For most service providers or suppliers, it seems impossible to get payment in advance. Without realizing it, our internal operations increase the likelihood of a customer failing to pay.
There are actions or inactions that can contribute to or be the direct cause of our bad debt. While the following illustration discusses a client in the trades, it is applicable to all businesses. Continue reading “Are You Contributing To Your Company’s Bad Debt?”
Did you know that you can use confessions of judgment to bypass New York debt collection? Sometimes, you can even bypass litigation in other states using the New York confession of judgment.
Almost every state has its own version of a confession of judgment. While there may be another name for it, it accomplishes the same goal.
Your out-of-state or in-state customer signs the confession of judgment, agreeing to the amount of damages that they owe you. The customer or third party guarantor consents to you filing the judgment immediately or waiting until payment has not been made as promised.
Confessions of judgment is an extremely powerful tool and can accomplish so much.
It shows good faith by a customer who has delayed payment but wishes to work things out. This agreement is great for clients who can negotiate an “amicable” pay arrangement with their customers. The customer understands that something must be in writing to protect the creditor and insure that they make payment as promised. Continue reading “Confessions of Judgment Bypass New York Debt Collection Litigation”
In exchange for a loan, services provided or goods sold, a client put up collateral. The collateral may have been accounts receivable, fixtures, inventory, a personal residence, jewelry, a boat or some other asset.
Unfortunately, the client failed to make payment. You want to use the pledged collateral to reduce the amount owed. After all, that was the original intention. Collateralize the transaction to protect yourself.
In theory, it’s a win-win, but is it really? Continue reading “Should You Sell Collateral To Satisfy Your Claim For Monies Owed?”
Happy Holidays! Thank you for allowing us to stuff your stockings all year long! Warm wishes from Frank, Frank, Goldstein & Nager P.C. Your New York Debt Collection Attorneys 330 West 38th Street, New York, NY 10018 www.ffgnesqs.com 212.686.0100