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ISSUE # 22
AUGUST 2013

GEEK SPEAK

 

Getting paid on time is the real mark of a company that's "going green!"
heads up

Chapter 13, under the U.S. bankruptcy code, is generally referred to as a wage-earners repayment plan, and it is an attempt to reorganize an individuals debt by paying certain creditors over a period of time. This would be applicable to sole-proprietorships or partnerships and in some cases corporations where there is a single shareholder. Typically, the debtor will make monthly payments to the trustee that will be applied to his outstanding debt, which consists primarily of mortgage debt or liens on other property debtor hopes to keep. The bankruptcy trustee will ultimately pay this money over to the creditors entitled to a share once the debtor's plan is confirmed. The opportunity to seize or garnish these funds arises when the debtor's bankruptcy is dismissed. This is possible because the automatic stay is terminated on dismissal and property in the hands of the trustee is no longer property of the estate,
in that instance the funds being returned to the debtor can be seized through garnishment while in possession of the trustee.

 

 

Courts are divided on the effect of a garnishment issued pursuant to state or federal law and served on the Chapter 13 Trustee after a Chapter 13 case has been dismissed but before the Trustee has returned funds on hand to the debtor pursuant to 11 U.S.C. ยง 1326(a)(2. A recent bankruptcy court case held, the more persuasive view is that if a plan has not been confirmed and the case is dismissed, a Chapter 13 Trustee is subject to a properly issued writ of garnishment or levy by a judgment creditor or taxing entity, either state or federal.

 

This is another reason to consult with experienced collection counsel for assistance in collecting outstanding debts.

 

ARTICLE SUBMITTED BY ATTORNEY JAY C. SHEINFELD

UPPER DARBY PA 

 

 DEWEY CHI'TING
LARSON  NY 

july dewey 1
july dewey 2
ORIGINAL ARTWORK BY MARC.ART, INC.
ASK AN ATTORNEY

 
 
Q: "How do you determine when a settlement offer makes sense and what criteria do you consider when making a recommendation of acceptance or rejection?" 


 A: That certainly is the Million Dollar Question. I think it can be divided into 3 areas:

 

1. The Legal Arena

 

Here you look solely at settlement from a legal perspective. How strong is your case, How strong is the documentation you have. What is the client's position. How long will it take to weave through the legal process. Do you want to take the time and energy to deal with answering interrogatories, producing documents, appearing for a deposition, arbitration and trial or are you more valuable working on your business and not spending time in the litigation molasses.

 

2. The Creditor's Financial Arena

 

Are the settlement funds or payout schedule critical to your cash flow or can you afford not to get this month for months or years.

 

3. The Debtor's Financial Arena

 

Based on what you know regarding the Debtor's financial situation, is the settlement fair or is the Debtor low-balling you. Does the Debtor really have cash flow issues or just trying to get something for nothing.

 

These 3 arenas must be evaluated in the acceptance or rejection of an offer and must be discussed with the client and attorney.

  

 
H. Joshua Chaet
Chaet Geleerd LLP 
Chicago IL 
  
A: You have to evaluate a settlement offer based upon the strengths of the creditor's case.  The more likely it is tjat creditor would prevail at trial, the higher that settlement offer should be, up to 99.999%.

Some of the issues to consider: Did the customer lodge a written complaint? If so, was the issue resolved to the customer's satisfaction, in a timely fashion, by the creditor? If there is no record of a problem with the order, is the debtor in current financial distress and unable to make full payment?

A judge told me that the best settlement is the one that both parties hate equally. Quality collection representation can tip that scale in favor of the creditor.


