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Business Debt/Questions
| Subject | Date Asked | Expert |
| Business Debt | 2/3/2009 | Michelle Dunn |
| Q: I am thinking of dissolving my "C" corporation, but it still has outstanding debt (credit cards). I ... A: A, No matter how you dissolve, go out of business, close your doors or otherwise, you are ... | ||
| Defunct Florida LLC being dissolved and non guaranteed debt | 2/2/2009 | Michelle Dunn |
| Q: First of all G-d bless you for all your invaluable time, knowledge and advice. Simple questions I ... A: Paul, When you say non-guaranteed, do you mean unauthorized bill? Did anyone set up an account with ... | ||
| credit card guarantor | 1/30/2009 | Christine Janklow |
| Q: I have read some of your answers re the liabilities of a credit card guarantor and found them very ... A: According to the Fair Debt Collections Practices Act,(www.ftc.gov)a creditor must notify you in ... | ||
| Lein | 1/28/2009 | Michelle Dunn |
| Q: Your question was First of all thank you for your help. I had a business in Massachusetts which was ... A: George, When you sign a personal guarantee you are committing to paying for a business expense ... | ||
| Can a collection agency report negative info on a personal credit report for a corporate account? | 1/28/2009 | Christine Janklow |
| Q: Can a collection agency report negative information on a personal credit report for a corporate ... A: Nick: Thank you for your question. I regret that you were unable to maintain a viable business ... | ||
| Business Bankruptcy | 1/26/2009 | Christine Janklow |
| Q: I am an owner of a business in california under a corp. We have owned the business for 2+ years now ... A: I do regret you and your business have come upon hard times, and although it is no conselation, you ... | ||
| business debt | 1/26/2009 | Christine Janklow |
| Q: Can an existing LLC, operating a business, close down the LLC and start a new operating entity (a ... A: Thomas: Thank you for your question.I have known other entities who have done this to try and ... | ||
| Debt Purchased by Arrow Financial | 1/24/2009 | Michelle Dunn |
| Q: I have an old credit card debt that was bought by Arrow Financial Services. I have a few questions ... A: Kristin, 1. The date opened can be the date the account was started or the date the original ... | ||
| Personal Guarentee on Business Debt | 1/21/2009 | Christine Janklow |
| Q: Here's my situation. I run a computer consulting business. Nominally, I have it incorporated but as ... A: Daniel: Thank you for your question. First let me begin by stating that I am not an attorney, and ... | ||
| Credit Cards | 1/16/2009 | Michelle Dunn |
| Q: Is it better for your credit score when you pay off a credit card and do not want to use it, to ... A: It is better for your credit score if you pay off the account and then voluntarily close the ... | ||
| "S" Corp credit card debt | 1/15/2009 | Christine Janklow |
| Q: There are 3 officer/shareholders in our company, and "S" Corp. formed 8 years ago. Business has ... A: Based on the information you have provided, the answer is yes, your creditors can opt to report ... | ||
| Small Business Credit Cards & Authorized Users | 1/15/2009 | Michelle Dunn |
| Q: very much appreciated. I have a small business credit card with a $46,000 limit, and recently ... A: 1. Anyone who does credit reporting does not need a SS# to report. Just a name, birth date, ... | ||
| collections | 1/13/2009 | Michelle Dunn |
| Q: i would like to know is there a statute of limitations, on credit card collections, for the state of ... A: Stuart, Statute of limitations in Ca : Open account reduced to writing (Credit card contract) 4 ... | ||
| SBA loan and possible foreclosure? | 1/10/2009 | Christine Janklow |
| Q: My husband took out an SBA loan in 1/08 to open a new business, which they secured with a mortgage ... A: Amanda: Thank you for your inquiry. I do not know the collection procedures of SBA, but based on my ... | ||
| no contract debt collection | 1/8/2009 | Michelle Dunn |
| Q: I did some remodeling work for a residential home owner in Utah and I gave the customer a bill but ... A: Your first step might be to try to work with the customer to find out if there is anything you can ... | ||
| no contract debt collection | 1/8/2009 | Michelle Dunn |
| Q: I did some remodeling work for a residential home owner in Utah and I gave the customer a bill but ... A: James, Did you have any written agreement BEFORE any work was done? If so, you can use that as well ... | ||
| SBA loan | 1/8/2009 | Christine Janklow |
| Q: We own a business in south Louisiana and after four hurricanes in 3 years coupled with today's ... A: Dale: Thank you for the question, and concerns regarding your situation. I believe the best course ... | ||
| SBA defaulted loan where business is dissolved | 1/5/2009 | Christine Janklow |
| Q: We renogiated with the bank after our business went under to try to pay off our SBA loan. The term ... A: Kellie: Thank you for your question. The SBA loan is secured by equity (albeit worthless on their ... | ||
| out of state check | 12/30/2008 | Michelle Dunn |
| Q: I own a small business and sell online. A customer sent me a check, received her merchandise, then ... A: Lisa, You can place the account with a collection agency or take her to small claims court depending ... | ||
| statute of limitations on old business debt | 12/30/2008 | Michelle Dunn |
| Q: Is there a statute of limitations on "business debt" in the state of Utah? A: Cindy, Each state has its own laws on debts including business debts. the statute of limitations ... | ||
| A Business partnership, Should I do it, Robert Paisola Responds | 12/27/2008 | Robert Paisola |
| Q: I have been asked to be part of a business partnership with a person who currently owns the business ... A: Mindy, Thanks for writing to me on the issue of whether you should take your friend up on the offer ... | ||
| SBA Loan settled, now in collections | 12/23/2008 | Michelle Dunn |
| Q: About a year ago I settled a SBA loan through the "Offer and Compromise" which released my personal ... A: Since you have provided paperwork and sent a cease & desist which they are ignoring, (illegal) give ... | ||
| SBA Loan settled, now in collections | 12/18/2008 | Michelle Dunn |
| Q: About a year ago I settled a SBA loan through the "Offer and Compromise" which released my personal ... A: All you have to do is send them the paperwork showing you settled the loan and the release of the ... | ||
