Debt collection is a complex process that requires transparent and seamless communication, proper documentation, and preservation of rights. It is challenging to balance these factors for creditors who collect payments from debtors. As such, many creditors hire debt collection attorneys to ensure they comply with existing ethical and legal standards.
Is there a law in NYC that protects consumers and debtors from debt collecting agencies, businesses, and their attorneys? Suppose you are under constant pressure from these agencies and their legal representatives to settle your debt. In this case, you should uphold your consumer rights to ensure ethical practices during
An experienced legal professional knows that any misstep during debt collection can lead to serious legal repercussions. To collect debt for a client, New York Debt Collection attorneys understand and implement ethical practices during debt collection. The Fair Debt Collection Practices Act will ensure you can collect client debt payments
Did you know that the debt collection industry in the US is valued at $20.3 billion (as of 2022)? And yet, this is among the financial services sectors that are not as digitized as others. With a growth rate of 4.4%, finding a solution to expedite the debt collection process
A general contractor on a construction project has direct contact with the project manager, owner, or developer running the project. The connection, “privity” of contract, results in smoother communication and a higher likelihood of payment to the general contractor. The general contractor is typically the first to know of missing
Congratulations to Jared Turman on being named a partner at Frank Frank Goldstein & Nager PC! This is a significant milestone and a testament to Jared’s dedication and contributions to the firm. Wishing him continued success in this new role. If you haven’t had the chance to work with Jared,
What are the next steps in debt collection when demand fails to produce payment of your claim? If you have a written agreement with your client, the answer may depend on the terms and conditions of that agreement. Some contracts and agreements contain clauses dictating how disputes must be resolved.
Thinking about domesticating your out-of-state judgment in New York? If the out-of-state judgment was obtained on default, you may be concerned that moving to domesticate the judgment will lead the debtor to attempt to claim affirmative defenses. Can a previously defaulting defendant interpose an answer in a debt collection action
Real estate is big business in New York. You don’t need to own property to make money either. As a supplier or service provider, selling to co-ops and condos can be very lucrative. Just like the real estate business, debt collection in New York is also nuanced and has its
If you run a business, you likely send your clients invoices monthly for all goods delivered or charges incurred. You indicate in your initial agreement and subsequent invoices that payment is due within 30 days, and that any invoice paid beyond that period incurs a late fee of 10% interest