Ms. Jocelyn Nager, the managing partner of Frank, Frank, Goldstein & Nager P.C., a New York law firm devoted to the collection of bad debt, has been named “Super Lawyer” for the fourth consecutive year.
Super Lawyers is a rating service that features outstanding lawyers from more than 70 practice areas. The list recognizes no more than 5 percent of attorneys in each state.
Lawyers featured have attained a high-degree of peer recognition and professional achievement. The selection process includes independent research, peer nominations and peer evaluations.
Jocelyn was awarded an “AV” rating by her peers. The “AV” rating goes to lawyers who hold the highest ethical standards and legal ability.
Super Lawyers is a service of Martindale Hubbell, an information services firm for the legal profession. The IT giant publishes the Martindale-Hubbell Law Directory, providing background information on lawyers and law firms across the U.S.
Sometimes it pays not to be a New Yorker. A recent change to New York’s Civil Practice Law and Rules will benefit non-New York residents. The new law allows a party to obtain a judgment by confession, allowing the other party to admit they’re indebted for a sum of money and agreeing that a judgment can be entered against the signor. There’s no need to sue; skip the debt collection litigation and go straight to judgment.
Before the law changed, anyone could request a judgment by confession. Neither party needs to have a connection to New York — like a transaction, office, or a residence. Meaning some lenders and other creditors with no connection to New York were using the courts to get speedy judgments. These were obtained from both New Yorker and non-New Yorkers alike.
Over the past few years, there has been a marked increase in the number of debt collection lawsuits filed in the civil courts in New York City. Even if you’re not filing debt collection cases, the rise can still affect you.
New York’s civil court is the city’s lower court. Creditors can sue for balance up to $25,000 on the condition that one of the parties is located in or the cause of action occurred in one of the five New York’s boroughs — Manhattan, The Bronx, Brooklyn, Queens, and Staten Island.
According to The Wall Street Journal, debt collection filings in New York rose by 61 percent in 2017 and 32 percent in 2018. That increase comes at a time when U.S. household debt is at record levels. The number of defaults for credit cards and auto and student loans is up, and there has been a significant increase in the debt buying industry.
The graph illustrates the sharp rise in debt collection filings in the past three years.
Business owners might think if the work done by an independent contractor or vendor was insufficient, they can issue a stop payment order on the check with their bank as a solution.
While business owners may think issuing a stop payment only hurts the contractor, third-parties may also suffer unintended consequences. When impacted, third parties may seek restitution against the contractor as well as the business owner.