How Collectable Is Your Commercial Debt?

As you look at your receivables, you ask yourself, how collectible is this debt? Every business owner understands cash and cash flow, so collecting a debt or dealing with slow payers becomes a part of doing business. Since the dawn … Continue reading

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NY Debt Collection Lawyers and Contingency Fees

White desk with clock, smartphone and notebook.Prospective clients regularly ask if we work on contingency fee arrangements in NY debt collection cases. In a contingency fee arrangement, the lawyer agrees to accept a fixed percentage, often one-third of the recovery amount, the amount finally paid to the client.

Especially in debt collection cases, a lawyer considers several factors before agreeing.

If a client cannot pay the legal fees, the lawyer may consider the option of a mixed fee arrangement. This combines a lower contingency fee percentage with a lower hourly rate. A client might want a contingency fee arrangement to keep from throwing good money after bad.

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Should I Accept a Promise of Payment On an Outstanding Balance From Client’s Future Sales?

Image of two men shaking hands.What happens when a client wants to pay an outstanding balance from their future sales or services? Working with that customer had previously been profitable, but they’ve experienced cash flow issues. For those who wish to continue doing business with a customer who seems to be having difficulties, you need to know how to best position yourself to obtain payment on the aged balance as well as any future sales.

Is there an arrangement that will ensure repayment to you on an outstanding balance and provide future profit from the same customer?

Take for example a client of ours that is a chemical manufacturer. Their customer needs a resin to complete a product made especially for the automotive industry. Their customer has become a slow-paying customer and is way past the agreed-upon terms. They are, however, making weekly installment payments. Without the client’s product, the customer will not be able to fulfill future orders already secured by the automotive company. Having explained that to the resin manufacturer, with our assistance they arrived at the following arrangement: Continue reading “Should I Accept a Promise of Payment On an Outstanding Balance From Client’s Future Sales?”

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New York Debt Collection Lawyer: How Long Will It Take for You to Collect My Money?

How long will it take for you to collect my money?

My answer is: that I can tell you based upon statistics the percentage of cases that are paid in the demand, mediation, litigation, arbitration and judgment enforcement phases.

Your non-paying customers’ financial ability to pay, their inclination to pay, the documentation you have to evidence your transaction varies directly affects when we can collect your money. Every case is unique.

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