New York Commercial Debt Collection: When Having a Good Case is Just Not Enough

Image result for office of debt collectorsYes, you will need to have a good case proving all elements of a breach of contract caseYou will be required to prove that you performed under the terms of the contract and your customer failed to pay or repay you as agreed.

But just having a good case is not enough. After going through the collection process, demand, litigation or arbitration, mediation as your agreement provides, you still need to collect.

In order to be successful in your New York Debt Collection case you need to be able to turn that paper judgment into money.

Luckily New York is very liberal when it comes to judgment enforcement. Your collection attorney is able to enforce a judgment by:

  • Issuing subpoenas to search for assets,
  • Restraining notices to restrain monies held by your judgment debtor
  • Restrain monies owed by a third party to your judgment debtor, garnish wages,
  • Sell commercial property belonging to the judgment debtor,
  • Sell collateral owned by the judgment debtor (with Court approval), and more.

But, even with all that, if your customer does not have any assets to satisfy a judgment, you will not be able to collect. Having a good case is not enough.

That is the reason why we investigating potential collectability before recommending that our clients go past the demand phase.

Although most cases are accepted on a contingency fee basis, your time is spent on document gathering, possible appearance at mediation, arbitration or during the discovery phase and, trial if necessary. Time is money.

We will never recommend throwing good after bad.

Understanding that you need more than a good case is not enough to insure successful New York Debt Collection will keep you from spinning your wheels.

For questions about collectability of your claim, to place a claim or for any questions, please contact FFGN at 212-686-0100 or jnager@ffgnesqs.com.

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