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Creating an Effective Credit Policy

Welcome to our mini learning series "Creating an Effective Credit Policy" Our law firm is a creditors' rights law firm.  That means that we represent the rights of people that are owed money.  This can cover anything from strategies to protect a creditor from fraud if a debtor files for bankruptcy, to commercial debt collection. Our experience in the credit world has lead to two large understandings. Those businesses with a clear and effective credit policy are more effective at collecting what is owed to them, without engaging a collections agency or collections attorney. Those businesses with a clear and effective credit policy are more successful when the debt owed is escalated to a debt collection attorney, typically collecting more, and collecting quicker. Once you have made the decision that you will be in the business of establishing lines of credit of some sort for your clients, the next step is to establish a clear credit policy and then, of course, to stick to it.  Here is a quick primer on getting from ground zero to having an effective credit policy. This will be an 11 part series (12 if you include this introduction) and will be run every Friday. Read the full article

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Creating an Effective Credit Policy

Creating an Effective Credit Policy

Welcome to our mini learning series “Creating an Effective Credit Policy”

Our law firm is a creditors’ rights law firm.  That means that we represent the rights of people that are owed money.  This can cover anything from strategies to protect a creditor from fraud if a debtor files for bankruptcy, to commercial debt collection.

Our experience in the credit world has lead to two large…

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Commercial Collection Guidebook

This short guide is intended to support commercial account credit managers along with their employees in reviewing receivables and collecting business accounts. It's intended for credit and receivables employees regardless of the size of your business.   As Long Island Commercial Collection Attorneys, we see a lot of commercial debt that could have been collected without the aid of an attorney, if clear guidelines had been in place early. This guide relies heavily on a guidebook created by the International Association of Commercial Collectors, Inc., the world's biggest association of commercial collection experts. The intent of the Commercial Collection Guideline isn’t to instruct expert credit managers on the ways to do business in their niche sectors. Instead, the objective is to offer recommendations for credit extension. Furthermore, this guidebook offers tips about how and when to obtain professional commercial collection services. The aim of this guide is to help you set up and implement credit department procedures and policies that are effective, particularly with the accounts that are slow paying. The Guide Series will start next Wednesday, with additions every Wednesday - Stay Tuned! Read the full article

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Commercial Collection Guidebook

This short guide is intended to support commercial account credit managers along with their employees in reviewing receivables and collecting business accounts. It’s intended for credit and receivables employees regardless of the size of your business.   As Long Island Commercial Collection Attorneys, we see a lot of commercial debt that could have been collected without the aid of an attorney,…

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Credit Card Debt Surges 7% In Q2 2018

Credit Card Debt Surges 7% In Q2 2018

U.S. credit card balances grew 6.6 percent in the second quarter of 2018, compared to the same period in 2017, according to new Experian data. The total balances for credit cards increased to $782 billion in the second quarter, up from $734 billion in Q2 2017.

South Dakota, North Carolina, and Kentucky saw the greatest year-over-year growth in the first quarter in the number of new credit card…

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Hiding from Collection Attorneys sets the wrong course.

Hiding from Collection Attorneys sets the wrong course.

  [box]“If you do not change direction, you may end up where you are heading.”

Lao Tzu[/box]

By the time a collection matter reaches an attorney, as opposed to a debt collection agency, we usually find both the creditor’s and the debtor’s position fairly set in stone.

However, we would still like, for just a moment, to reach out to those that owe a debt that we are attempting to collect, and are…

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Contesting A Will In New York - Taroff & Taitz LLP

Grounds to Contest a Will in the state of New York.

Under New York Law, a will contest may be based on the following grounds: Undue Execution The will was not properly executed. Revocation The will was revoked by the testator. Incapacitation The testator lacked the testamentary capacity to execute a last will and testament. Fraud The testator was induced by fraud in making or executing the will. Undue Influence Undue influence was exerted upon the testator in the making or executing the will. Read the full article

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Indebtedness

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Uncovering Hidden Assets - The Real Estate Trust - Taroff Taitz LLP

Attempting to hide assets from creditors (con't)

Today's example of how some people attempt to hide their assets is a Real Estate Trust.  Some debtors legitimately cannot pay their debts.  The law provides the bankruptcy process to help protect them.   Our goal is when a debtor actually has assets but makes deliberate attempts to hide their assets to avoid paying their debt or a New York Judgement.  These are the focus of this series.  We will find you.  We have awesome tools and have been searching for hidden assets much longer than the typical debtor has been hiding them. The Real Estate Trust Some people will use real estate trusts to hide real estate by naming himself/herself, a close friend, a spouse or a family member as the trustee. The debtor is trusting that the named trustee will return the money at a later date. When this trustee obtains mortgage loans for the property through the trust, it becomes almost impossible to pin the property on the person in question through a records search. Some states allow for all assets to be placed in a real estate trust and for someone else to be named as trustee. In these cases, the real estate trust is ideal in hiding assets because the trustee is not cross-referenced with the debtor. Other states require that anyone with beneficial interests be named. Many states require a lot of paperwork that make real estate trusts a much worse method of choice for hiding assets. In about half of the local jurisdictions, this paperwork cross-references the trustees and the trust’s name making the search must easier to revealing concealed assets. Look at the court’s information on mortgage loans, deeds, and trusts to start your search. Taroff Taitz, LLP is aggressive when it comes to collecting debt, especially against an NY Judgment.  A fraudulent transfer into a Trust Fund can be accessible to a creditors rights attorney. Contact us today to see how we can begin collecting the money owed to you. Read the full article

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Where Should I Keep My Will? - 6 Questions For A Wills and Trusts Attorney

