Last week, a New York court ruled that the NY Guaranty Law passed during the pandemic, which prevented landlords from pursuing good guy guarantors and others for commercial property, is unconstitutional. Can you now bring a lawsuit in New York against guarantors, including those who signed good guy clauses? During
Many people believe a recession would be good for the debt collection industry. They think more debt leads to more collectible debt, more collections, higher returns to clients, and increased fees to debt collection firms. Despite popular opinion, a recession does not benefit the debt collection industry or an individual
The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Decreasing the legal rate
The 2022 State of the State Report by Governor Kathy Hochul promised to serve the people of New York. The report, which includes efforts to protect New York’s consumers and improve the state’s financial health, has been taking shape through new legislation throughout the year. Last week, the state imposed further
Frank, Frank Goldstein & Nager is proud to announce that it has once again been recognized by Inc. Magazine’s prestigious Inc. 5000 list as one of the fastest-growing private companies in the United States. FFGN, a law firm devoted to the collection of bad debt, is the only New York Law Firm
Delays in shipping and fees levied on American importers have led to severe delays and new challenges for businesses over the last few years. However, a new act from Congress may signal an end to the egregious shipping delays plaguing American businesses. The Ocean Shipping Reform Act of 2022, a
On December 31, 2021, Governor Hochul signed the Fair Consumer Judgment Interest Act into law. This amended the post-judgment interest rate on all judgments against consumers from 9% to 2%, effective April 30, 2022. As part of the law, any current income executions need to be amended with their respective
Aside from judgments from family court, New York currently allows all judgment creditors the same opportunities to enforce their judgments. The remedies available differ based on whether the judgment is entered against a natural person, an individual, or a corporation. The nature of the debt alleged in the underlying action
The verdict in a recent court case has delivered another victory to assist New York consumers defending debt collection efforts in the state. The court has refused to prevent non-lawyers from the New York-based nonprofit Upsolve from offering legal advice to help consumers defend debt collection lawsuits. This goes against
Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the