Most small businesses always struggle to maintain enough finances to keep their operations running smoothly. There may come a time when it is no longer possible to keep the business afloat. In times like these, the best way to save your business is by declaring business bankruptcy. We hope that such a situation does not arise for your business, but if it does it is always better to be informed about your options. In this article, we will give you a brief overview of three types of business bankruptcy. Moreover, we will also tell you about a professional and excellent attorney who can tackle your business bankruptcy case and any other legal problems related to your business.

· Business bankruptcy chapter 13: This type of business bankruptcy mainly aims to reorganize your business debts with regular income. If your business is under sole proprietorship, you can file for business bankruptcy chapter 13. You will need to file a repayment plan with the court detailing how you are going to repay your debts. Filing for this chapter can help you save your house.

· Business bankruptcy chapter 11: If your business is a partnership firm or a corporate organization, you can file for chapter 11 bankruptcy. In this chapter, you will be able to continue your business operations under the supervision of a court-appointed trustee.

· Business bankruptcy chapter 7: If your business has no chance of being saved and no future, you can file for chapter 7 bankruptcy. Instead of restructuring, this chapter aims to liquidate your business and its assets. This chapter can be used for sole proprietorships and partnerships.

These are your options in case of bankruptcy and The Law Offices of Patrick L. Cordero will help you navigate through the legal implications of these bankruptcy chapters. The law firm has a professional and experienced team of lawyers who will help you file business bankruptcy chapter 7 and 13 efficiently. With years of experience, the law firm has helped numerous individuals and businesses navigate the plane of legal procedures. So, if you need to file for business bankruptcy, you can contact The Law Offices of Patrick L. Cordero for legal assistance.

About The Law Offices of Patrick L. Cordero:

The Law Offices of Patrick L. Cordero is a leading law firm that provides professional bankruptcy and debt collector attorney.

For more information, visit https://attorneycordero.com/

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Processes of debt collection and debt recovery are handled by the debt recovery agency. These two processes do sound similar, but there is a difference. However, once you decide to hand over this task or this responsibility to a professional agency, the agency becomes accountable for the matter. But it is important that you too have the knowledge about the same, and it is necessary to understand the difference between the two terms.

Debt Collection

When we say the term debt collection, it refers to the process in which creditors attempt to recover credit and loans that have not been paid back by a consumer. For example, if a person misses a payment for a loan, then the person’s creditors will soon be in contact to prompt or ask the person to make the payment.

Debt Recovery

Debt recovery is processed, if and when a loan continues to go unpaid. In such a situation, a creditor hires a third party or debt recovery agency to focus on collecting the money.

There comes a time when people (especially those who are dealing in some kind of business) are unable to manage the debt recovery process on their own. Unquestionably this process is quite a difficult and time-consuming task. It requires a kind of expertise that is a mixture of being strongly professional, highly knowledgeable to implement the tactics yet polite. And, that’s exactly a debt collector Singapore offers.

• A professional debt collection agency has a highly professional team that can handle worst to worst situations in the most professional and polite manner.
• They have the time and the sources to get the job done on behalf of their client(s).
• They have traits of a salesperson, qualities of being a customer service representative, are great listeners, all at the same time.
• They are expert in resolving a delinquency.
• And are expert in the art of balancing empathy with collections

It is important to investigate enough before making a final decision of hiring a debt collector agency. Remember to choose an agency that is well-recognized, reputed, and highly experienced. Choose a Singapore Debt Collector agency that keeps a relationship-driven approach, and focuses on closing deals and providing favorable solutions on time. You must consider approaching an agency or a firm that follows a rule to scale with the flexibility to strengthen operations so that you are served with great professionalism. Reliable and trustworthy debt recovery agencies like Resolute Debt Recovery offer expert services. Team of professional collectors at such agencies are well-trained and familiar with debt collection laws in Singapore. 

For more information, visit https://www.resolutedebtrecovery.com.sg/ 

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If you need expert assistance for debt collection or debt recovery, then you must consider some important qualities in the agency you are finalizing to hire. Nowadays, due to the availability of the best source that is none other than the internet, there is no trouble in finding out a list of available agencies. But even a long list of providers might put people in a state of confusion. Sometimes, people just rely on the list, pick any they see, and in most cases, they regret their decision later. So, the wise move is to do your research, take help and support from the internet and other sources as well, but do not forget to consider qualities that a professional debt collector Singapore must-have.

Effective Communication

Communication skills with a high level of effectiveness are the top quality of professional debt collectors. Make sure to approach Singapore debt collector who keeps an effective communication channel to resolve the problems in a most proficient manner.

Negotiation

Remember that a debt collector has to be a negotiator. Being able to negotiate and being a good negotiator! It is different between the two, and the line of distinction is very thin. A good negotiator is someone who is an expert in the art of dealing with people. Debt collection or debt recovery is all about dealing with people and achieving the expected solution.

