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Debt Collection NY/NJ: More Than a River Apart

Close-up image of the Statue of LibertyNew Jersey and New York can be – with no traffic – a mere 5 minutes apart via the George Washington Bridge. It’s about the same through the Lincoln or Holland Tunnel. Aside from their closeness as Hudson River neighbors, New York and New Jersey are far apart on their approach to debt collection.

Many companies dealing with customers in the Tri-state area might not realize the differences between these two states and how it will affect their debt collection efforts. In light of that, let’s look at a few examples. Continue reading “Debt Collection NY/NJ: More Than a River Apart”

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Discovery Demands and Debt Collection

Black book with a pen sitting on top.You just received word that your nonpaying client hired counsel and is defending the case. They served an answer and discovery demands. Discovery? In debt collection cases? What should you expect?

Discovery is part of the litigation process even in NY debt collection cases. Most importantly, understanding what to expect and preparing in advance will lessen the burden of discovery demands.

Continue reading “Discovery Demands and Debt Collection”

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Usury Law: Will NY’s Apply to Small Business Loans?

Image of an empty office.New York State’s usury law currently applies to consumers who have been given loans less than a certain amount. The same laws do not currently apply to commercial loans even those considered “small” business loans. Currently, the business loan interest rate is unlimited. We blogged about that.

As online commerce increases so do the presence of online lenders. These cyber companies, increasing in number, lend to NY residents and small businesses. Continue reading “Usury Law: Will NY’s Apply to Small Business Loans?”

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Meet Your Debtor Face to Face

Two men shaking hands.Is there value in an old-fashioned sit-down with your nonpaying client?

You caught the client’s attention and now they would like to meet. Should you? Is it worth your time? Could it lead to a resolution? Seems that the client now wants to discuss the claim and have asked for a face to face meeting. They had ample opportunity to do so before you started the litigation process. So why now?

Perhaps the filing of the lawsuit was the trigger. Not only do they recognize that you mean business and that your goal is collecting the monies owed you.  Continue reading “Meet Your Debtor Face to Face”

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