Elliot Portman 

Roe, Taroff, Taitz & Portman LLP  

Bohemia NY 

 

 

 
A: I believe the most important consideration for accepting or rejecting an offer or any other proceeding against a debtor is a determination of collectability. If an offer is made I always look at all of the financial information that I can obtain from the debtor and any other financial information that can be obtained to determine if we pursue legal action and obtain judgment and what are the prospects of collecting some or all of the account. Pursuing legal action after rejecting a settlement offer, and obtaining judgment for the full amount does not result in any payment unless the debtor is collectable. The second thing I look at is what type of counter-claim. Obviously, if the costs are more than the ultimate collection on the account, a business decision must be made. There are times when a client might wish to pursue a debtor on the matter of principle, but they show going in that the principle may cost them more than they ultimately may be able to obtain.

Another factor that I look at when evaluating a settlement offer is who am I dealing with. I have had experience with many of the lawyers and debtor representatives over the years and, depending on who I am dealing with and the offer that is received may be a preliminary offer or a final offer. Making a counter-offer to one made by the debtor is a rejection of the initial offer and there is no guarantee that the original offer can be revived. Therefore, it is important to be able to evaluate who you are dealing with and whether recommending a counter-offer is appropriate. Collectability, costs, and owner evaluation are the major factors that I look at in making recommendations to a client.


William A. Rinehart

Rinehart, Scaffidi & Mathews

Milwaukee WI

 

A: Whether or not an offer makes sense truly depends on the client needs.  If recovery is the only  issue before the client, then one wants to make the most informed decision possible.  In order to do that properly, one must have a honest and complete financial disclosure.  It is strongly recommended any information provided by the debtor be confirmed or corroborated to the extent possible.  Typical documents that will assist with corroboration are tax forms, W-2s, 941s and other business records.  On the liability side, liens, support orders, bank statements, UCCs and documents demonstrating the balance owing on those UCCS are extremely helpful.  A complete and thorough review of income, hard assets, long term obligations, both secured and unsecured and monthly obligations or recurring expenses should be secured. 

 

Once this detailed information is provided, our recommendation to accept, reject or counter will be based on this information, disclosing to the client what is corroborated and what is not and then applying those facts to any state laws regarding garnishments, exemptions or other laws that protect the assets and whether they are encumbered or not.

 

For some clients, recovery is not the only concern.  How they are perceived by other debtors or the length of time recovery will take can effect whether the offer is acceptable or not.   In conclusion, whether an offer makes sense depends on the client's needs and securing a comprehensive and truthful disclosure of the debtor's financial coupled with laws that protect the debtor.          

 

Charles L. Litow 

LItow Law Offices 

Cedar Rapids IA 

 

LET PICB HELP YOU BE AWARE!


COLLECTION SERVICES: PICB is the Graphic Art Industry's dedicated credit and collection agency. With more than 35 years of experience helping printers get paid from slow and non-paying customers our expertise will earn your respect and gain your trust. Our rates are below industry averages but our results are superior.


RESOURCES: PICB's web portal to government websites that provide real-time, free information that can be helpful when determining a customer's stability or viability. These sites provide users an ability to verify business registrations, civil records, lien information and much more.


DUE DILIGENCE REPORTS: When you don't have the time to review the information provided by the customer, PICB will do it for you. Our reports are compiled the old fashion way of 'hands on' extensive research while using the 21st century tools to maximize results.


RISKEE BUSINESS: PICB's free service that provides unlimited access into our extensive database to determine if a potential customer is already known to PICB.
In This Issue
CREDIT TIPS
DEWEY CHI'TING
ASK AN ATTORNEY
KREDIT KARMA
Quick Links  

PRINTING INDUSTRY CREDIT BUREAU CONTACT INFO: 


ANDREA SCHLACK
PRESIDENT

 

DENNIS ADAMS
VICE-PRESIDENT
COLLECTIONS MANAGER

 

RICK CRUZ
CHIEF RESEARCH 
OFFICER

 

DAN COMER 

OFFICE ADMINISTRATOR

danc@picb-us.com

 

KREDITKARMA

DON'T GET BITTEN TWICE

 ******************

UNCOLLECTED

JUDGMENTS AUGUST 2013

FOR A COMPLETE LIST

GO TO 

www.picb-us.com

   

