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Bad debts in business
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[QUOTE="Caramelle, post: 218113, member: 150"] [JUSTIFY]People who plan to make money by giving out loans should be equipped with knowledge of applicable laws as well as appropriate documentation. Bad debts have become increasingly common these days due to economic reverses and the lender needs the law's protection in cases of default or the debtor's refusal to pay. After the grace period and after exerting reasonable efforts and time to collect, the creditor should seek a court's intervention to recover his money as well as the interest for its use. Depending on the amount of loan, the creditor may file a collection case through a small claims court or a civil court. Both courts will need proper documentation to proceed. The creditor needs to prove that the debtor owed him/her money and that the transaction was legal. Even then, the debtor may claim bankruptcy or the lack of feasible means to pay the debt at present. Thus, lending is a risky business. [/JUSTIFY] [/QUOTE]
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