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Can a Debtor Get Their Money Back?

An empty wallet to represent a debtor getting their money backAfter finally collecting the monies owed to you through debt collection litigation, the debtor wants their money back. How is that possible? Doesn’t the money belong to you? Can a debtor really get their money back?

Recovering monies owed can be a long and arduous process. First, you have to put the customer into collections. If the demand is not productive, you needed to sue and wait for judgment. Only once the judgment is entered can you collect the monies through judgment enforcement.

It’s unbelievable to think that after all the time and effort you’d have to return the money. However, it can and does happen.

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How New York Budget Cuts Will Affect Debt Collection

Gavel to represent New York budget cuts affecting debt collection.Without aid from the federal government, New York state will see budget cuts of 10 billion in 2021 followed by budget cuts of 30 billion in 2022. Some of the anticipated cuts will affect our judicial system. The budget cuts will affect New York debt collection cases. Here’s how.

Governor Cuomo’s 2021 budget calls for a decrease in funding of the New York judiciary system. According to Chief Administrative Judge Lawrence Marks, “New York’s Unified Court System will see a $300 million cut to its annual budget of $3 billion, forcing the judiciary to “implement a range of painful measures.”

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Joint and Several Liability and Debt Collection

Photo of an agreement to represent joint and several liability.The joint and several clause appears in almost every legal loan document. Many people sign loan documents and guarantees after a quick glance because they want to make a deal. The issue with signing without reading the underlying documents is that if and when someone seeks to enforce the agreement as set forth in the document, you are charged with having read it and agreeing to the terms contained therein. Therefore, it’s important to know how joint and several liability can impact you, especially as it relates to debt collection in New York.

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Debt Collection Attorney Jocelyn Nager Recognized for Legal Excellence

Jocelyn Nager, Super LawyerMs. Jocelyn Nager, Esq., the managing partner of Frank, Frank, Goldstein & Nager, has been awarded an AV Preeminent rating by Martindale-Hubbell for 2020. An AV Preeminent rating is the highest possible rating a lawyer can receive.

Ratings are determined through a strenuous peer-review process from members of the Bar and judiciary. Those who receive an AV Preeminent rating hold the highest rankings in both legal ability and ethical standards. Lawyers must be practicing for at least 10 years to qualify.

The rating process is managed by Martindale-Hubbell, an information services firm for the legal profession and the authority in attorney reviews and ratings. This is the fifth year Ms. Nager’s been recognized by Martindale-Hubbell.

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