As a business owner, unpaid debts can seriously impact your bottom line and hinder your ability to grow and succeed. If you have exhausted all other efforts to collect on a debt, it may be time to enlist the help of a New York Collection Attorney. In this blog, we’ll discuss how a New York Collection Attorney can help your business recover unpaid debts and collect on a judgment in New York.
Evaluate the Debt
The first step a New York Collection Attorney will take is to evaluate the debt to determine the best course of action. They will review the details of the debt, including the amount owed, the debtor’s history of payment, and any contractual agreements. This evaluation will help the attorney determine the best approach to recover the debt.
File a Lawsuit
If the debtor refuses to pay or cannot pay the debt owed, the next step is to file a lawsuit. A New York Collection Attorney can file a lawsuit on your behalf and represent you in court. The lawsuit will demand payment for the debt owed, plus any interest or fees incurred.
Obtain a Judgment
If the lawsuit is successful, a judgment will be issued against the debtor. This judgment is a court order requiring the debtor to pay the debt owed. A New York Collection Attorney can assist you in obtaining a judgment, which can include wage garnishment, liens on property, and other legal measures to enforce payment.
Enforce the Judgment
Once a judgment has been obtained, the debtor is legally obligated to pay the debt owed. However, some debtors may still refuse to pay. In these cases, a New York Collection Attorney can help enforce the judgment. This can include garnishing wages, levying bank accounts, or placing a lien on the property.
Negotiate Settlements
In some cases, a New York Collection Attorney can negotiate a settlement with the debtor. A settlement is an agreement between the creditor and the debtor to resolve the debt for a lesser amount than what is owed. A New York Collection Attorney can help negotiate a settlement that is reasonable for both parties.
In conclusion, unpaid debts can be detrimental to your business’s financial stability and success. A New York Collection Attorney can assist you in evaluating the debt, filing a lawsuit, obtaining a judgment, enforcing the judgment, and negotiating settlements. If you are struggling to collect on a debt, consider consulting with a New York Collection Attorney to explore your options and recover the debt owed to your business