The legal rate of interest that can be awarded in a money judgment against an individual person is expected to be reduced as New York continues to protect the rights of individuals. The laws of usuary, which specifies the legal rate of interest that can be charged to a consumer
Effective January 1, 2022, the jurisdictional limit of the New York civil courts will increase from $25,000 to $50,000. On its face, the availability of a lower-cost court to adjudicate claims which fall within the $25,000 to $50,000 sounds appealing. The cost outlay is significantly lower in the civil court
There is no state as liberal as New York when it comes to commercial debt collection and the enforcement of judgments against commercial entities. New York Civil Practice and Rules Article 52 grants the judgment creditor many liberties and privileges when it comes to enforcing a judgment. To ensure the
When considering what funds are exempt from judgment enforcement and the reach of judgment creditors, New York and the federal government draw a line between enforcing judgments against consumers and enforcing judgments against commercial entities. COVID-19 stimulus payments were the latest addition to the list of assets exempt from execution
Credit card processors often offer loans to businesses that accept credit cards. While these loans may have seemingly inviting agreements, there are some terms that offer the credit card processor speedier debt collection relief against you. Here are a few things you may want to consider before agreeing to the
Ms. Jocelyn Nager, managing partner of the New York debt collection law firm Frank, Frank, Goldstein & Nager P.C., has been named a “Super Lawyer” for the sixth consecutive year. Super Lawyers rates outstanding lawyers from more than 70 practice areas, recognizing no more than 5 percent of attorneys in
Assume you have a client who owes you $10,000. You have a signed contract from the debtor as well as a personal guarantee. The signed documentation clearly demonstrates both the corporate debtor and the guarantor are responsible for the debt. However, statements provided to the debtor and the guarantor make
A client of ours in the waterproofing business asked for our best practices when enforcing a judgment. Best practices would generally infer that judgment enforcement is the same no matter the creditor’s industry, but that’s not the case. Best practices to enforce a judgment differ based on the judgment debtor’s
Once the Check Clearing for the 21st Century Act (Check 21) came into effect in 2004, banks could handle checks electronically thereby increasing the speed of check processing and reducing the costs of handling and transferring physical checks. Today, most financial institutions offer a mobile deposit option that lets people
Say you’re a merchant of goods and have a customer that places a $100,000 order to be delivered by September 15. The goods must be delivered in a timely fashion so that your customer can fulfill their contractual obligations to resell the units to their customers. Due to supply chain