Bad debt costs money. But do you know how much? Not getting paid has cost you the anticipated profit, maybe some or all the cost involved in servicing the client, and maybe more. Projections did not account for the increased amount of the bad debt. Assuming you can recover some of
Yes, it is possible. You can convert judgments from Federal to NY State. If you researched New York’s policy of recognizing judgments obtained in other states or countries as an out-of-state attorney, you might be concerned. That’s because you discovered that New York State does not recognize judgments obtained on
Emailing invoices for quicker payment is the wave of the future. Have you received a request from your client to email invoices to them or a third-party vendor? If you haven’t, get ready – you will. Before long, mail or fax will no longer be acceptable. Given that, emailing invoices to
New Jersey and New York can be – with no traffic – a mere 5 minutes apart via the George Washington Bridge. It’s about the same through the Lincoln or Holland Tunnel. Aside from their closeness as Hudson River neighbors, New York and New Jersey are far apart on their approach
You just received word that your nonpaying client hired counsel and is defending the case. They served an answer and discovery demands. Discovery? In debt collection cases? What should you expect? Discovery is part of the litigation process even in NY debt collection cases. Most importantly, understanding what to expect
New York State’s usury law currently applies to consumers who have been given loans less than a certain amount. The same laws do not currently apply to commercial loans even those considered “small” business loans. Currently, the business loan interest rate is unlimited. We blogged about that. As online commerce
Is there value in an old-fashioned sit-down with your nonpaying client? You caught the client’s attention and now they would like to meet. Should you? Is it worth your time? Could it lead to a resolution? Seems that the client now wants to discuss the claim and have asked for
You and your lawyer could open yourselves up to lawsuits if you provide certain information when submitting your debt collection case to the courts. There is information to hide in your submission to the court. You must be mindful of and adhere to the privacy laws. Providing CPI (confidential private
Getting paid can sometimes take longer than expected. But, how long? That depends on whether your client has a deep pocket. And also how long they want to stretch out and avoid payment. Consider this: A contingency fee is the most common way to handle claims. When there appears to
An Order of Attachment could help you get some, if not all, of the monies due you from a delinquent account. This is one of the strongest legal tools when it comes to debt collections in New York. You may experience a customer closing their doors and leaving with no