What is a debt collection law firm?
A debt collection law firm focuses on collecting client's accounts receivables. A collection law firm acts as a "legal agency." They make demand by phone and in writing. If efforts are not fruitful and the balance warrants suit, subject to client's authorization, the law firm can litigate the claim.
Why use a law firm that is devoted to the collection of bad debt claims?
No two collection cases are exactly identical. There are certain rules, procedures and nuances that need to be followed. An attorney involved in collections will know what those procedures are and will be familiar with dealing with the various cases and defenses.
Do the commercial debt receivables need to be "written off" in order for the firm to handle the claim?
The only requirement is that the receivable needs to be a valid debt, within the allotted time to pursue.
My debtor filed for bankruptcy, can I still collect?
Sometimes yes, it depends on the case. In some instances you can seek return of your collateral.
Can I still collect commercial bad debt accounts if my company files for bankruptcy?
Yes, the receivables become part of the "estate." Permission must be granted by the trustee to the law firm to collect the receivables.
The Statute of limitations is the time period in which you may bring a legal action. The length of time differs based upon the type of case.
Do payments extend the statute of limitations?
Your customer has been making payments. On account payments from your client/customer may extend the statute of limitations.
Can I collect from a non-paying U.S. customer?
You are operating outside of the United States and have a non-paying U.S. customer. You may be able to pursue that customer.
My customer promised to pay, is that a guaranty of payment?
If your customer makes a promise, it is a promise, not a guaranty. A guaranty is a written document (which includes other criteria) that can be enforced.
How long does a customer have to dispute a credit card payment?
You were paid for the work done and now you are seeking the help of your NY collection attorney because your customer is trying to reverse the payment. Depending on the card type, your customer has quite a while to dispute a payment.
How can I reduce non-payment disputes?
Having clear terms of sale can you reduce non-payment disputes. Having clear terms of sale allows both parties to be on the same page.
What can my accounts receivable aging report tell me?
You already review the critical information from your accounts receivable aging report but it can tell you even more about your customers, your policies, etc.
What are the signs of an improving economy?
According to Jocelyn Nager, New York collection attorney, the fact that the number of homes going into foreclosure is decreasing is a sign.
Will outsourcing debt collection be more profitable for my company?
The IRS decided that it makes more sense to outsource their receivables. Deciding to outsource your debt collection is dependent upon your company and its receivables.
Does bad debt have an impact on my future sales?
Writing-off bad debt has a very large impact on your company and its future sales. In this blog, we address how much your company can be impacted by just one bad debt write-off.
If my customer has endless excuses, what should I do?
Your customer continues to promise payment again and again. They have endless excuses as to why they cannot pay. You want to get paid on your New York debt collection case. Read this blog to take the first step towards enforcing your rights to get paid.
How do I achieve credit success?
There are many ways in which you can achieve credit success. However, a review of your receivables is extremely important. Our blog, "Achieving Credit Success" speaks to this specific topic.
Should I offer my customer a discount before year end to get paid?
Offering a discount may be enticing. After all, you will probably get paid faster. But what about next year, will the customer expect the same discount again and again? This New York City debt collection attorney blog discusses the advantages and disadvantages of offering a discount.
Why should end of year tax planning include a review of accounts receivable?
When planning for the end of the year, it is vital to review your accounts receivable. Please read this blog for more information about this topic.
Am I required to notify my customer I am sending their account to a collection attorney?
There is a difference between meeting a requirement to let your customers know they are in default and notifying customers that they are being sent to a collection attorney. For further information on this topic, please refer to this collection attorney blog.
Trying to predict the non-payors before doing business with them?
Your need not wait until after you have done business with a customer to come to the realization that you will not get paid. Please read this blog for more information about this topic.
What will I pay in fees for commercial debt collection services?
Some attorneys operate on a contingency fee. Others operate on an hourly fee. It is suggested that your attorney should offer you the choice for your commercial debt collection services. So, if you prefer to pay on an hourly, you can do so. Or, if you prefer to pay on a contingency fee, you have that option.
Can my attorney handle my debt collection work?
Your attorney wants to introduce you to a reputable debt collection attorney. Debt collection work can be labor intensive. Your attorney remains your trusted advisor while helping you increase your bottom line.
I sell my goods/equipment on terms. How do I secure my interest?
To help secure your interest, you will want to read this blog from your New York City collection attorney.
How do you domesticate a foreign judgment in New York?
Domesticating a foreign judgment in New York can be done with the use of an Affidavit.
Can I collect on a New York judgment if I file an income execution?
You want to turn the paper judgment into money. Sometimes the way to go about collecting on the New York judgment is to file an income execution. However, there are many variables to determine whether the income execution will be able to be honored or not.
How difficult is it to identify assets so I can get paid on my judgment?
Today, with so much information readily available, it is much easier to identify assets. For more information about this topic please read this blog on seizing assets.