| Buying a business with debt | 12/12/2008 | Christine Janklow |
| Q: My husband & I are looking at buying a store that has a high debt. With research we have found out ... A: April: Thank you for your inquiry. I appreciate that you have the ability to invest in this ... | ||
| collecting at a dentist office | 12/11/2008 | Michelle Dunn |
| Q: I an am office manager at a dentist office and we currently do not have an agency, we had one before ... A: Jennifer, You can have your own in house collectors that would collect on behalf of the dental ... | ||
| collection agency marketing | 12/4/2008 | Michelle Dunn |
| Q: Michelle, I am starting up a new collection agency, targeting consumer debt(retailers, medical, ... A: When I had my agency I collected mostly consumer debt, right now you should n have any problems ... | ||
| collection agency marketing | 12/2/2008 | Michelle Dunn |
| Q: Michelle, I am starting up a new collection agency, targeting consumer debt(retailers, medical, ... A: Randy, Right now with businesses everywhere looking for collection agencies, this should be an easy ... | ||
| Closing Business | 11/24/2008 | Christine Janklow |
| Q: I am the owner of a business that is incorporated in Georgia. I have already ceased all business ... A: David: Thank you for your question. I regret your business did not fare well and you were forced to ... | ||
| Corporate Credit Card Liability | 11/20/2008 | Christine Janklow |
| Q: I was recently let go from my position as a Regional Sales Manager. I had been issued an AMEX card ... A: Mike: Thank you for your inquiry. The issue of Authorized Users vs. Co-Signers is a ramped one, as ... | ||
| Suing for personal loan | 11/19/2008 | Michelle Dunn |
| Q: He owes me $7,500. He has been collecting Calif Unemploymnent Insurance for almost a whole year now. ... A: Rafael, If he claims your debt in his bankruptcy, you would not be able to do that. You might want ... | ||
| Suing for personal loan | 11/19/2008 | Christine Janklow |
| Q: He owes me $7,500. He has been collecting Calif Unemploymnent Insurance for almost a whole year now. ... A: Rafael: Thank you for your question, however I am not an attorney and my area of expertise is not ... | ||
| Partner wrote bad checks | 11/19/2008 | Christine Janklow |
| Q: I am a member of a LLC and have a business partner. My partner wrote a $4400 check that bounced. The ... A: James: Thank you for your inquiry. Your partner (you as an officer) or the company may be subject to ... | ||
| repo vs late pays | 11/17/2008 | Michelle Dunn |
| Q: my former wife is running 60 to 90 days late on her vehicle and she really can not afford it. Is she ... A: Chris, When you have a vehicle repossessed, that does not stop the payments. Many people think if ... | ||
| collection agency recommendations or sources | 11/17/2008 | Michelle Dunn |
| Q: I own a small membership based service business. Approximately 10% of my member accounts are in ... A: Jessie, If you have an account with any or all of the 3 credit bureaus, you can report your own ... | ||
| Negotiating a judgment lien settlement | 11/16/2008 | Michelle Dunn |
| Q: Dunn -- We have a judgment lien on our home (for an unsecured debt) that is eight years old. The ... A: Julia, I would highly recommend you visit an attorney for a free consultation or visit the ... | ||
| Default | 11/15/2008 | Michelle Dunn |
| Q: I sold my business in 11/07 and got a substantial amount down, however we financed the rest for an ... A: Ed, I had this exact same thing happen to me. Go back to the closing attorney and make sure you have ... | ||
| Did not sign personal guarantee... | 11/14/2008 | Christine Janklow |
| Q: I bought a vehicle about 4 years ago STRICTLY under my S-Corp. It was under the tax id number and I ... A: Megan: Thank you for your inquiry. Based on the information you are claiming, it would appear as if ... | ||
| collection agency recommendations or sources | 11/13/2008 | Michelle Dunn |
| Q: I own a small membership based service business. Approximately 10% of my member accounts are in ... A: Jessie, I have a map of collection agencies that are members of my Credit & Collections Association ... | ||
| bankruptcy | 11/12/2008 | Robert Paisola |
| Q: my grand mother own a business and she's gettting older and wanted to add me to her business account ... A: I need you to send me a detailed email to robert@robertpaisola.com outlining all of the details of ... | ||
| How does personal bankrupcy affect my small business? | 11/12/2008 | Christine Janklow |
| Q: Christine, I, like some,I was fortunate to buy a house in the early 90's and was able to triple my ... A: Kevin: Thank you for your question. I am not an attorney and can not advise you on legal matters. ... | ||
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Answers by Expert:
Michelle Dunn
Top Expert on this page
Expertise
As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals, and winner of the Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 24 years, started and ran my own collection agency for 8 years, and maintain my 12 year old Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the New York Book Festival Award. I am a repeat contributor to the Wall Street Journal, and have been featured on NPR, CNN, as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 17 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.
Experience
I have over 24 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the founder & owner of my Credit & Collections Association that I founded in 1998. www.credit-and-collections.com
Organizations
My Credit & Collections Association, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 11 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.
Publications
Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.
Education/Credentials
I have written 17 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook. My newest book is being published by John Wiley & Sons in May titled, The Guide to Getting Paid, how to weed out bad paying customers, collect on past due balances and avoid bad debt. This book is also being sold to many colleges as a text book.
Awards and Honors
My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections twice as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals by my peers.
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