For most service providers or suppliers, it seems impossible to get payment in advance. Without realizing it, our internal operations increase the likelihood of a customer failing to pay. There are actions or inactions that can contribute to or be the direct cause of our bad debt. While the following
Thinking about bringing an action against a nonpaying client or party? Then you need to know the statute of limitations for New York debt collection litigation. You need to know this in order to bring your case to court in a timely manner. Failure to bring the action within the
What happens when a client wants to pay an outstanding balance from their future sales or services? Working with that customer had previously been profitable, but they’ve experienced cash flow issues. For those who wish to continue doing business with a customer who seems to be having difficulties, you need
It’s hard to know when to stop doing business with a non-paying client and start enforcing your rights to payment. Failure to make the decision can put you out of business. Smart credit policies protect you from doing business with those least likely to pay. And smart collection policy designs
Did you know that you can use confessions of judgment to bypass New York debt collection? Sometimes, you can even bypass litigation in other states using the New York confession of judgment. Almost every state has its own version of a confession of judgment. While there may be another name
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