What is a contingency fee? When you agree to pay a contingency fee to your attorney, you only need to pay if the attorney collects on your debt. Payment for your attorney is “contingent upon” you receiving at least some of the monies owed to you. This differs from non-contingent
Don’t forget to double-check to see if the address on file with the New York Department of State for your company is correct. An incorrect address can lead to a default judgment. If your address is incorrect, you won’t receive notice of a pending lawsuit. That lack of notice can
We previously highlighted the benefits of Confessions of Judgment in New York debt collection. Typically, when our clients who are collecting a debt wish to avoid litigation, we recommend utilizing confessions of judgment. Recent reports regarding the debt collection practices of the merchant cash-advance industry have spurred greater public awareness of
Debt collection agent or write off a bad debt, which is the way to go? Read on for help in preparing for the decision. The end of the year is approaching with tax season just around the corner. Your tax professional will soon ask for a list of your accounts receivable.
A former customer – a nonpaying customer – called and wants to do business again. Should you do business again with the nonpaying customer? For some, the answer is an unequivocal no. For others, it’s a maybe. Such was the topic of conversation at this past week’s LMNOP workshop. This is
Bad debt costs money. But do you know how much? Not getting paid has cost you the anticipated profit, maybe some or all the cost involved in servicing the client, and maybe more. Projections did not account for the increased amount of the bad debt. Assuming you can recover some of
There are actions you can take that are not only good business practice but can also help you to succeed in New York debt collection. One of those best business practices? Send a proper statement of account to customers. All accounting and bookkeeping software can produce a customer’s statement of
It’s hard to know when to stop doing business with a non-paying client and start enforcing your rights to payment. Failure to make the decision can put you out of business. Smart credit policies protect you from doing business with those least likely to pay. And smart collection policy designs
Include joint and several liability clauses in your contracts to maximize your ability to collect monies owed. So, stack the decks in your favor by going after the customer with deep pockets. Rather than chasing customers with little or no cash flow, or several customers, you will want to include
Thinking about replacing your lawyer with someone else because you are unhappy with the results thus far on your NY debt collection case? Worried that replacing your current NY contingency fee debt collection lawyer with another will impact your bottom line? That any recovery on the claim would be further