There are many downsides to merchant cash advances. A merchant cash advance, or MCA, is a type of financing agreement for businesses. An MCA company purchases a portion of a business’s future revenue in exchange for a lump sum. That money is often repaid with a percentage of the business’
Most summons and complaints filed in New York debt collection cases are worded specifically with the necessary buzzwords and demand a certain sum. If the debtor defaults in the case, fails to appear or answer, the creditor’s debt collection attorney can then submit a judgment to the clerk for signature.
Many people believe a recession would be good for the debt collection industry. They think more debt leads to more collectible debt, more collections, higher returns to clients, and increased fees to debt collection firms. Despite popular opinion, a recession does not benefit the debt collection industry or an individual
What is a contingency fee? When you agree to pay a contingency fee to your attorney, you only need to pay if the attorney collects on your debt. Payment for your attorney is “contingent upon” you receiving at least some of the monies owed to you. This differs from non-contingent
Depositions are usually called “EBTs,” or examinations before trial. In a commercial debt collection case, depositions usually consist of one party’s attorney deposing a representative of each side that has personal knowledge of the transaction between the parties. The purpose is for each side to obtain follow-up answers that usually
The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Decreasing the legal rate
The debt collection process in New York is different for lawyers than others. A dispute over legal fees, non-payment, billing rate, or a client seeking a refund, is commonly referred to as a “ fee dispute.” In New York state, there are rules that govern how to pursue a fee
Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. If the restraints, attachments, liens, and executions don’t satisfy the
The 2022 State of the State Report by Governor Kathy Hochul promised to serve the people of New York. The report, which includes efforts to protect New York’s consumers and improve the state’s financial health, has been taking shape through new legislation throughout the year. Last week, the state imposed further
Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. An application for replevin relies