how easily a person or company can complete the process.
If one of your debtors files for Bankruptcy there are specific rules that you need to follow, but you do not automatically need to give up all hope of recovery. SF Solutions can help you evaluate each situation and recommend the most promising course of action.