Is there value in an old-fashioned sit-down with your nonpaying client?
You caught the client’s attention and now they would like to meet. Should you? Is it worth your time? Could it lead to a resolution? Seems that the client now wants to discuss the claim and have asked for a face to face meeting. They had ample opportunity to do so before you started the litigation process. So why now?
Perhaps the filing of the lawsuit was the trigger. Not only do they recognize that you mean business and that your goal is collecting the monies owed you. Continue reading “Meet Your Debtor Face to Face”
You and your lawyer could open yourselves up to lawsuits if you provide certain information when submitting your debt collection case to the courts. There is information to hide in your submission to the court. You must be mindful of and adhere to the privacy laws. Providing CPI (confidential private information) to the courts in documents where there is public access would be in direct violation of these privacy laws.
When working with an experienced New York debt collection attorney, you can prevent these mistakes by knowing what to leave in and what to redact. While the idea of hiding or information submitted to the courts might sound nefarious at first, it demonstrates respect for and knowledge of the law. Continue reading “Support Information to Hide in Your Submission to the Court in Your Debt Collection Case”
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 of the simplest commerce in human communities, debt collection has been an integral part of business in any society at any time in human history.
A look back to 2010 reveals that US businesses placed $150 billion of debt with collection agencies, and agencies were able to collect just $40 billion of that total. On delinquent debt, the industry averages a 20% collection rate, a decrease from 30% a few decades ago. According to Callminer.com, based on their read of those statistics, it is getting more difficult to collect. Continue reading “How Collectable Is Your Commercial Debt?”