The joint and several clause appears in almost every legal loan document. Many people sign loan documents and guarantees after a quick glance because they want to make a deal. The issue with signing without reading the underlying documents is that if and when someone seeks to enforce the agreement
The importance of giving credit for payments made can not be overemphasized when it comes to debt collection. The improper allocation of credits and payments will directly affect your claim and recovery. Failing to give credit for payments when credits are due will extend the life of your debt collection
Looking for assets to satisfy your New York debt collection claim? According to this week’s New York Post, New York’s comptroller may have money that can satisfy your debt collection claim. The article highlights monies being held for the wealthy including the Trump Association, President Donald Trump, Jeff Bezos and
Schools, institutions, and other lenders are in the news for writing off their balances owed, thereby forgiving the debt. What are the consequences of debt forgiveness, and should you take advantage of debt forgiveness offered by a creditor? While it is true that when a debt is forgiven in whole
Do you ask your client if they’ve previously filed for bankruptcy? If not, you might want to. We are encouraged not to discriminate and to do business with individuals and companies who once filed for bankruptcy. After all, bankruptcy affords many companies relief, allowing them time to become better payors.
When a company incurs a debt but does not have enough cash to pay, it may issue a promissory note to memorialize the debt in writing. If you want to get paid in the future, it’s important to make sure your promissory note isn’t unenforceable. For instance, if a person
Did your customer flee the U.S. in the hopes of leaving you with no way to collect their debt? Or, have you done business with an overseas customer and need to start legal action to collect? The Hague Convention might be better known for helping to repatriate missing or abducted
The font size used in your company’s underlying agreements with other businesses can directly impact the success of your debt collection case. But what happens if the font size you use in your contract is a bit too small? Well, if all goes well and your customers pay, you should
You may not have a place of business in New York — or even the U.S. — to bring a debt collection case in New York state. But if you do, like any creditor, you need to submit testimony via an affidavit. Affidavits are sworn statements signed before a notary
Whether directly or indirectly, action or nonaction can increase the likelihood of nonpayment by your clients and customers. We can identify, sometimes in hindsight, what could have been done to prevent loss. Looking back to events leading up to the recession of 2008, we know and should have known that