I received an arbitration award, will I get paid now?
Not necessarily. You need to undergo the process of "confirming" the award in order for the arbitration award to become an enforceable judgment.
Can I ignore the mediation clause in my contract and begin New York debt collection litigation?
Ignoring the mediation clause is a risk. To learn more about this, read our blog post on this topic.
Should I have a mediation clause in my contracts?
In New York debt collection, mediation can be extremely helpful. Mediators are able to take a look at the case and make a recommendation to resolve the case.
What is a commercial debt claim?
A commercial debt collection claim is non-payment by a business in exchange for goods sold and delivered OR work, labor or services provided at the request of the non-paying party.
Should I consider offering a discount to a customer to get paid?
If the answer is yes, it is important to be clear as to the communication with the customer. Your commercial debt collection attorney will tell you that any documents need to be drafted in your favor.
What does it cost to sue in NYC for a commercial debt collections claim?
Your NYC commercial debt collections attorney will request a certain amount of costs from you when starting a legal action. The amount will vary. It could vary between $225.00 to $650.00 and sometimes additional costs are required.
When do you need a Certificate of Conformity to accompany an Affidavit in NY commercial debt collection litigation?
A Certificate of Conformity is needed when the Affidavit is signed outside of New York State.
I'm not getting paid, can I stop working on the job?
When your commercial debt is increasing, it can become difficult to want to continue working without being paid. Sometimes you can stop working and sometimes you cannot. It really depends upon the industry you work in as well as a few other very important stipulations.
How can we improve our chances to collect accounts receivables?
To make sure you have the best chance to collect accounts receivables, employ Preventative Collections. FFGN has coined the term "preventative collections" which is a three part program. To have the best chance of recovery, we recommend employing this program.
Can I collect a commercial debt claim in NY if my customer is out of state?
You can collect on your commercial claim in New York if your customer is out of state, if you or your customer has a connection to New York or if the transaction arose in New York, you can sue in New York, unless there is an agreement stating the contrary.
What is one of the best ways to get paid on a delinquent account?
Your New York collection attorney would advise you to call your customer.
What do I do if I don't want to make collection calls?
If you don't like making collection calls, we recommend calling first thing in the morning. Our blog speaks to this exact topic.
How do I collect quicker?
There are numerous ways you can collect quicker. One way to collect quicker is to correspond with the customer prior to the date that payment is due. Read this blog for more information about how you can make this happen.
Will I get paid if I proceed with my New York debt collection case?
It depends on the case. Sometimes proceeding with the case is enough to bring the debtor to the table. Here is a New York debt collection case study about a client who did not delay and was paid in full.
How do you know what Court to choose for your NY commercial debt collections case?
Three factors contribute to the decision of where the NY commercial debt collections case must be brought. Choosing the New York Court that can hear the case based upon jurisdiction and dollar amount, choosing the Court that has jurisdiction over the debtor/defendant, and choosing the Court that will benefit the creditor.
Should I sue to collect my money?
Spending NYC court costs on your claim is an economic decision. Having a clear understanding of the costs, fees, etc. is important to make the right decision.
Will solid credit documents support my collection efforts?
If you have solid credit documents, it will support your New York collection. It is very important to have solid, clear credit documents. Without them you may end up not being able to collect on your case.
How long do I have to pursue my New York debt collection claim?
It depends on the type of debt. The applicable time period in which you can bring your claim is known as the statute of limitations.
Through the past 20 years we have worked with FFGN and have witnessed a high standard of diligence and professionalism. FFGN has always been thorough in following up.
Debra GoldsonSquire Corrugated Container Corp.
Frank, Frank, Goldstein & Nager uses a consultative approach to collections to allow for maximum recovery, 100% of monies due us within a short time frame.
We had exhausted all our efforts when we turned to FFGN for help and they came through big-time. Their professional, deliberate approach did the trick.
D. GonczyCoface North America, Inc.
This law firm is highly professional, aggressive, diligent, when it comes to debt collection. I wouldn't use any other firm.
FFGN put in a tremendous effort and did not stop until my company received what was due to us. We highly recommend Frank, Frank, Goldstein and Nager!
We had been trying unsuccessfully for about three years to collect the balance owed on almost three dozen invoices.
Frank FarnhamFrank C. Farnham Company, Inc.
Frank, Frank, Goldstein & Nager's rate of recovery has consistently exceeded our expectations. In addition, Jocelyn is responsive and a pleasure to work with.
Tully PlesserConsensus Research Group Inc.
What is truly incredible is that we reached a settlement of the COMPLETE amount that was due us as well as the interest costs in carry this debt.
Michael KippermanMyung Sung Tex Co., Ltd.
Diana A. PisaconePoly-Pak Industries Inc.
Steve SarafU.S. Alliance Paper, Inc.