A financial executive in Scottsdale, Arizona, Jonathan Koop has served as the president and chief executive officer of a company named Bankrupt Debt Acquisitions since 2010. In his leisure time, Jonathan Koop enjoys caring for his Bengal cat.
Although Bengals are domestic cats, they resemble wildcats in many ways. The Bengal breed was started by the mating of a leopard cat (a wildcat breed common throughout South Asia) with a domestic house cat. Although American Jean Mill had no intention of breeding her leopard cat when she purchased it at a pet store, she was surprised when it mated with a common house cat. Within four breeding generations, the Bengal began taking on the dependable temperament of domestic cats.
However, the Bengal does have unique behavioral characteristics. True to its wild origins, the breed is muscular, athletic, and energetic. But like house cats, Bengals makes exceptionally loving, affectionate, and playful pets.
Receivables specialist Jonathan Koop founded and serves as CEO of Bankrupt Debt Acquisition, a Scottsdale, Arizona company that purchases and services bankrupt assets from banks, debt traders, and government agencies. Jonathan Koop has attended several industry trade shows, such as the one put on by Online Lenders Alliance (OLA).
OLA applauded the recent guidance issued by four federal agencies to lenders in offering small-dollar loans. A small-dollar loan is a form of short-term credit available to financially distressed individuals. The guidance was issued by the Federal Reserve Board of Governors, the National Credit Union Administration, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
The issuance of the guidance was in accordance with the observation of the Federal Reserve that the financial crisis brought by the coronavirus has made it difficult for 40 percent of Americans to even raise $400 to defray out-of-pocket expenses. A small-dollar loan is a readily available credit option for individuals during this crisis.
For OLA, the guidance is a welcome development, since small-dollar loans provide flexibility to individuals. Additionally, the guidance recognizes that interest rate caps on short-term credit have previously made such products impossible, but a number of lenders are now making such short-term loans, even at no interest.
The guidance strengthens the position of OLA members, most of which offer credit to non-prime consumers. Small-dollar loans truly provide a lifeline to Americans during this difficult time.
Owner and founder of Bankruptcy Debt Acquisitions, Jonathan Koop is a member in good standing of the receivables management industry. Jonathan Koop, through his company, uses his significant experience and a proprietary evaluation method to analyze and effectively liquidate bankrupt portfolios.
A common misconception surrounding bankruptcy is the idea that a company or entity needs to be insolvent to file for bankruptcy. However, these terms are not equivalent and the states or conditions need not coexist.
An insolvent entity is one that can’t comply with its financial obligations. The failure to honor those obligations can be due to a variety of reasons, and the entity is never required to file for bankruptcy.
On the other hand, an entity can choose to petition for bankruptcy to receive protection under the Bankruptcy Code if it is unable to meet its financial obligations. It’s important to note that almost all business entity types (corporations, partnerships, etc.) qualify for bankruptcy, and insolvency is not one of the requirements to do so.
A caveat is involuntary bankruptcy. Unsecured creditors can attempt to petition for the involuntary bankruptcy of a debtor if they can show the debtor is not honoring its debts when they are due.
Jonathan Koop is an expert in management of bankrupt receivables who has completed professional coursework in ethics and compliance. A graduate of Northeastern University, Jonathan Koop serves as the CEO of Bankrupt Debt Acquisitions in Scottsdale, Arizona, a firm he founded in 2010.
Bankrupt Debt Acquisitions is a full service receivables management firm that specializes in the liquidation and monetization of bankrupt portfolios. The organization, which maintains membership with the Online Lenders Alliance, focuses on developing and maintaining lasting business relationships while making clients the top priority.
In addition, Bankrupt Debt Acquisitions adheres to a set of security and compliance protocols that ensure data protection and compliance with industry standards. The firm’s business model involves comprehensive training for all employees on compliance and security guidelines. Moreover, company policies and procedures comply with all local, state, and federal laws, including the Fair Credit Reporting Act and the Gramm-Leach-Bliley Act, among others.
For additional information on security and compliance protocols at Bankrupt Debt Acquisitions, visit http://www.bkacquisitions.com.
Jonathan Koop offers financial resolutions for debts from bankrupt businesses and consumers through his company Bankrupt Debt Acquisitions of Scottsdale, Arizona. As part of his philanthropic work, Jonathan Koop donates to the Phoenix Children’s Project.
The Phoenix Children’s Project strives to improve conditions for children under 16 years of age living below the poverty line by providing them with essentials such as food, clothing, and other items. Most of the children they serve come from single-parent households with incomes below $15,000 per year.
At their headquarters at 1047 North 28th Street, the project operates its Family Matters Program, through which households receive boxes of laundry supplies, toothpaste, shampoo, and toilet paper. Provisions also include meat and several days’ worth of food. Twice per month, the Midwest Food Bank supplies these needs, and also accepts monetary and in-kind donations from the public. Other assistance provided includes diapers, wipes, baby powder, lotion, washcloths, and other necessities for new mothers.
In addition to meeting material needs, the project organizes summer camp weeks for children who maintain good grades. The agency sponsors activities such as kayaking, hiking, and fishing at its camp near Mormon Lake. Camping equipment ranging from sleeping bags to backpacks is provided at no charge.
Arizona resident Jonathan Koop is founder and CEO of Bankrupt Debt Acquisitions, based in Scottsdale. As a part of managing his business, Jonathan Koop is currently working toward his Receivables Management Association International certification (RMAI), which included taking a course on the new California Consumer Privacy Act (CPAA). The CPAA could potentially be the model on which the rest of the states base their laws as they relate to data collection and consumer rights.
The CPAA took effect in January 2020, and it outlines a number of consumer protections. First, it grants consumers in California the right to access personal data that businesses have gathered on them (identifying information, personal records, geo-location, biometric, etc.). Consumers also have the right to request that information be removed or deleted.
This law also requires that businesses inform their employees regarding the information that is being collected on them. Information that is covered includes online activity and mobile-tracking data. Employers also have to explain to their employees how this information is going to be used.
Parents also have some privacy protections as they relate to how information is collected about their children. Companies must obtain parental consent before selling or sharing the child’s information.
Finally, consumers also can take the initiative in determining whether their information is stored or collected. The law allows for consumers to request information collected about them be deleted, and consumers have the right to opt-out of providing businesses data.
Moreover, there are penalties for businesses that do not comply. If violations are intentional, companies can be fined $7,500, and for unintentional lapses, the fine is $2,500. The law also makes allowances for class action lawsuits to be brought against violators.
This law provides California residents with more autonomy in deciding whether they want to share their information. The rest of the country is expected to follow soon with their own versions of the consumer privacy act. Maine and Nevada have already enacted similar (albeit narrower) versions of the law.
Bringing more than a decade of experience in bankruptcy asset management, Jonathan Koop supervises the operations of Bankrupt Debt Acquisitions as chief executive officer. To keep up-to-date in the industry, Jonathan Koop attends industry trade shows, including conferences hosted by the National Creditors Bar Association.
Founded in 1993, the National Creditors Bar Association (NCBA) is dedicated to offering educational and networking opportunities to firms practicing in bankruptcy, law, foreclosure, student loans, and other areas. Scheduled from May 13-16, the NCBA 2020 Spring Conference, like previous NCBA conferences, will offer great opportunities to stay updated with the latest educational content while providing chances to meet and interact with vendors and earn Continuing Legal Education (CLE) credits.
The conference, scheduled to take place at Omni Atlanta Hotel, Atlanta, will offer networking opportunities and educational sessions. Scheduled meetings include the NCBA Board of Directors Meeting on May 13, which is open to all NCBA members.
Jonathan Koop 