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BAD DEBT
Accounts receivable that will likely remain uncollectable and
will be written off. Bad debts appear as an expense on the
company's income statement, thus reducing net income. In
general, companies make an estimate of bad debt expenses that
might be incurred in the current time period based on past
records as part of the process of estimating earnings.
Most companies make a bad debt allowance since it
is unlikely that all of their debtors will pay them in full. You must establish that you have
taken reasonable steps to collect the debt and the debt is
worthless. It is not necessary to go to court if you can show
that a judgment from the court would be uncollectible. You may
take the deduction only in the year the debt becomes worthless.
Debts
A debt becomes worthless when the surrounding facts and
circumstances indicate there is no longer any chance the amount
owed will be paid. This occurs after all attempts are made to collect on
the debt. Bad debt is usually a product of the debtor going into
bankruptcy or where the additional cost of pursuing the debt is
more than the amount the creditor could collect. This debt, once
considered to be bad, will be written off by the company as an
expense.
Debt
Consolidation
Due to the tremendous demand for debt consolidation services the
United Kingdom is now overloaded with debt management companies
that contain misleading information, therefore it is very
important that you take the time to read our brand new debt
warning and advice page. Just use common sense, if it sounds too good to be
true, it probably is. Remember if a company is advertising its
services on TV or in a NEWSPAPER then BEWARE.....these companies
do not care about you they are just salesmen.
Debt Management
Genuine, professionally competent, regulated financial advisers
have their place, but it is important that people in need have
access to free, impartial money advice and that they take care
to distinguish them from those whose 'help' may well compound
their problem. Because of the time lag as the non-paid sale
becomes an overdue account, you go through various collection
procedures.
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