Accounts Receivable/Consumer Debt Collection - From Delinquency to Bankruptcy: 2-Day In-Person Seminar
Scott Transue, Owner, Freedom Day Tax and Accounting LLC
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||"Accounts Receivable/Consumer Debt Collection - From Delinquency to Bankruptcy" - This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 16.5 CPE credits upon completion of this workshop.
Consumer debt collection is among the most regulated areas of business there is. In fact, the United States is known to be "debtor-friendly", meaning debtors typically have more rights and protections than creditors. The Federal law that regulates consumer debt collection is the Fair Debt Collection Practices Act. Companies that have full knowledge of this Act normally fare ok with debtors. Those that do not risk a civil lawsuit. The issue is that the Act itself is open to interpretation in many areas, and even veteran collectors get tripped up by it. Business-to-business (commercial) debt collection is governed by the Uniform Commercial Code, and the government tends to take a more "hands off" approach. This seminar will delve into both consumer and commercial debt collection regulations, and offer best practices to increase your company's rate of recovery while remaining within the bounds of the law. We will also cover how to handle being sued by a debtor for alleged violations of the law, and how to pursue aggressive collection techniques properly. Finally, the seminar will cover how to handle a debtor bankruptcy.
- Learn how to increase Accounts Receivable recovery without violating Federal law
- Learn how to use the credit bureaus as one of your biggest weapons against debtors
- Learn how to use more aggressive collection techniques like judgments and garnishments
- Learn how to minimize the impact of a lawsuit brought by a debtor for violation of Federal law
- Learn how to deal with people other than the debtor to obtain information you need to collect on delinquent accounts
- Learn how to deal with debtor bankruptcy and understand what you MUST do to protect your rights
- Full understanding of the Fair Debt Collection Practices Act
- Full understanding of the Bankruptcy Code and how to protect your rights
- Comprehensive analysis of the three major areas of the FDCPA that trip up even experienced collectors
- Comprehensive analysis of the civil lawsuit process and how to defend yourself in court if sued by a debtor
Seminar Fee Includes:
USB with seminar presentation
Hard copy of presentation
$100 Gift Cert for next seminar
- Fair Debt Collection Practices Act
- Fair Credit Reporting Act
- U.S. Bankruptcy Code
- Medical Collections - HIPPA Guidelines
- Uniform Commercial Code - Personal Guarantees and Promissory Notes
- Choosing a Collection Agency - And Knowing When to Find a New One
- New Law Related to Bankruptcy Filings You MUST Know About
- How One Simple Email Can Land You in Court
- Being Sued by a Debtor - Best Practices
Who Will Benefit:
All professionals who want to expand their knowledge in the fields of consumer and commercial debt collection strategies. Case studies and interactive exercises will reinforce concepts learned. Best for Accounts Receivable staff, Controllers, and Collection Agency personnel.
We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail email@example.com.
Field of Study:
- Administrative Practice: 3.6 CPE Credits
- Business Law: 9.7 CPE Credits
- Regulatory Ethics: 2 CPE Credits
- Specialized Knowledge and Applications: 1.2 CPE Credits
- Total CPE credits earned in this workshop: 16.5 CPE Credits
Program Delivery Method: Group-Live
Program Level: Intermediate
Advance Preparation/Program Prerequisites: None
|Day One (8:30 AM – 4:30 PM)
||Day Two (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM
- Introduction to Debt Collection and the Regulatory “Backdrop”
- Fair Debt Collections Practices Act
- Origin and History
- The Three Areas that Trip Up Even Seasoned Collectors
- Harassment, Threats, Illegal 3rd-Party Disclosure
- Penalties for Violating the FDCPA
- Case Study One – The Collection Agency That Would Not Quit
- Fair Credit Reporting Act
- Why It’s Your Biggest Weapon
- Educating the Debtor Regarding Negative Items on their Credit Reports
- The “1099-C” Strategy for Lenders
- Uniform Commercial Code and HIPPA
- Overview of Sections Pertinent to Commercial Collections
- Promissory Notes and Personal Guarantees
- How to Properly Structure Trade Credit Terms
- Remaining Within HIPPA Guidelines during Medical Collections
- Case Study Two – Lapses in the Commercial Credit Process
- Proper sequencing of documentation
- Determining whether or not to extend trade credit
- National Association of Credit Management
- Understanding Credit Fraud and Preventing It
- Comprehensive Case Study: Different types of credit fraud
- The Bankruptcy Code
- The CRITICAL Difference Between “I am broke” and “I am bankrupt”
- General Background of Bankruptcy Laws
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy (Commercial Only)
- Chapter 13 Bankruptcy
- Chapter 9 Bankruptcy (Specific to Public Entities)
- Chapter 12 Bankruptcy (Farms and Fisheries)
- Protecting Your Rights during Debtor Bankruptcy
- Dealing with the Court
- The Meeting of Creditors
- Two Things You MUST Do to Protect All the Money You Are Owed
- The “Means” Test – Chapter 7 versus Chapter 13 Bankruptcy
- Aggressive Collection Techniques
- Judgments and Garnishments
- The Homestead Exemption and Other Exempt Property
- Why a Judgment is No Guarantee You Will Ever Get Your Money
- Being Sued by a Debtor
- Flowchart of Process
- Why Settling Out of Court Might Be Your Best Option
- Choosing a Collection Agency versus Staying “In-House”
- Accounts Receivable Aging Schedules – What They Are REALLY Telling You
- Examples and Comprehensive Case Study.
Meet Your Instructor
Owner, Freedom Day Tax and Accounting LLC
Scott has presented seminars in over 30 states. He holds Enrolled Agent licensure through the Internal Revenue Service, giving him unlimited representation rights for taxpayers experiencing collection issues with the IRS. He holds a Master of Public Administration degree from SUNY-Albany and is a Continuing Education instructor for ComplianceOnline. He has co-authored one book and is contributing author to two others. He owns his own tax firm, Freedom Day Tax and Accounting LLC.
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