The Siskind Law Firm

02/16/2026

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05/16/2024

Commercial Debts - The Cost of Time

If your business is owed money, the longer you wait to get it, the less money you may ultimately collect- for many reasons.

First, if your customer or client is not being assessed interest on the monies due to you, you are suffering an opportunity cost of lost bank interest.

Second, while trade debt goes unpaid, you are losing reinvestment opportunities with that money; even if you are expecting to get interest on the funds from your debtor, simple interest may be far less than the ROI you could achieve through use of the funds in commerce.

And, to add an insult to the injury, you may be paying interest on new money you need to secure from a lender while monies owed to you remain unpaid.

You may never even be able to secure the trade debt principal owed from the sale of the goods or performance of the service if, as time passes and the debtor’s business worsens, the debtor pays other debts before yours or files for bankruptcy and either dissolves the business or creates an approved plan to pay creditors less than face value.

While in some cases, you may not want to formally pursue legal efforts against your customer or client, you need to consider that: i. it may have been a one-time customer, with no potential for future business; or ii. it may not be a customer or client worth maintaining; or iii. at some point, you have to resign yourself to the idea that you transacted for consideration and are entitled to get paid.

Debt Solutions – for Debt Problems. 1385 Broadway, PH, New York, New York 10018 Tel: 646.530.0006.
If you wish to immediately monetize a commercial debt or payment owed to your business, we buy business debts and receivables, outright, under certain circumstances and conditions.

We collect business debt that results from a breach of a business transaction. Legal fees are contingent on success, where litigation is avoided.

01/16/2024

If Your Business is Owed Money- Collect, Sue, or Sell?

If you are owed money arising out of a business transaction, and you want the money, these are your options:

1. Attorney Collection-
There are numerous reasons to pursue an attorney-collection action.

The amount owed to you may not be worth the cost of a litigator’s hourly fee. In a collection action, the client only pays if the money is collected.

Or, you may want to take the potentially easiest and quickest path to your money, first. An attorney’s collection efforts may be enough to alert your obligor that you are serious about getting paid and to pressure the payor to pay-up before a lawsuit may be filed.

A collection effort is also a better option if a company wants to try to maintain a less-adversarial dynamic with a customer or client. Collection letters can be crafted to be firm, yet with the objective of maintaining a business relationship.

A lawsuit can be lost, so there is a financial risk.

If you obtain a judgment- you still have to collect the money, in which case you will still need a collection attorney if you do not want to pay an hourly fee for a litigator’s post-judgment money pursuit. Though collection actions, too, normally may not include freezing accounts and garnishing wages- which would require an hourly fee, generally.

The collection path leaves options open to sue later, if need be.

The cost is a percentage of the collected amounts- usually between 15% and 30%.

2. Lawsuit-
A lawsuit may be necessary if a collection effort has failed or if a lot of money is at issue so that paying an attorney makes sense.

The amount of money involved may be a bigger issue for you than any concern over how long it takes to get it.

You also want to get payment over potential other creditors, so going in hard and fast can make sense.

The cost is that you could lose the lawsuit and still have legal fees. And if you win, you still have to try to collect the money on the judgment.

3. Sell it-
You may not want to sue your customer or client, such as in the case of an overdue invoice, bill, or receivable.

You may want immediate monetization of a receivable or debt.

You may want a guaranteed recoupment of at least some part of the obligation.

Even a judgment may be uncollectable, or take a lot of time and cost.

Debt investors buy debts (performing or non-performing), receivables (overdue or not), and judgments, all at discounts to face value, which allows you to immediately monetize an obligation.

The discount could be anywhere from 10-80%, depending on a variety of factors.

We collect or buy New York debts (secured and unsecured), receivables (due or overdue), and judgments.

We Buy Debts, Receivables, and Judgments   If you prefer to, immediately, sell a past due debt, trade receivable, or judgment that has arisen from a business transaction, rather than have us attempt to make a collection first, due to your time constraints or the need or wish to gain immediate liqui...

01/05/2024

Business Debt Collection:

A. A “business debt” (or “commercial debt” or “trade debt”) collection action can result from:

1. A written contract or agreement between two parties, where a payment term is not met following delivery of a good or service, with no defense for such; or
2. a verbal agreement (or oral contract) for a service to a business or for a business purpose that is performed, but for which payment is not made; or
3. a sale of goods for use in a business, without a formal, written agreement, for which payment is not made and a quid pro quo promise or formed contract can be proven, including by showing acceptance of goods; or
4. a purchase order – which is a legal contract- for a good or service for a business use, where there is no payment made, with no defense thereto; or
5. a loan made to a person or company for the borrower’s business purpose where there is a payment default, with no defense; or
6. a factored and sold receivable, with a past due payment.

