According to a recent report from the Federal Reserve Bank of New York, consumer debt was on the increase at the end of 2018, at least with respect to loans other than mortgages. In the fourth quarter of 2018, the amount of non-housing consumer debt increased by a total of $58 billion. Student loans continued to be a source of household debt, with balances increasing across the country by a collective $15 billion.
Although White Plains residents might not intuitively think of them as such, divorces are in fact lawsuits just like claims involving personal injury, a breach of contract or a failure on the part of one person to pay a debt that he or she owes.
Many individuals and businesses in and around White Plains, New York, may discover that they will get little to no legal resistance from someone who owes money to them. There are a number of reasons that this happens, one being that the debtor recognizes there is no valid reason why they should not pay what they owe.
This blog has on previous occasions discussed the various means by which businesses in and around White Plains, New York, can collect on accounts receivable that they are owed but which have not been paid.
A previous post on this blog discussed how the owner of a small business, or even an individual with no real ties to the business world, in the White Plains area can use a variety of means to locate the assets of a person who owes money to him or her so that they can ensure their legitimate bill gets paid.
As this blog has discussed on previous occasions, when a White Plains, New York, business gets a judgment against a customer who did not pay, it is only the first step in what may be a long process of collections and judgment enforcement.
Owning and operating a business in White Plains is a huge responsibility. It is also a responsibility that requires an owner to complete a wide variety of tasks daily, weekly, monthly and yearly. Ensuring that customers pay up on a timely basis is one of them. When customer payments fall behind, this can hurt a company's revenue and even offset their profits. Thus, it is important to understand ways to get customers to pay their outstanding bills.
When you own and operate a business, you are tasked with many things. One of these is to ensure money is timely collected from customers and debtors. Business owners tend to have a lot on their plate, making debt collection something that can weigh them down and even impact the financial health of a business. Therefore, business owners need to understand how best to address these matters so they do not harm the daily operations of the business.
In order for businesses and companies in New York to stay afloat, they must continually recover profits. Revenue comes from being paid for their services or products. However, if a customer fails to make a payment this can make it difficult to remain in good standing. Therefore, businesses often want to take legal steps to protect their company and collect these debts.