Online arbitration is a form of online dispute resolution (ODR) that allows commercial disputes to be settled exclusively online swiftly and at a cheaper cost than traditional arbitration or court litigation. Resolution of disputes involving certain debt is often overlooked and considered a non-starter or the collection cases are sold off for pennies on the …
No one wants to have a debt judgment issued against them and settling a debt claim is often quicker and more effective than waiting for an arbitration award or civil court judgment. Debt is a strange animal and there could be many reasons why people have not followed up on their legal obligations to repay …
New York State Courts and now using ODR systems. Thanks to stay-at-home orders and most courts closed this past year because of the coronavirus pandemic, we are seeing increased interest in the use of online dispute resolution (ODR) systems by state and local courts. While only a handful of state courts have adopted ODR systems, …
New York State Courts Join the Ranks of Those Using ODR Systems Read More »
When you’re dealing with a legal matter, you have enough going on without having to then explore all your options for resolving it. So let’s simplify it and utilize the following solutions dealing with financial disputes that include defaulted loans: arbitration, mediation, and litigation. Litigation: The Costly Road to (Hopefully) Positive Resolution Let’s start with …
Arbitration, Mediation, and Litigation: Which is Right for You? Read More »
Are you a lender? Do you provide financing? Is your business owed money? Do you have a borrower with an unpaid loan due but you want to incur the expense of a lawsuit? These are just a few examples of situations where a business like yours may have tried to seek recovery, but the cost …
Despite the fact that many courthouses across the country have shut down for at least part of the last year, thanks to the coronavirus, many have opened up, albeit at limited capacity. And in opening up, they are putting courthouse staff, plaintiffs, defendants, and lawyers at serious health risks. The Los Angeles County Superior Court …
COVID Continues to Wreak Havoc on the Court System Read More »
A solid debt recovery strategy is crucial for banks. As a one-off, a defaulted loan at a bank is not ideal, but it is usually a tolerable loss. When many defaults are taken together, non-performing loans en masse can result in the proverbial death by a thousand cuts. In tenuous economic times, during this unprecedented pandemic, defaults …
How to Use Online Arbitration (ODR) as a Collection or Debt Recovery Strategy Read More »
When it comes to resolving financial disputes through arbitration, there is a shift away from traditional arbitration avenues that require multiple appearances, motion practice, depositions, and other discovery as well as a full-blown trial involving witnesses, experts, etc. However, not all disputes are equal, and simpler disputes, such as monetary disputes or declaratory relief actions, …
Arbitration is one option for resolving financial disputes and an arbitration award is also legally binding but many people still ask how to enforce an arbitration award. With arbitration, an impartial arbitrator will decide who pays money, if any, and how much. An award acts as a judgment, and it is a legal determination of …
Financial institutions, credit unions, CMBS, and other lenders are all too familiar with non-performing debt and currently find themselves in a unique situation with enforcement mechanisms limited due to the shutdown of many courts and offices, the curb on enforcement by certain authorities, or the perceived cost of enforcement. Each borrower who defaults on a …
The Cost-Saving Measures of ODR Designed to Resolve Debt Read More »