B. Hiring a Debt Collection Agency vs. Retaining a Debt Collection Attorney:

-A collection agency seeks to get money, above all. An attorney seeks to reach a resolution without being offensive or causing ill-will.
-An attorney makes money in many ways- a collection agency has to aggressively pursue debts, as this is the only way it makes a living. So, the agency can offend your customer or client- if this is something that matters to you.
-A collection letter just demands payment. An attorney’s letter, from a qualified attorney, sets forth the law(s), terms, facts, and basis for the debt, which is a much stronger message to send when demanding payment.
-An attorney’s letter sends the message, without even needing to actually say it in the letter, that a lawsuit may be coming next. A collection agency has no such power. In fact, it sends the message that you, the owner of the debt, do not want to pay a lawyer, or that a lawyer would not take the case, and that you may not proceed further if the collection agency fails.

C. If you wish to immediately monetize a commercial debt or payment owed to your business, we also buy business debts and receivables, outright, under certain circumstances and conditions.

We collect business debt that results from a breach of a business transaction. Legal fees are contingent on success, where litigation is avoided.

11/03/2023

Options for Investing in Debt (Loans and Payment Obligations)

There are a variety of ways to invest in debts or obligations:

1. Buy a Treasury bill, note, or bond
2. Buy publicly-traded debt in the form of a corporate bond
3. Deposit money into a private credit fund
4. Make a private loan to a business or individual
5. Buy a performing private loan (normally secured).
6. Buy a non-performing private loan (secured or unsecured)
7. Buy a judgment rendered following a lawsuit or a lawsuit default, to try to collect on it
8. Buy a tax lien at a public tax lien sale with the goal of collecting interest or foreclosing on the property
9. Buy the right to a payment owed from delivery of a good or service that is overdue, but not yet a lawsuit, with the goal of collecting the debt

In 4-9 above, a debt/payment obligations buyer (or, debt investor) or lender should conduct due diligence by reviewing (as applicable): the background and finances of the borrower or debtor; the nature of the security, if any; the status of the payments; the terms of a loan or past-due obligation to see how it originated; any defenses put forth to date; any potential defenses you can identify; and all public records related to the borrower and/or security to make sure there are no prior liens before making/buying a loan or debt, if that is what is expected. (Some level of due diligence of business operations, financial statements, balance sheets, and loan security should also occur with #2 above.) This all should be in addition to and following your assessment of the quality of the investment, competitive investments, and the risk of getting back or the reward of growing your principal.

A contract of purchase and sale or a loan agreement should include a clear description of the debt or obligation and representations and warranties from the seller or borrower. A written and signed security lien document or assignment of any existing security should occur at the closing of the loan or sale.

If you are buying or selling debt or making a new loan pursuant to 4-9 above, you should have a qualified attorney who is knowledgeable about all of the legal, investment, and financial issues involved handle the transaction so that your investment has the potential to achieve the best possible outcome.

Debt – Buying and Selling Debts, Loans, & Judgments   We can help with negotiations, risk assessments, due diligence, purchase, sale, and assignment documents, and with ensuring that our client gets what is necessary to effectively sell and transfer or acquire a debt, loan, or judgment. Put 25 ye...

09/26/2023

The Legal Impulses and Various Possible Denouements to a Business/Commercial Debt Collection Action

A “business debt” (or “commercial debt” or “trade debt”) collection action can result from:

1. A written contract or agreement between two parties, where a payment term is not met following delivery of a good or service, with no defense for such; or
2. a verbal agreement (or oral contract) for a service to a business or for a business purpose that is performed, but for which payment is not made; or
3. a sale of goods for use in a business, without a formal, written agreement, for which payment is not made and a quid pro quo promise or formed contract can be proven, including by showing acceptance of goods; or
4. a purchase order – which is a legal contract- for a good or service for a business use, where there is no payment made, with no defense thereto; or
5. a loan made to a person or company for the borrower’s business purpose where there is a payment default, with no defense; or
6. a factored and sold receivable, with a past due payment.

All of the above commercial debts are, potentially, collectable. In the event that there is a defense to a nonpayment, a simple “nonpayment” case becomes a “breach of contract” case, with both parties claiming that the other breached, and will require more legal work than would a basic, indefensible nonpayment action.

