June 2002
Upcoming Events
Towing Rodeo - August 9-11, 2002
Collection Skills Seminar - September 20, 2002
Livingston County Expo - October 9 & 10, 2002
Detroit Dental Society - November 23, 2002
Welcome to Our New Clients
- Classic
Billiards, LLC
- Dr. Choe
- Tecumseh
Acres, PTO
- JB Stanton
Communications Inc.
- Westbrook
Company, LLC
- Pathology
& Laboratory
Management Associates
- Kapnick
Insurance
- Hometown
Wireless
- Christopher
Otto Builders
- American
Towing, Inc.
- Jerry's
Towing, Inc.
- Robes
& Kobliska, P.C.
- Dr. Kenneth
Mydlowski, DDS
- James
I. Smith
Our Offices
Adrian Credit Bureau
(517) 265-8161
Ann Arbor Credit Bureau
(734) 665-6173
(800) 710-4821
Jackson Credit Bureau
(517) 787-5333
SUMMER'S HERE!!!
"Summer's here, that suits me fine
It may rain today but I don't mind
It's my favorite time of the year and I'm glad that it's here"
-James Taylor
I love that
song and I love summer too.
Last winter,
I was putting in some marathon hours on a pretty regular basis. The weather
was bad and the skies were ugly, so I promised myself that when summer
came I would take some time off during the week to do some of the things
I was dreaming about. Take the kids fishing for a few hours, sneak out
and play with some collector buddies or just go home and grab a beer and
sit in the sun and talk to my wife, Marti. After all, look at the hours
I'm putting in. I should be able to bank a few. Slip away without feeling
like a kid skipping school praying not to get caught.
A couple
years ago I befriended a couple of Germans on vacation here in the states,
only to learn that in most European countries the work force takes, and
in some cases is required to take, from six to ten weeks off each year.
They qualified it by saying it makes for a more productive worker. Lazy
Europeans, I thought. How possibly could that much time be taken off and
it not effect the efficiency of the company? They were just trying to
smokescreen the issue. Lazy Europeans.
What brings
up this whole issue of taking time off was yesterday, in speaking with
an executive at a hospital. He told me with great enthusiasm and a twinkle
in his eye how he took the day before off. "What did you do?"
I queried. "I did some chores around the house that I had been putting
off for way too long, like sharpening the mower blades. You know that
kind of stuff." Not the answer I was expecting. But he was just so
pleased he took care of those nagging little things he had been putting
off for so long, it inspired me.
So if you
think this month's article is a little short, maybe not as good as the
others, you're right. You see I'm in a bit of a hurry. A hurry to get
the article done cause I'm ... Shhhhh ... sneaking out early and taking
a few hours to goof off. I suggest you try it sometime too.
"Summer's here, I'm for that
Got my rubber sandals got my straw hat
Got my cold beer, man I'm glad that it's here."
-James Taylor
Bob Barden
R.J. (Bob) Barden, Jr.
Hours of Operation:
Our hours of operations are:
8:30 am - 8:00 pm Monday - Thursday
8:30 am - 5:00 pm Friday
8:30 am - 12:00 pm Saturday
As you can
see, our hours are extensive. This is so we will be available to you and
your debtors. It allows us to receive as well as make calls to your debtors
during the productive evening and weekend hours. Our goal is to be there
when your debtors are.
High Payment of the Month
Dawn, one of our top collectors was awarded with the high payment of the month award.
She collected $7727.95 for a local medical center!
THE BASICS OF BANKRUPTCY LAW:
WHAT EVERY CREDITOR SHOULD KNOW
By: Janet M. Ziulkowski, Esq.
Throughout the past year, businesses have been deluged with notices from
the bankruptcy court notifying them that one of their clients has filed
bankruptcy. Frequently, businesses automatically forward the notices to
their accounting departments marking the debt as a "write off"
before investigating whether they can actually collect all or part of
the debt. The creditor mistakenly assumes that once the debtor files bankruptcy,
the debt is uncollectable. This is not always true. Collectability of
the debt depends on many factors, including the type of bankruptcy the
debtor files.
There are two forms of bankruptcy relief, liquidation and rehabilitation.
The three most common forms of bankruptcy are chapter 7, 11, and 13. In
the chapter 7, the trustee collects the debtor's non-exempt property,
converts the property to cash, and distributes the cash to the creditors.
The debtor turns over all his non-exempt property to the trustee so that
he may obtain a discharge. The discharge releases the debtor from further
personal liability for his pre-bankruptcy debts.
Generally, chapters 11 and 13 are designed to rehabilitate or reorganize
the debtor, for liquidation. Creditors usually look to the debtor's future
earnings to satisfy their claims instead of liquidating the debtor's property.
The debtor retains his assets and pays the creditors from post petition
earnings through a court approved plan.
Chapters 7 and 11 are available to all forms of debtor, including individuals,
partnerships, corporations, and limited liability companies. Chapter 13
can only be used by individuals with "regular income" who have
unsecured debts of less than $250,000 and secured debts of less than $750,000.
The most common mistake creditors make when faced with a notice that the
debtor has filed bankruptcy is to ignore the notice. They either write
the debt off thinking it is uncollectable or they waive their rights to
collect the debt by sitting on the notice and missing the deadlines for
filing claims or objections to discharge. Creditors must be aware that
there are various situations where they not only can get some or all the
money owed, but they may be able to reclaim the goods that were shipped
to the debtor prior to the petition being filed. Unfortunately some creditors
never get past the notice because they mistakenly assume the worst.
Another common mistake creditors make is to continue collection proceedings
against the debtor thinking that if they hurry up and collect their money
before the bankruptcy court takes the assets the creditor will recoup
some of its losses. However, once the debtor files the bankruptcy petition,
creditors are automatically "stayed" or restrained from taking
further action against the debtor, their property, or attempting to enforce
their liens unless the bankruptcy court lifts the automatic stay. There
are severe penalties imposed on creditors who violate the automatic stay,
so don't do it.
Bankruptcy is a complicated area of law and this article only touches
a few issues creditors face when a debtor files bankruptcy. If I leave
you with one thought, it is this; when faced with a notice of bankruptcy
from a debtor, act quickly and decisively. Remember, sometimes a creditor
has only a few days to protect its rights, particularly when goods have
been shipped. Call your attorney immediately so he or she may assess the
situation and advise you on how to proceed. Don't wait, don't assume anything.
You may be waiving rights you don't know you have or violate laws you
don't know are there.
Debbie Hundersmarck
Client Sales & Service Representative
Thank you for stopping by...
A big thank you to our dental clients who stopped by our booth at the Michigan Dental
Association. It was great to see you there!
Dr. Sasaki
Dr. Coleman
Dr. Lesh
Dr. Charlick
Dr. Rydding
Dr. Blanden
Dr. Ross
Dr. Bates
Dr. Tonks
And the Winner Is ...
As you may or may not know, a few of our staff members recently attended the Michigan Dental Association Convention. It was held at the Lansing Center in downtown Lansing May 9-11. We would like to thank all our clients that stopped by our booth to say hello. It was nice to see your smiling faces!
We also want to announce the winner of our drawing for the week-end get away to the Soaring Eagle Resort and $50 gift certificate to the Harley Davidson store. The winner is:
Karen McCave
from Dr. Gary Dwight's office in Lansing. Congratulations to our lucky winner! Hope to see you all next year.
Debbie Hundersmarck
Client Consultant
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