If you are a business owner in the New York commercial leasing space you almost certainly will have signed what’s known as a “good guy clause,” guaranteeing rent payment. In essence, the clause states the individual guarantor will be a “good guy” and personally guarantee the terms of the lease,
Most business owners have a line of credit with the bank but don’t realize that, as the business owner, they may be personally responsible for repaying any monies loaned. Often, especially in uncertain financial times, the bank will want someone to guarantee a line they might not otherwise make —
Many small business owners form corporations and limited liability companies to personally insulate themselves from the obligations and debts of their business. Requiring the owner or officer of a company to enter a personal guarantee provides protection against the insulation a corporation or limited liability company provides. Many companies who
In order to vacate, set aside, or remove a default judgment in New York, you must make a motion to the court in which the judgment was entered. The motion will contain a specific request for the court to vacate the judgment and return monies taken to satisfy the judgment.
Worried it’s too late to bring a debt collection case? Don’t be. There are many ways to extend or toll the statute of limitations for New York debt collection cases. Successfully extending the statute of limitations, can afford you more time to start your case. The statute of limitations is
Having your non-paying client acknowledge their debt in writing can extend your time to file a New York debt collection case. If the writing signed by your client contains the necessary elements, it may extend the time for you to file past the allowable statute of limitations. New York CPLR
Your company lends a borrower $100,000.00 and issues a promissory note to that effect, payable within two years. The note is straightforward, containing between 10 and 15 paragraphs of terms. After two years, you email the borrower asking for payment. The borrower responds to your demands for payment on the
A recent decision by the NY attorney general resulted in New York vacating 29,617 default judgments obtained by Northern Leasing. New York’s four-year crusade against Northern Leasing, a deceptive company, and its collection attorneys ends with a victory for business owners affected by their practices. The victory may be bittersweet
Following specific guidelines, medical providers can attempt to collect past due balances regardless of when the services were rendered. However, the time during which a provider can sue for the balances owed has always been restricted. New York recently enacted a new law which dramatically shortens the time to collect
With both consumers and small businesses receiving funds from the Paycheck Protection Program (PPP) and CARES Act, questions have come up as to whether these amounts can be frozen or garnished by debt collectors or creditors. Is garnishing PPP or CARES Act funds an option for satisfying outstanding monies owed