Obviously, the first step in response to a persisting failure to pay monies alleged to be owed is to aggressively pursue collection until a party, clearly, by words or deeds, refuses to ever make the payment or asserts a defense to the nonpayment. Then, a business can either charge-it-off or file a lawsuit. The other party can answer a complaint with a defense to the nonpayment, if they decide that it’s financially worthwhile, or default, or file for bankruptcy; or, the lawsuit can be an impulse to their, finally, making a full payment, or to their attempting to try to settle the case for a lower payoff amount, and/or to their trying to negotiate an extended payment term with the plaintiff.

We collect business debt from a breach of a business transaction. Fees are contingent on success.

08/29/2023

Debts and Obligtions from Business Partnerships-

When do business partnerships go awry?

When economies turn down, or when partners steal, or when success goes to the partners’ heads.

In other words- there are many ways for partnerships to head south.

Sometimes there are written partnership/operating agreements- many times there aren’t. An agreement can help narrow the potential outcomes of a dispute, yet, an agreement is not always the answer to a money dispute.

In either case, partners may point fingers at each other about who owes what to whom.

A lawyer or lawyers can get involved in two ways: to settle the matter amicably, and dissolve the relationship, or to file and/or answer a lawsuit.

If you have a problem with a partner involving money- one partner alleged to owe money to another- we can work it out, preferably and possibly without litigation.

If you are the one who is owed money, if there is potential to get it resolved without litigation, you will only pay a legal fee to this firm if you get the money that is allegedly owed.

If your business partner is looking to you to re-pay money alleged to have been improperly taken, or that is otherwise, allegedly, owed to the company, if you have a true defense, and if we can resolve it or settle it without litigation, you only pay a legal fee if the matter is settled to your satisfaction and as we agree upon your retaining our services.

If you act early and in good faith to reach a quick and inexpensive resolution once a difference with a business partner arises over money, before it gets out of hand ...
good negotiation - can stop litigation.

NEIL SISKIND of THE SISKIND LAW FIRM is an experienced debt negotiator, and debt management, contract negotiations, and business structuring attorney, and an experienced product licensing and product distribution lawyer in New York who can handle all of your business and debt related matters, includ...

07/06/2023

Debt – Buying and Selling Loans, Debts, & Judgments

We can help with negotiations, risk assessments, due diligence, purchase, sale, and assignment documents, and with ensuring that our client gets what is necessary to effectively transfer or acquire an obligation.

Put 25 years of negotiations, operations, and business law experience in your corner.



Debt Sellers-

Secured debt can be sold and transferred (unless a loan document specifies that it may not be so assigned).

The debt holder or lender (it could be either) sells the debt and assigns the loan document and related security (such as a mortgage or personal property) to the loan or debt buyer. The debt buyer, if the transaction is handled properly, now steps into the shoes of the creditor and has the same rights as the original creditor.

There may be no security for a debt, in which case the debt holder can try to obtain a judgment upon default and secure personal assets.

The debt holder can hold the performing debt or sell it. If the obligation is non-performing, the creditor has the same options.

If the debt is in default, the buyer of the debt or of the loan has all of the rights of the seller of the debt or loan.

If the debt or defaulted loan has already become a judgment, then the judgment creditor can sell the judgment to a judgment buyer, who gets all of the rights of the seller.

An assignment of the loan or debt, and any security documents, such as a mortgage or UCC, must be included if the debt is secured. If the loan or debt is unsecured, an assignment document that assigns all rights and describes the debt as clearly and specifically as possible is needed.

The document must be signed by the party with ownership in the debt or loan (or judgment).



Debt Buyers-

Buyers of loans, debts, and judgments should conduct due diligence.

Buyers of loans or debts must be sure that there is no restriction on transferring the loan or debt.

Also, buyers must be sure that the debt has not expired under its terms or under an applicable statute of limitations or that the debt is not uncollectable pursuant a debtor’s bankruptcy discharge.

The buyer should get a document assigning the debt or loan, whether it performing or nom-performing, and an assignment of all related security documents.

The price paid for the assignment should be a discount the face value to account for the risk of non-collection and the cost of trying to collect. Even if the loan is performing a buyer should try to get more of an ROI by paying below face value for the debt or obligation.

All files about the background of the debtor or borrower and the original service provided or original loan extended should be included and assigned so that buyer can assess his or her likelihood of collection and decide on a collection strategy.

