What Are Your Options for NY Debt Collection

Photo of different color doors to represent options for debt collection litigation.The route your debt collection case takes depends upon the nature of the debt, your underlying agreement with the client, their financial situation, and which NY debt collection options you’re open to. Factors that can impact your decision include the amount owed, the non-paying customer’s location, the underlying agreement between the parties, the customer’s financial situation, and the creditor’s attitude towards litigation.

Below are the debt collection options available in New York.

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Jocelyn Nager Named Super Lawyer for Fifth Consecutive Year

Jocelyn Nager, Super LawyerMs. Jocelyn Nager, the managing partner of Frank, Frank, Goldstein & Nager P.C., a New York debt collection law firm, has been named a “Super Lawyer” for the fifth consecutive year.

Super Lawyers is a rating service that features outstanding lawyers from more than 70 practice areas. The list recognizes no more than 5 percent of attorneys in each state. Lawyers featured have attained a high-degree of peer recognition and professional achievement and are evaluated through rigorous independent research, peer nominations, and peer evaluations.

This is the second honor bestowed upon Ms. Nager this year. In September, she received an AV Preeminent rating by Martindale-Hubbell — the highest possible rating a lawyer can receive — an honor she’s received several years running. The “AV” rating is awarded to those who hold the highest ethical standards and legal ability.

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Can You Charge Your Client Compound Interest for Late Payments?

Photo of a calculator to show compound interest.To ensure timely payments from their customers, many companies have clauses in their agreements or invoices with terms of interest for late payments. It is not uncommon for invoices to state they must be paid within 30 days, after which the balance shall accrue at 1.5% interest per month.

There is no set limit in New York for how much interest may be charged, but the amount should be reasonable and not excessive. The interest rate described above has been ruled as acceptable by the courts in New York and is widely used. Beyond said interest provisions, businesses may seek additional remedies. For instance, if a customer defaults in payment but then agrees upon a subsequent arrangement to pay the outstanding balance, the business may want additional interest because of the defendant’s initial default. The business may insist on an agreement wherein the customer must pay the balance plus interest “compounded monthly” at a certain percentage until paid in full.

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How to Prepare for an Inquest

Facing an inquest as part of your debt collection case? Knowing how to prepare for an inquest is crucial if you want to recover the most money in your debt collection case.

There are two main components you’ll need to prove in your debt collection case: liability and damages. You must prove both of these in order for the court to award a judgment in your favor.

First, you will need to prove that your non-paying customer is legally obligated to you. This is done by proving the parties had a binding agreement. Agreements are not always a written contract, however, you would have to prove there was an agreement for the goods and services to be sold, loan to be made, and that the party failed to pay.

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