Navigating the realm of debt collection can be a tricky endeavor, especially if you’re unfamiliar with some of the more common collection terminology that debt collection lawyers and other collection professionals use on a daily basis. Let’s go over some of the more common terms, so you can begin confidently discussing your case with a Halpern debt collection lawyer in Minnesota.
Put most simply, accounts payable are the amount of money owed by a business to its creditors, which are usually suppliers. In the context of your household, your household’s accounts payable represent the money you owe to your cable provider, gas company, etc.
The opposite of accounts payable, a business’s accounts receivable are the money owed to that company by its customers, contract parties, monthly operating expense payees, etc.
An account becomes delinquent when it is no longer being paid according to the payment arrangement already agreed upon. For example, if a business’s customer is more than 30 days past due, his or her account is usually considered delinquent.
Bankruptcy is a legal proceeding which offers a consumer or a business the opportunity to reorganize debts or be relieved of most debt obligations. By filing a Bankruptcy Petition with the Bankruptcy Court, a consumer or business is essentially admitting an inability to repay outstanding debts.
If you need assistance with the collection of accounts receivable, let a Halpern debt collection lawyer in Minnesota help. At Halpern, we can litigate cases in all State, Federal, and Bankruptcy Courts in Minnesota. Give us a call, or contact us via our online form. We offer free consultations, so there’s no cost in initially discussing your collection challenge with us.