Debt – Buying and Selling Loans, Debts, & Judgments   We can help with negotiations, risk assessments, due diligence, purchase, sale, and assignment documents, and with ensuring that our client gets what is necessary to effectively transfer or acquire an obligation. Put 25 years of negotiations, ...

06/11/2023

Business Debt Collections

If you are owed money out of a business transaction, then our collection services may be what you need.

*A "business transaction" debt is any debt from a transaction for goods or services that are “not” for consumer use; consumer use would be a debt related primarily to personal, family, or household purposes; for example, credit card debt, car loans, lawn care, home contractor, and medical bills.

A business transaction debt arises from a breach. Where one party provides a product or service that the other party has agreed to pay for but fails to pay for, that is a breach. This includes one party agreeing to pay back a loan, but fails to make payments. These are agreements don't necessarily have to be in writing.

We collect business debts from a breach in a business transaction on a contingency-fee basis, meaning that we only get paid if we collect what is owed, or only on the portion of the debt that we are able to secure.

Sometimes, business disputes over money can be settled amicably and/or with compromise before the effort and cost of litigation becomes necessary. We can use whatever we, together, determine to be the best approach to a given situation.

Call us if you’d like to discuss a situation where you are owed money that was loaned by you or that was agreed to be paid under a contract for services or for the sale of products to another company or arising out of a partnership dispute to see how we can help obtain the monies owed from your business transaction, with or without litigation.

We collect business debt from a breach of a business transaction. Fees are contingent on success.

05/11/2023

Managing Debt ... Requires Leverage

Whether related to a business or personal transaction, the problem w/ owing money is that a debtor may have no way to go on the offensive.

And it’s never good to negotiate from a position of weakness.

If a person is sued, it’s best to make a counterclaim. This provides a legal “offense” to help force a settlement- & it also costs a plaintiff more legal fees than anticipated, increasing the odds of a shorter fight & a compromise. This is one way for a defendant to gain “leverage” when sued.

But it’s not always the case that a defendant has a valid counterclaim to monies owed- or the budget to pursue going-on offense.

The best way to prevent worsening one’s negotiating position for a valid claim for monies owed is to stay out of a lawsuit in the first place, &, especially, prevent a judgment being entered against them (on the merits or from default). The latter significantly reduces one’s leverage. Even if a debtor has a good defense- “especially” if they have a good defense- it’s best to tackle the claim head-on & settle it before a lawsuit is served, if possible. Upon being sued, personally or as a business, one’s time-investment, costs, & risks all rapidly rise. If a claim is being made that a person or business owes money on a loan, or from a transaction, or from purchasing a good/service, or if they incur a healthcare related or other expense, or they're being defrauded, their best option is to explore potential defense(s) & available options towards refuting or settling the dispute w/ the party “before” they’re sued, b/c an attorney’s fees to prepare, appear, & argue a case may cost them as much as, or more than, the debt, itself; or if a party ignores the complaint, followed by a default judgment entered, their credit could be harmed, w/ liens put on business assets or personal assets, w/ their wages garnished, & judgment-interest charged. A creditor also has incentives to avoid a lawsuit w/ its time, costs, & risks. So, early & strong communication can advantage both sides.

A one-time payment of a lesser sum, or agreement for payment over time, or both, may be available before being sued, once a party knows his/her rights, defenses, points of leverage, & possible counterclaims, & uses these to negotiate a solution. It’s not always the case where a claim can be settled- but reasonable steps & available defenses based on a debtor’s individual situation should be explored to protect one’s credit & assets, & limit legal costs by resolving problems early.

Communicating w/, rather than avoiding creditors may be the best strategy, financially & legally, b/c it can keep a party out of court- which is never inexpensive in terms of money, &/or time, &/or stress.

Defenses, counterclaims, early communications, law violations, renegotiations, settlement offers at discounts, payout terms.
Good negotiation - helps avoid litigation.

http://siskindlawfirm.com/debt-help-reduce-debt/

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05/31/2020

https://www.linkedin.com/pulse/disease-managed-globalization-mandated-onshoring-product-neil-siskind/

By: Neil S. Siskind "Managed globalization" (or "nationalism", or "protectionism", or "partial-autarky", or whatever term you prefer) as a response to a pandemic (in this case, the COVID-19 pandemic), and for the purposes of preventing and managing future diseases and pandemics, requires two entirel

02/08/2020

The Neil S. Siskind Nature Preserve, Hudson Valley, NY - Winter Hike