An Order of Attachment could help you get some, if not all, of the monies due you from a delinquent account. This is one of the strongest legal tools when it comes to debt collections in New York.
You may experience a customer closing their doors and leaving with no intention of paying you. They have probably drained all their money from their bank account. They may have also sold assets. This leaves you wondering if you will ever see your money.
The only chance to collect monies due you is to “attach” any of the debtor’s receivables, payables from their customers. This is where an Order of Attachment is a powerful next move.
The issue is time. If you begin a regular debt collection case, you will not have a judgment for at least four months. That’s the best case scenario. But in four months, the debtor will have been paid by their customers and the money collected will be gone.
You need something faster, something more aggressive to be able to capture those funds to satisfy the balance owed. Continue reading “An Order of Attachment Redirects Monies to You”
As you look at your receivables, you ask yourself, how collectible is this debt? Every business owner understands cash and cash flow, so collecting a debt or dealing with slow payers becomes a part of doing business. Since the dawn … Continue reading
As with any industry, there are business advisors or debt settlement companies that evaluate a company’s finances and make suggestions to help ease the debt. The goal is to keep the company operating. They can negotiate with creditors or not. Fees paid can be either contingent upon a deal with a creditor or paid up-front.
For some, debt settlement is a choice they make before out-of-court liquidation or bankruptcy.
Must you accept an offer from a debt settlement company as a creditor? The answer is no.
Must you negotiate with your customer or the debt settlement company? The answer is no.
Continue reading “Should A Debt Settlement Company Call, Here Is What To Expect”
Debt collection is eventually an unfortunate byproduct of most commercial transactions. Extend credit to a customer for their purchase of goods or services, and they’re now in your debt. While most customers pay within the set terms, sometimes customers will be late, or they may even default entirely.
Continue reading “Debt Collection And Your Reputation”