You’re in New York. Your debtor is in New Jersey. Can You Execute a Confession of Judgment?

We recently explained that New York state will no longer recognize a confession of judgment signed by an out-of-state resident — whether that’s a company or an individual. So what happens if your company is based in New York but your client lives in New Jersey? What will you do when they want to make a deal and reduce it to a writing, allowing you to enter judgment if their payment wasn’t made as promised?

Not to worry, a customer in New Jersey can sign a confession of judgment, too! If you work in New York, chances are you most likely work in New Jersey as well. After all, the two states are only a river apart.

Continue reading “You’re in New York. Your debtor is in New Jersey. Can You Execute a Confession of Judgment?”

Read more...

This Debt Collection Scam Could Cost You Customer Payments

Signs that say fraud alert to represent a debt collection scam.There are lots of malicious actors lurking around the internet looking to defraud people and businesses alike. One of the best ways to protect your business from a debt collection scam is to put practices in place that protect you and your clients.

Imagine your company has a customer that pays in installments through ACH debit or direct deposit. Then, one day, a business-savvy hacker penetrates your email database and sees the emails to your customer. The hacker emails your customer impersonating your company and advises them your company has changed bank accounts. Your customer is told to send the next installment to the “new” company bank account.

Continue reading “This Debt Collection Scam Could Cost You Customer Payments”

Read more...