subject: How Can I Collect A Debt In New York? Here Are 3 Tips [print this page] "This article reveals 3 tips to successfully collecting debt in New York. If you follow these 3 simple tips, you'll stand a much better chance of collecting your debt.
1) Don't Believe Everything the Debtor Tells You...
If a debtor says they are broke, it usually just means that they do not want to be involved in a lawsuit that could affect their credit score or job status. It is in a debtor's best interest to tell their creditors that they are broke, so they might avoid paying and avoid a lawsuit. There are, however, ways to search for assets of a debtor that can be used to pay off their debt.
2) Garnishing - It's Not Just Decoration for Food Anymore
If the debtor has a job, their wages can be ""garnished,"" which means that a portion of their paycheck can be given directly to their creditor before the debtor ever sees it. Additionally, if the debtor maintains any bank accounts, those accounts can be frozen, so that the debtor can't take any money out until the creditor has a chance to sue and get an order stating that they should be paid out of the funds from that frozen account.
3) Search, and They Shall Find
Finding those hidden bank accounts can be tricky, so many debt collection law firms utilize sophisticated computer programs to search for bank accounts in banks within a 30 mile radius of the debtor's home or place of business. But, doesn't it seem like a lot of work to collect what may be a small debt - what if the debt collection law firm still isn't able to collect even after all that work?! Luckily for creditors, most reputable debt collection firms work on a contingency basis, which means unless you, the creditor gets paid, the firm won't get paid. The creditor essentially has nothing to lose and a lot of money to gain!"
by: Peter T. Roach is a New York debt collection attor
