Whether you're borrowing money or providing a loan to someone else, a Promissory Note is usually the best way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair.
However, an “IOU†is generally regarded as only an acknowledgment of a debt, not a promise to pay the debt. However, this form is a written promise to pay a debt.
Effective April 7, 2022, the New York statute of limitations for debt collection lawsuits arising out of a consumer credit transaction is reduced from six years to three years.
In New York, a judgment creditor can levy a debtor's bank account, including a joint bank account, by serving a restraining notice on the bank. The bank is then obligated to freeze the debtor's assets up to the amount of the judgment.
Does the state of New York have a debt relief program? While there's no official government debt relief program in New York, there are accredited organizations and programs available to help residents tackle their debt.
The answer can be told to the clerk at the courthouse in person, or can be written down and given to the clerk in writing. It may be easier for you to answer in person.
You can either answer the summons in writing or in person. If you answer in person, you must go to the courthouse clerk's office and tell the clerk about your defenses to the plaintiff's claims.
You can either answer the summons in writing or in person. If you answer in person, you must go to the courthouse clerk's office and tell the clerk about your defenses to the plaintiff's claims. The clerk will check off the boxes in a Consumer Credit Transaction Answer In Person form.
Your answer should include the court name, case name, case number, and your affirmative defenses. Print three copies of your answer. File one with the clerk's office and mail (or “serve”) one to the plaintiff or plaintiff's attorney.
You must fill out an Answer, serve the other side's attorney, and file your Answer form with the court within 30 days. If you don't, the creditor can ask for a default. If there's a default, the court won't let you file an Answer and can decide the case without you.
Sue the Debt Collector in State Court You may bring a lawsuit against the debt collector in state court. In the lawsuit, you must prove that the debt collector violated the FDCPA. If successful, you might be able to collect $1,000 in statutory damages and possibly more if you suffered harm from the violations.
For example, you would be responsible for your spouse's debt related to buying a marital home, food, clothing, family car, childcare, etc. However, debt incurred to buy something that only benefited and was used exclusively by your spouse is not your responsibility.
