Form ID: EAR129
If a business cannot collect a bill, they can decide to sell the bill. Companies can actually sell the account for pennies on the dollar. This way, the company is no longer responsible for the debt. A debt collector can then try to collect the debt. If the bill is still uncollectable, it is then the fault of the debt collection agency. While this may lose the original business some money, the original company will lose less than if they were to hold onto the debt.
However, if a creditor is unable to collect a debt, they may be able to write it off. When a business has tried to recover a debt to no avail, they may be able to write the debt off. An paid debt cant be claimed as long as the debt cannot be collected after an understandable amount of time.
If a client files for bankruptcy, the file will also come back as uncollectable. In this case, a business will have no other choice than to claim the unpaid debt when filing their taxes. This will be the only way for a creditor to avoid losing their whole investment.
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