Will Confessions of Judgment Be Phased Out in New York?

building in NY surrounded by a shadow.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.

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Debt Collection Agent or Debt Write-off?

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?”

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Doing Business With a Nonpaying Customer

Two people shaking hands. Only their forearms are visible.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”

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Does Bad Debt Necessitate a Larger Sales Team?

Drawing of a team layout on a table.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 the bad debt with the help of a qualified collection attorney, you will need to increase your sales team to make up the rest. Continue reading “Does Bad Debt Necessitate a Larger Sales Team?”

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