Part One of a Three Part Series on How to Write a Credit Application with Teeth
Bank Attachments
Unlike some other attachments, freezing a debtor's bank account so that they can not use or withdraw money usually has a sudden impact on the debtor. Even when the attachment does not catch any funds, it can bring the debtor to the table for meaningful settlement discussions.
We recommend making a copy of every check that is received from a customer for three reasons:
- Accounting verification
- Indicates continuous banking changes (a red flag); and
- Affords the collection attorney attachment targets
If you do not have copies of the debtor's checks and the amount of the debt is substantial, we recommend investing in an asset locater to help paint the target. This often transforms a stab in the dark into a "smart bomb".
Armed with knowledge of the debtor's last known bank, we can bring a motion for bank attachment. There are two ways to obtain a bank attachment - with notice and ex parte (without notice).
It is important to remember that just because you have attached the money in a debtor's account does not automatically entitle you to that money. Rather, it is merely a form of gaining security - monies are held aside by the Bank to pay you after you have won the battle. Simply stated, the role of prejudgment security is to help ensure that after you have won the battle, you win the war and now control your own money.
Shouldn't you use an attorney that other attorneys rely upon to collect their delinquent debts?
The Law Offices of Alan M. Cohen LLC represents clients and sues debtors in Middlesex County, Boston, Bristol County, Suffolk County, Hampden County, Norfolk County, Plymouth County, Essex County, Worcester County, Barnstable County and throughout Massachusetts.
The information you obtain at this site is not, nor is it intended to be, legal advice. Nor shall contact through said site establish an attorney client relationship, absent a formal fee agreement. You should consult Attorney Alan M. Cohen for individual advice regarding your own situation.