So now that you have your will, where do you keep it? It is highly recommended that your intended heirs have the contact information for your attorney and that your attorney keep a copy of your will. You should keep a copy as well.  It should be kept safe in someplace like a fireproof box in your home or another secured private place. A safety deposit box might not be the best place if the safety deposit box is accessible by someone (ie a spouse or business partner) that might disagree with the contents of the will.  Make sure that the executor of your estate knows where your will and other important documents are stored. Read the full article

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How Else Can I Avoid Probate? 6 Questions for a Wills & Trusts Attorney

In addition to a revocable trust, one of the easiest and most expedient ways to avoid probate is to name a beneficiary and add alternate beneficiaries within any financial securities you own.   For instance, if you have a retirement account like 401(k),  I.R.A.’s or insurance policies, when you create the account, you typically have an ability to designate a beneficiary there and then. It is highly recommended to update those designations regularly, as it is easy to overlook these designations potentially decades later, and situations change over time. In addition, one of the things to watch is when you have a joint account with anyone, and you don't (for whatever reason) want that person to inherit the contents of that account.   As an example, perhaps you have a joint account with a former spouse that is used to deliver alimony or other support payments.   When you pass, the contents of that account go directly to the joint account holder through what is called "right of survivorship" often regardless of what is stated in your will.  That might be what you intend, or it might open the door to probate litigation.   Adding a “payable on death” provision to any joint bank account will help avoid probate. This will now mean that your named beneficiary will inherit the account after you die. This is something that you can speak to your bank about, or turn to your wills and trusts attorneys at Taroff & Tatiz LLP.   Read the full article

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How Else Can I Avoid Probate? 6 Questions for a Wills & Trusts Attorney

In addition to a revocable trust, one of the easiest and most expedient ways to avoid probate is to name a beneficiary and add alternate beneficiaries within any financial securities you own.   For instance, if you have a retirement account like 401(k),  I.R.A.’s or insurance policies, when you create the account, you typically have an ability to designate a beneficiary there and then. It is highly recommended to update those designations regularly, as it is easy to overlook these designations potentially decades later, and situations change over time. In addition, one of the things to watch is when you have a joint account with anyone, and you don't (for whatever reason) want that person to inherit the contents of that account.   As an example, perhaps you have a joint account with a former spouse that is used to deliver alimony or other support payments.   When you pass, the contents of that account go directly to the joint account holder through what is called "right of survivorship" often regardless of what is stated in your will.  That might be what you intend, or it might open the door to probate litigation.   Adding a “payable on death” provision to any joint bank account will help avoid probate. This will now mean that your named beneficiary will inherit the account after you die. This is something that you can speak to your bank about, or turn to your wills and trusts attorneys at Taroff & Tatiz LLP.   Read the full article

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Difficult Debtors - Hiding assets with gifts

At Taroff Taitz, LLP, we focus much of our practice on collecting debt for the businesses that we represent.   While there are many ways people will try to avoid paying the debt they owe, a seasoned creditors' right attorney is "wise" to their actions and knows where to look in order to get you paid what you are owed. Read the full article

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Recovering Difficult Debt - The Ways Assets Are Hidden

Many people try to hide their assets in an attempt to evade losing them in the judicial process. There are several ways that people go about this process. Some people may use the names of relatives while other may even have different aliases and social security numbers. A background check can help bring these discrepancies to light. Read more about how assets are concealed   The upcoming articles in the series will uncover the many ways that recalcitrant debtors might try to beat their often court-ordered obligations by hiding assets.   Read the full article

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Recovering Difficult Debt - The Ways Assets Are Hidden

Many people try to hide their assets in an attempt to evade losing them in the judicial process. There are several ways that people go about this process. Some people may use the names of relatives while other may even have different aliases and social security numbers. A background check can help bring these discrepancies to light. Read more about how assets are concealed   The upcoming articles in the series will uncover the many ways that recalcitrant debtors might try to beat their often court-ordered obligations by hiding assets.   Read the full article

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What About a Revocable Trust? - 6 Questions for a Wills & Trusts Attorney

What About a Revocable Trust?

Using a revocable trust  (or living trust) may be one of the smartest ways to avoid probate. People who use revocable trust do so to avoid the rigors of having the court supervise the process of settling a deceased person’s estate.  Having the court system manage your estate can be quite expensive and time-consuming. Fighting out a contested will in court could cost  5 percent of the value of the estate or more, between court costs, fees, and attorney expense.   It makes sense to anticipate your needs now, to protect your estate, and protect your intended heirs. According to some legal professionals, revocable trusts are harder to contest than a will.  More than being harder to contest, a revocable trust also keeps your personal matters personal and private as opposed to a will, which is often recorded publicly during probates. Read the full article

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How Else Can I Avoid Probate? 6 Questions for a Wills & Trusts Attorney

In addition to a revocable trust, one of the easiest and most expedient ways to avoid probate is to name a beneficiary and add alternate beneficiaries within any financial securities you own.   For instance, if you have a retirement account like 401(k),  I.R.A.’s or insurance policies, when you create the account, you typically have an ability to designate a beneficiary there and then. It is highly recommended to update those designations regularly, as it is easy to overlook these designations potentially decades later, and situations change over time. In addition, one of the things to watch is when you have a joint account with anyone, and you don't (for whatever reason) want that person to inherit the contents of that account.   As an example, perhaps you have a joint account with a former spouse that is used to deliver alimony or other support payments.   When you pass, the contents of that account go directly to the joint account holder through what is called "right of survivorship" often regardless of what is stated in your will.  That might be what you intend, or it might open the door to probate litigation.   Adding a “payable on death” provision to any joint bank account will help avoid probate. This will now mean that your named beneficiary will inherit the account after you die. This is something that you can speak to your bank about, or turn to your wills and trusts attorneys at Taroff & Tatiz LLP.   Read the full article