National Debt Collections
Box 50032, RPO Clareview

Edmonton, Alberta
T5Y 2M9
Phone 1-877-443-4004

National Debt Collections

With a big business attitude and a feel for the heartbeat of our business community, National Debt Collections is the perfect solution for debt recovery problems for small to medium size businesses.  

No Collection No Charge

Over fifty years of collection experience has given this Alberta based company an edge in one of the most rapidly expanding competitive marketplaces. No debt is too big or small for our experienced collectors.

:: Hot Topic Area :: Hot Topic Area :: Hot Topic Area

 

Creditor's rights in bankruptcy

All too often, creditors get a bankruptcy notice and they assume they have neither rights nor alternatives with respect to their claim against the debtor.   Not (entirely) so:

Creditors in bankruptcy are entitled to:

1.  Share in any distribution from the bankruptcy estate according to the priority of their claim.   Most unsecured, non wage claims come low in the priority scheme, and may receive little or nothing.

2.  Be heard by the court in matters concerning the debtor's plan (in chapters 11, 12, and 13), the liquidation of the debtor's non-exempt assets, and payments from the assets of the estate.

3.  Challenge an individual debtor's right to a discharge or to discharge the debtor's particular debt.

 

Here are a few credit facts:

  • Of those people who have credit cards, about 10% have total card balances greater than $10,000.
     
  • 36% of those people have an annual total household income under $50,000 and 13% have household incomes under $30,000. *
     
  • About 1 in 8 people use 80% or more of their credit card limit. *
     
  • In 2003 1.6 million people filed for bankruptcy, another record year
  • What May A Creditor Do to Collect?

    If a borrower misses a payment the creditor can demand payment by giving the debtor notice of the amount owing, including interest charges, and the date of the repayment. If the debtor still does not make a payment there are several other collection methods a creditor may use.

    1. The creditor may hire a collection agency. Creditors use these agencies when the debtor refuses to pay, avoids the creditors demands, or becomes hard to find.  

    2.Often credit agreements will allow the creditor to seize and sell goods bought on credit without taking Court action if the debtor fails to make proper payments. Creditors refer to these arrangements as "secured debts".

    3. The creditor may take legal action in the appropriate Provincial Court. If the creditor wins the case the debtor may be ordered to repay the debt according to his/her ability.