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Personal Guarantees in Commercial Collection: How Helpful Are They?

The McHughes Law Firm

It is a prudent credit manager that attempts to obtain personal guarantees from the principals of an incorporated entity to which credit is being extended. In conjunction with the execution of a personal guarantee, the well-informed credit manager will also attempt to obtain a personal financial statement from the guarantor.

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Finding A Collection Agency: Part 1 - The 5 First Steps

Credit Management Company

They’ll be more familiar with the rules and how to adhere to the Fair Debt Collection Practices Act (FDCPA). Find out how they track debtors. Develop a debt collection agency list of characteristics. You’re dealing with your clients’ sensitive, personal information, and so is your commercial collection agency.

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties

Jimerson Firm

5th DCA 1980) (“Since the appellees unconditionally guaranteed payment of the debt to the bank, clearly the bank could obtain a judgment for the deficiency against each of the guarantors and the debtor. However, the indebtedness can be collected only once, and any payment on any of the judgments must be credited to the others.”).

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