As Massachusetts-based commercial debt collection law firm with over 35 years of experience, we have the knowledge and experience to give you your best shot of getting paid from your debtors. This enables us to try to take the right actions at the right time, assisting our clients recover to their debt efficiently and effectively. We rely on debt collection tools, such as the ex-parte trustee attachment.
What are Ex-Parte Trustee Attachments?
Ex-Parte means without notice while trustee attachments in Massachusetts refers to a legal process or procedure in which a third party, other than the creditor, attaches a debtor’s property without prior notice. In this process, the third person is called the trustee.
Trustee attachments are typically made for the purpose of holding property of the debtor against his or her will to answer for a debt due to the creditor once the judgment is obtained.
Why Do We Seek Them?
An Ex-Parte Trustee Attachment enables the plaintiff (creditor) to pursue 2 objectives: security and priority. It provides you with financial security because using attachments, the plaintiff can ensure that the money is held aside so that when you win the case, you can get paid from monies held by the trustee subject to trustee attachment or bank attachment, as it is also known. Although the trustee is most often a bank, it does not have to be a bank. All that is required is that the person or entity is holding monies that is absolutely due and payable to the debtor.
By using attachments, the debtor starts to take their debt to you more seriously, thereby often prioritizing your debt payments first.
Attachments prevent debtors from using, withdrawing, transferring or selling assets including real estate and money in bank accounts.
In combination with attachments, we may also use tools such as equitable injunctions and Reach and Apply Injunctions. Equitable injunctions prevent debtors from transferring their in-state and out-of-state assets, while reach and apply injunctions help ensure direct collection of money from the debtor’s debtor.
The reach and apply injunction is only applicable in a few states including Massachusetts. This debt collection remedy allows us to sue the third party (the debtor’s debtor) in conformance with the law of Massachusetts. It enables you to recover your money back directly from the third party without any interaction of your debtor. Therefore, the payments that your debtor’s debtor has to make to your debtor are then sent to you (of the amount that your debtor owes to you).
By using reach and apply injunctions, our attorney cuts off the debtor from the middle and communicates and corresponds with the third-party, thereby increasing your chances of getting paid.
If you want an efficient and effective debt collection process call the experienced, aggressive and relentless collection attorneys at the Law Offices of Alan M. Cohen LLC at 508-620-6900 or email at [email protected].