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 lead to a default judgment.
A client contacted us to vacate a default judgment entered against her company. Not only did the client claim she paid most of the debt, she swore the company never received notice of the lawsuit.
It turns out, she was right!
Continue reading “How an Incorrect Business Address Can Lead to a Default Judgment”
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 the chronic use of Confessions of Judgments by out-of-state creditors.
Continue reading “Will Confessions of Judgment Be Phased Out in New York?”
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. The question will be what you want to do about bad debts. Should you write off a bad debt and take a bad debt reduction? Or, do you send it to a debt collection agent? This will give you an understanding of two common options. Continue reading “Debt Collection Agent or Debt Write-off?”
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 the dilemma for many inside and outside the New York real estate industry. Continue reading “Doing Business With a Nonpaying Customer”