Empathy

You must ensure that a debt recovery agency has professionals as a part of the team, who understand the significance of keeping empathy towards clients. That is because they need to view the situation and the scenario from the client’s perspective. If a debt collector holds the quality of being empathetic, then you are on the right path.

Persistence

It is important to approach the debt collection Singapore who understands the importance of maintaining a balance between professionalism and empathetic behavior. Also, the professional debt recovery professional or debt collector must have a quality of being persistent because not everything can be achieved in a blink of an eye.

Above are the qualities that any professional debt collector must-have. And, you must consider approaching a reliable, trustworthy and highly experienced debt recovery agency with an expert team with mentioned qualities. You can take advantage of the best source that we all have – the internet. You can search for the official website of the agency in Singapore. There you can read reviews and feedback from previous clients. Gathering other details such as specialization, terms, and conditions, policies, service-costs, et cetera is important too. After all, you would not want to put yourself in more trouble as the debt recovery is already an issue.

There are various agencies offering debt collection services for business owners and organizations. Only a reputed debt recovery agency in Singapore like Resolute Debt Recovery assures clients to provide comprehensive assistance and make sure the clients can save their time and can pay attention to other quality important business tasks.

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Presently, business companies struggle with several challenges. One of the biggest challenges companies face is associated with debt recovery and collection. These issues related to debt recovery and collection are directly connected to financial matters and profitability. That is why companies need to be very specific and attentive towards it. As there are a lot of other tasks to handle too, companies approach professional Singapore debt collection service. It is easy to search and find the entire list of available service agencies for this purpose, but it can be a little hectic to select the best out of all. Below are some major considerations discussed to ensure companies pick the best service agency for debt recovery and collection procedures on their behalf.

Reputation and Accreditation

It is important to check on the reputation and accreditation of the agency before jumping on the final decision. It is important to gather information about the company’s reputation in the market, years of serving in the field and the track record to date. People must investigate enough about the agency’s areas of operation along with their work-style of assisting clients in the market. One of the major attributes of a professional and legal debt collector Singapore is its problem-solving expertise, which cannot be ignored at any cost.

Technology innovations and digital solutions

Duties and responsibilities of a good debt collection or recovery agency are not limited to provide the best services to its clients, but the agency must take responsibility to stay updated to the needs of the market and changing scenarios by keeping a balance of attuning to technology innovations and digital solutions.

Tailored Assistance

Not all companies face similar issues related to debt recovery and collection, so it is important to approach an agency that offers tailored and personalized solutions to each client. The team at the agency must be competent enough to listen and understand the client’s requirements, issues, and then step ahead to provide beneficial and integrated solutions.

Competitive Price

People must ensure to approach Singapore debt collection service agency that offers genuine assistance, guaranteed solutions, related to debt collection and recovery at competitive prices.

Punctual Services

This is another important factor to consider. If the debt recovery or collection process is not accomplished with favorable results within the period, it can cause more trouble to a business company. That is why people must ensure to approach an agency with a dedicated team that focuses and promises to offer punctual services.

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A business suffering from bad debt conditions is not uncommon. However, the level of such conditions might vary from company to company, but bad debt is bad debt. Mostly, business owners manage small bad debts, but an ample amount keeps the power to bring the business down. That is so because it can cause a liquidity crunch. So the smartest and wisest decision any business company can make is to approach a reliable debt recovery agency. With plenty of available options, the selection of the right agency can be quite daunting. To make this task easier, below are some important points that people must consider as part of their research, before making a final decision.

Due to the Internet facility, people can have access to a long list of available service providers or agencies. They will come across several such agencies that will claim to provide the best assistance to others. People must not trust any of them blindly and must do a proper investigation to track down the record of the company(s).

Background Check

People must ensure to find out about the agency’s credibility, reputation, and recognition in the market, in their thorough research. In simple words, they must go for the debt collector Singapore agency’s background check.

Years of Experience and Serving in Industry

People must ensure to approach a highly experienced agency that holds specialization in dealing with certain industry types. For example, some require debt collection assistance for startups and small businesses, and there are larger companies too. People need to make sure the agency they are hiring has enough experience handling and dealing with customers and clients of a certain industry (according to their business type).

Professional Yet Courteous Customer Treatment

No business company would want to spoil its image and reputation in the market by damaging the relationship with customers. That is why business people must ensure to approach Singapore debt collector who is competent enough to interact with customers most professionally and politely. Professional yet courteous customer treatment is very important.

Some other factors or points people must keep in mind are licensing, team, fees, and cost, et cetera. By keeping the above-discussed points in mind, people can easily select the best debt recovery agency in Singapore like Resolute Debt Recovery, that offers expert services. Debt collectors at reputed agencies are well-trained and familiar with debt collection laws in Singapore.

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