ALEC BOWERS DBA DIAT CONCEPTS LTD

IL

 

ANDREW EPERI INDIVIDUALLY AND DBA AFRIQUE

IL

 

ALEX FINO DBA SF TRANSPORT SERVICES

PA

 

ASSOCIATED AIR PRODUCTS

FL

 

BERG PRINTING ENTERPRISES LLC DBA MASTERPRINT

WI

 

BLUE INK

IL

 

CCMP D/B/A/

BERYLMARTIN

IN

 

CHRISTOPHER NICHOLAS CAMPOS D/B/A CAMPOS SCHOOL PORTRAITS

AZ

 

 

CMY&K ADVERTISING

 NY

 

CMY&K PUBLISHING

 NY

 

DALE JASLOVE IND D/B/A HEALTHCARE CONSTRUCTION

 MI

 

DBR ENTERPRISES INC & ANNA FREGRON AS PERSONAL GUARANTOR

SD 

 

DESI TALK INC. A DISSOLVED IL CORP & HEMANT BRAHMBHATT DBA  

IL

 

DIRECT MEDIA MARKETING INC.  

NE

 

EL SOL NEWSPAPER

IL

 

EMERY LITHO OF NASSAU LLC

NY

 

EWA KUCHINO D/B/A/ A TO Z MEDIA GRAPH A DISSOLVED IL CORP

IL

 

FRANK FINOCCHIARO INDIVIDUALLY & T/A LBT SYSTEMS & LBT SYSTEMS INC.

 NJ

 

FIRST FRUITS BEVERAGE COMPANY LLC

VA

 

GREGORY'S FURNITURE & MATTRESS LLC

NJ

 

HI INDIA, INC.,

 IL

 

HIGHER STANDARD ENTERPRISES INC D/B/A I TOUCH PUBLIISHERS.COM
NC

 

HIP HOP WEEKLY
ENTERTAINMENT, INC
FL

  

HOME VIDEO STUDIO INC IN

 

HOMETOWN HEATING & COOLING INC AND RICHARD E FOX INDIVIDUALLY

 NY

 

INDIAN HILL SYSTEM INC AN IL CORP AND ROBERT KELLY D/B/A
IL

 

JILL MORGE

NTHALER FOR CONGRESS
IL

 

JIM WEEMS D/B/A
J PRINT SERVICES
ID

JOSEPH D RINDER INDIVIDUALLY AND D/B/A BELTONE HEARING AID CENTER

 NJ

 

KARRY MATHESON INDIVIDUALLY AND D/B/A MATHESON CUSTOM PRINT

UT

 

KENMAR STATIONARY

 NY

 

KRISTYS MOORE A/K/A KRISTYS WAGGONER D/B/A ORION PUBLISHING
CA

  

LISA DOTE INDIVIDUALLY AND D/B/A G GRAPHICS AND D/B/A PRINT THIS

 IL

 

PET ENTHUSIAST PUBLICATIONS INC
NE

 

PHILIP D CHRIST D/B/A GREAT IDEAS
NY

 

PHILIP BASILE D/B/A P&M GRAPHICS
NJ

 

PHILIP BASILE D/B/A MINK INC
NJ
 

 

REACH MARKETING SOLUTIONS LLC

GA

 

RICK VETKOS DBA

BELTONE OREGON

OR

 

RODD MURPHY DBA

RODD MURPHY & ASSOCIATES

NY

 

RON CARTER DBA

SOUTH STREET JOURNAL

IL

 

RUMORS ON GRAND INC. A DISSOLVED CORP & KATHLEEN M VOGT AKA KATHLEEN TEWS 

 IL

 

SANDESH PUBLICATIONS, INC. 

IL

 

SANDESH PUBLICATIONS INC & HEMANT BRAHMBHATT AS GUARANTOR

IL

 

SEARCH 1 AMERICA F/K/A LUX PREMIER LUX PUBLICATIONS LLC DBA LUX PREMIER

IN 

 

 

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