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If you have to borrow money, especially from a financial institution, chances are you will sign a promissory note. Promissory notes are debt instruments accepted in most countries, and they are common in business transactions. A promissory note becomes a legally binding document when both the lender and borrower sign it. In this post, we review

If you’re often getting paid through a check, sometimes bounced checks happen. And while bounced checks might feel like you are being tricked or scammed, the customer might have made an honest mistake. It's, therefore, crucial to contact the customer and try to resolve the situation as soon as possible. However, if the customer is adamant about

All collections can be divided into two types – commercial and consumer. The lines are often blurred because of the nature of what is being collected, but generally speaking, there are clear differences between commercial and consumer debts. Whatever your current position is, understanding the differences is important for tackling debt collection effectively. What are Commercial Collections? A commercial

While you may not wish for it, it isn't unheard of for debtors to miss a payment due to various reasons. Such cases may leave you at a disadvantage, especially if you are in dire need of payment. Whereas debtor's prison is a relic of the past, there are a number of legal options that lenders can

Dealing with a party that has defaulted on their car payment can be tasking, and rightly so. You have to make attempts to repossess the car without breaking Michigan laws that govern said recovery. This article delves into all you need to know about Michigan repossession laws and how best to protect yourself in the

Residential evictions have become a hot topic in Michigan. As you probably know, COVID-19 destabilized everything. But as things normalize, a lot of the past restrictions have been lifted. Thus, eviction laws in Michigan during the pandemic are slowly easing up. As a landlord in Michigan, you'd probably want to know whether you can evict a

Have you entered into a contract with another party, but they have dishonored the agreement or acted in bad faith? When you enter into a contract with another party that is supposed to pay you some money, there is a chance that they may fail to honor the terms of your agreement. A breach of contract occurs

Late payments or missed payments can leave severe, even unrecoverable, damage to a business and with COVID-19 restriction, it’s important more than ever to keep your cash flow steady and predictable - in order to stay afloat. To help businesses and creditors out, we have written a practical, in-depth guide to commercial debt recovery that will

Many creditors have an internal "collection attorney vs. collection agency" debate when seeking help with debt collection without ever understanding the key differences between the two. And unfortunately, creditors who make a mistake and pick the wrong option may never end up getting repaid. If you hire a debt collection agency when you should be relying on