A fugitive recovery agent, also known as a bail recovery agent or bounty hunter, locates fugitives who have failed to show up for court dates. Requirements vary by location, but typically include training, employment with a bail bondsman, and registration with a professional association. It takes about two years to become an agent, and they […]
Waste heat is generated by industrial processes and machinery, but can be recovered through cost-effective techniques such as waste heat recovery boilers and heat tube exchangers. This form of recycling reduces fossil fuel use and greenhouse gas emissions. Waste heat recovery systems are being developed for cars and ships to improve fuel efficiency and reduce […]
Repossession insurance covers risks for individuals and businesses in the repossession industry. It includes liability for improper vehicle towing, injury, and accidental death and dismemberment. Insurance brokers can provide policy information and comparison. Repossession insurance is an insurance product designed for individuals and businesses in the repossession industry. A person or business that participates in […]
Repossession is the act of recovering property or collateral for which loan payments have defaulted. Recovery rights vary by jurisdiction and lender, but debtors usually have the right to peaceful foreclosures and notification before the sale of foreclosed property. Lenders may not always give notice before repossession, so review loan agreements to learn recovery rights. […]
Equipment repossession occurs when equipment purchased through a loan or used as collateral is taken by a lender due to defaulted payments. Recovery can involve a wide variety of items and machinery, and may require special skills and equipment. Foreclosure of equipment can devastate a business, but salvaged equipment can be purchased at prices below […]
Voluntary foreclosure is when a debtor returns property used as collateral for a loan to a creditor instead of facing a regular foreclosure. This can be less stressful and cheaper, but it still negatively affects a person’s credit score. The debtor and creditor can agree on the delivery of the asset, and the creditor can […]
To become an asset recovery specialist, choose between finance/banking or asset recovery industries. Banks require a bachelor’s degree and knowledge of bankruptcy and debt collection. Asset recovery companies require certified training in skiptracing, communication, and legal issues. Communication and negotiation skills are vital, as is staying up-to-date on legal issues. To become an asset recovery […]
Repossessing an aircraft is more challenging than other forms of recovery due to its mobility. The lender must comply with prior notice requirements and communicate with the debtor to try to work out a revised payment arrangement. Legal action may be required, and recovery may take weeks or months. Aircraft salvage is a last resort […]
The Housing and Economic Rehabilitation Act was passed in 2008 to prevent foreclosures and provide assistance to homeowners. The act allowed the Federal Housing Administration to insure refinancing of defaulting mortgages, but only for owner-occupied primary residences. The act also created the Federal Housing Finance Agency and an affordable permanent housing fund to be funded […]
Starting a recovery business requires special licenses, insurance, and bonding. Gaining experience and researching laws in your jurisdiction is important. Purchasing equipment and choosing a suitable location are also necessary steps. The requirements for starting a recovery business typically vary from place to place. Many jurisdictions, however, require people who want to operate recovery businesses […]
ACRS is a way to claim anticipated depreciation on new property, resulting in higher tax deductions for a given year. The Tax Reform Act of 1986 established specific depreciation methods for several different classes within the ACRS. Companies can benefit from ACRS, but it may not always be in their best interest. Often referred to […]
A recovery specialist is hired by a lending institution to retrieve assets from someone who fails to pay back a loan. The job can be dangerous and complicated, and may require a high school education, a college degree in criminal justice, a commercial driver’s license, self-defense training, and possibly firearms training. The specialist may need […]
Disaster recovery and business continuity are related but distinct concepts for managing business crises. Disaster recovery focuses on specific plans for different emergencies, while business continuity seeks to ensure business continues as normal during a crisis. Both are vital to a company’s success and failure to plan can be costly. Disaster recovery and business continuity […]
Asset recovery specialists should have experience in a specific field, qualified staff, and strong relationships with buyers. Certified specialists are recommended for repossessing vehicles, and international asset recovery requires a specialist familiar with foreign laws. Choose a specialist with a successful track record and satisfied customers. The best asset recovery specialists will have years of […]
Judgment recovery involves collecting money or property from a debtor after a court issues an injunction in favor of a creditor. The creditor can pursue recovery themselves or sell/assign the judgment to a third party. Options for collecting from a debtor include wage garnishment, seizure of assets, and forced sale of assets. Selling the judgment […]
The IRS in the US can impose a trust fund recovery penalty (TFRP) on businesses that fail to withhold or deliver taxes owed to the government. The penalty can also be imposed on individuals responsible for payroll processing. Failure to pay into the trust fund can impact employee benefits. A trust fund recovery penalty (TFRP) […]
Lead sourcing involves electronically scanning attendee badges at events to quickly generate contact lists for follow-up communication. This modern method saves time and increases the chance of converting leads into customers, but requires permission from attendees to scan their badges. Lead sourcing is a term used to describe the process of quickly and easily generating […]
A judgment recovery specialist helps recover legal damages after a court order for payment. They use tools to locate creditors and can file liens or take debtors to court. They are assigned an interest on the debt and may prepay or accept payment at a later date. It’s important to review the contract carefully before […]
A W-shaped recovery is when an economy experiences two significant dips, interrupted by a brief rise, before the final recovery takes place. Investors need to be aware of this type of recovery as it can be easily confused with a V-shaped rally, leading to false security and potential losses. A W-shaped recovery refers to an […]
Enterprise recovery planning, also known as disaster recovery planning, is a strategy to help businesses deal with emergency situations such as natural disasters, power loss, and corporate espionage. The plan includes offloading functions to unaffected facilities, outsourcing functions, and preparing an escalation procedure. It is important to identify key functions and departments, backup equipment, and […]
