Schools, institutions, and other lenders are in the news for writing off their balances owed, thereby forgiving the debt. What are the consequences of debt forgiveness, and should you take advantage of debt forgiveness offered by a creditor? While it is true that when a debt is forgiven in whole
It is easy to navigate the small claims system. In the past, if you were owed $5,000 or less, you could bring your claim to New York City small claims court. There are advantages to taking your claim to small claims court. You represent yourself, so it’s cost-effective. However, whereas it
Do you ask your client if they’ve previously filed for bankruptcy? If not, you might want to. We are encouraged not to discriminate and to do business with individuals and companies who once filed for bankruptcy. After all, bankruptcy affords many companies relief, allowing them time to become better payors.
When a company incurs a debt but does not have enough cash to pay, it may issue a promissory note to memorialize the debt in writing. If you want to get paid in the future, it’s important to make sure your promissory note isn’t unenforceable. For instance, if a person
Sometimes New York courts require creditors to post a bond to maintain their debt collection case in the state’s courts. Could you be required to post a bond to maintain your New York debt collection case? Companies incorporated in New York, as well as ones incorporated in another state but
Unhappy with the decision rendered by the arbitrator(s) in your New York debt collection case? If so, you may have another chance to win your case by asking for a trial de novo. Parties wishing to get another bite at the apple in the “Big Apple” can, without specifying a
Did your customer flee the U.S. in the hopes of leaving you with no way to collect their debt? Or, have you done business with an overseas customer and need to start legal action to collect? The Hague Convention might be better known for helping to repatriate missing or abducted
The font size used in your company’s underlying agreements with other businesses can directly impact the success of your debt collection case. But what happens if the font size you use in your contract is a bit too small? Well, if all goes well and your customers pay, you should
You may not have a place of business in New York — or even the U.S. — to bring a debt collection case in New York state. But if you do, like any creditor, you need to submit testimony via an affidavit. Affidavits are sworn statements signed before a notary
Justice can be slow. Debt collection litigation, especially in New York, can take time. When it comes to the delay in New York debt collection litigation cases, people are quick to point fingers. Some blame the governor, who slashed the budget and cut the number of administrative personnel in the