For those of the Jewish faith, the Beth Din is an option to traditional legal debt collection in New York.
New York state recognizes the rabbinical court. As such, any arbitration awards are enforceable in New York state courts. This means that any award rendered by the Beth Din can be confirmed in a New York state court and converted to a judgment. Continue reading “New York Debt Collection in the Beth Din” Read more...
The disclaimer “past results do not guarantee future performance” is true of many things including the recovery rate for commercial debt collection.
A prospective client asked if I maintained statistics of our past NY Debt Collection claims. Whether he wanted to size us up, confirm the likelihood of collecting his claim, or both, the question was direct and a good one.
If you try searching collection rates for collection agencies and attorneys or general statistics of debt collection recovery, you won’t find many results.
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You sued and won your New York debt collection case. The judgment issued in your favor allows you to lien the debtor’s real property. The following NY debt collection judgment lien created is valid for up to 10 years. But what happens after a decade is up? Does the lien your judgment creates expire or can you extend it?
Fortunately, because a judgment is valid for 20 years and can only act as a lien for 10 years, New York allows you to extend.
There are two ways for the holder or assignee of a valid NY debt collection judgment to extend the judgment as long as it has not been satisfied, settled, or paid in full. Which route you take will depend upon the underlying facts and circumstances of your situation.
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Even if you are not a lender by its strict definition, you can still place a lien on real property — such as a house or apartment — owned by your non-paying client in a New York debt collection case.
The key word is “can.”
In many instances, the money judgment entered by the court clerk will not automatically convert to a lien on real property. In order to create a valid lien, you — as judgment creditor or counsel — must take affirmative steps to create the lien.
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