To ensure timely payments from their customers, many companies have clauses in their agreements or invoices with terms of interest for late payments. It is not uncommon for invoices to state they must be paid within 30 days, after which the balance shall accrue at 1.5% interest per month. There
After finally collecting the monies owed to you through debt collection litigation, the debtor wants their money back. How is that possible? Doesn’t the money belong to you? Can a debtor really get their money back? Recovering monies owed can be a long and arduous process. First, you have to
Most business owners have a line of credit with the bank but don’t realize that, as the business owner, they may be personally responsible for repaying any monies loaned. Often, especially in uncertain financial times, the bank will want someone to guarantee a line they might not otherwise make —
Many small business owners form corporations and limited liability companies to personally insulate themselves from the obligations and debts of their business. Requiring the owner or officer of a company to enter a personal guarantee provides protection against the insulation a corporation or limited liability company provides. Many companies who
Worried it’s too late to bring a debt collection case? Don’t be. There are many ways to extend or toll the statute of limitations for New York debt collection cases. Successfully extending the statute of limitations, can afford you more time to start your case. The statute of limitations is
Having your non-paying client acknowledge their debt in writing can extend your time to file a New York debt collection case. If the writing signed by your client contains the necessary elements, it may extend the time for you to file past the allowable statute of limitations. New York CPLR
Your company lends a borrower $100,000.00 and issues a promissory note to that effect, payable within two years. The note is straightforward, containing between 10 and 15 paragraphs of terms. After two years, you email the borrower asking for payment. The borrower responds to your demands for payment on the
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
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