New York gives full faith and credit to judgments entered in other states as required by the Constitution and under New York Civil Rules, provided the judgment was not entered on default and not entered pursuant to a confession of judgment. If you are wondering whether there is a time
Are you or your collection attorney attempting debt collection efforts even though the debtor filed for bankruptcy? If so your collection attorney is exposing you, the law firm, and themselves to personal liability for a money judgment that could far exceed your claim. Enforcing a claim and/or a judgment against
The verdict in a recent court case has delivered another victory to assist New York consumers defending debt collection efforts in the state. The court has refused to prevent non-lawyers from the New York-based nonprofit Upsolve from offering legal advice to help consumers defend debt collection lawsuits. This goes against
Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the
Can you use a judgment to restrain a bank account or other assets maintained by a judgment debtor outside of New York state? When it comes to out-of-state debtors, restraining a bank account is possible, but depends on certain factors. Consider the following situation. A New York creditor files suit
New York state law governs most merchant cash advance agreements – even though neither the borrowers nor lenders are typically located in New York. When there is a default on these agreements, the lender must pursue the borrower through debt collection in New York. Until recently, all agreements secured by
Join Frank, Frank, Goldstein and Nager’s managing partner Jocelyn Nager for webinar on New York’s Consumer Credit Fairness Act. The act, which was signed into by Governor Kathy Hochul in November and largely goes into effect in May, changes rules around consumer debt collection. Some changed, such as the reduction
By choosing to enlist the help of a debt collection law firm you can take advantage of a number of different debt collection options to assist in the collection of monies owed to you. Understanding the options available to you and your tolerance for risk will allow you to make a
Is it possible to protect your company from extreme events out of your control like COVID-19? If your contracts and agreements have a force majeure clause it may be possible. For the purpose of illustration, let’s use the example of a private school operating in New York during the pandemic.
Some creditors voluntarily decide to participate in mediation for debt collection. For others, mediation may be mandatory based on the terms of the underlying agreement between the parties or ordered by the court. As such, it’s important to understand how non-binding mediation can affect your overall debt collection case. One