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Unclaimed Funds and NY Debt Collection

lit up dollar signUnclaimed funds, have you consider them to satisfy your NY debt collection claim?

So voluntary payment is not happening and you want your money. In the first place, to get your money, you must obtain a judgment. The next step is to locate assets to satisfy the judgment. One way of satisfying a judgment is through unclaimed funds.

“Lost or unclaimed money gets turned over by organizations required to report dormant accounts to the New York State Office of the State Comptroller. This money includes things like forgotten savings accounts, lost paychecks, and stocks or bonds.”

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Debt Collection Agent or Debt Write-off?

Debt collection agent or write off a bad debt, which is the way to go? Read on for help in preparing for the decision.

The end of the year is approaching with tax season just around the corner. Your tax professional will soon ask for a list of your accounts receivable. The question will be what you want to do about bad debts. Should you write off a bad debt and take a bad debt reduction? Or, do you send it to a debt collection agent? This will give you an understanding of two common options.  Continue reading “Debt Collection Agent or Debt Write-off?”

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New York Debt Collection Claim Practices

one hundred dollar billsNew York debt collection claim practices have been in the news. There’s been publicity recently about debt collection practices of the merchant cash-advance industry. It can shed light on how to avoid legal disputes in your debt collection claim.

It doesn’t matter whether it’s money loaned, services rendered, or goods sold and delivered. You want your money. When seeking to enforce your right to get your money, the borrower/client sometimes looks to delay. They may vehemently thwart the debt collection claim by creating issues where none existed. They may also file baseless counterclaims. Continue reading “New York Debt Collection Claim Practices”

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NY Debt Collection Litigation: Can Suing Push a Nonpayor to Pay?

NY debt collection litigation may get your nonpaying customer to pay just by filing suit.

If you knew statistically that filing NY debt collection litigation would cause your customer to pay, would that help you decide to advance costs and proceed with a suit? Continue reading “NY Debt Collection Litigation: Can Suing Push a Nonpayor to Pay?”

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