How long will it take for you to collect my money? My answer is: that I can tell you based upon statistics the percentage of cases that are paid in the demand, mediation, litigation, arbitration and judgment enforcement phases. Your non-paying customers’ financial ability to pay, their inclination to pay,
Include joint and several liability clauses in your contracts to maximize your ability to collect monies owed. So, stack the decks in your favor by going after the customer with deep pockets. Rather than chasing customers with little or no cash flow, or several customers, you will want to include
Growing your company is probably your foremost priority. It might be tempting to jump into the major leagues, but doing business with the big boys can lure you into making questionable choices. Regardless of your industry, extending credit can quickly get out of hand. You can find yourself in a
A New York collection attorney can assist out-of-state or foreign law firms in domesticating out-of-state or foreign judgments in New York. We discussed steps to register or domesticate those judgments in New York in an earlier blog post. There are issues that arise that are specific to New York. For
In exchange for a loan, services provided or goods sold, a client put up collateral. The collateral may have been accounts receivable, fixtures, inventory, a personal residence, jewelry, a boat or some other asset. Unfortunately, the client failed to make payment. You want to use the pledged collateral to reduce
Has your employee come to you seeking a loan until the next paycheck? Are you rendering a service in advance secured by a postdated check which includes a finance fee payable within a short time? If so, you should know that these are clear examples of payday loans. If you
You only have a year to do that. Since arbitration is an expedited process, you get a relatively short period to confirm the award in New York. Confirming the arbitration award has a 12-month statute of limitations. And the clock starts ticking the date of the arbitrator’s final determination, not
If you are paying personal expenses from a corporate account, you may be liable for corporate debt. Some business owners can’t help but get in their own way. For example, take the business owner who rings up debt and uses corporate assets to pay personal expenses. They believe that status
Happy Holidays! Thank you for allowing us to stuff your stockings all year long! Warm wishes from Frank, Frank, Goldstein & Nager P.C. Your New York Debt Collection Attorneys 330 West 38th Street, New York, NY 10018 www.ffgnesqs.com 212.686.0100
There are those that think they have you beat. Perhaps your customer had no intention of paying in part or in whole and purposely did not sign the contract. You ask for payment and they remind you that you do not have a signed agreement and perhaps invite suit! Don’t