Once you win your judgment case against someone who owes you money, you should be able to collect on your judgment and move on with your life. Unfortunately, many debtors do not readily pay up, even with a court order against them. As experienced commercial collection attorneys at Law Offices of Alan M. Cohen LLC, we are often called on to assist with commercial collection cases. We know many methods for getting our clients paid the money they are owed. Those methods often include seizing the debtor’s assets.
How does asset seizure work?
Many people have heard of asset seizure in various contexts, perhaps when someone fails to pay taxes or in a criminal case. When it comes to debt collection, you or your company seeks to takes control of the debtor’s assets, rather than the government. The process includes several steps:
- Identify the debtor’s assets – You may seize many types of assets, including non-exempt personal property and real estate. Real estate may require additional steps, but is not off-limits. Under Massachusetts law, certain basic necessity items are exempt from seizure, so you should seek legal guidance.
- Search for secured creditors – Before you seize your debtor’s property, you want to make sure another creditor does not have a lien on that property, or you could become liable for that debt. We always investigate liens before moving forward with a seizure.
- Instruct the sheriff to seize the property – The next step is to direct the sheriff to seize and sell your debtor’s property. In some cases, the sheriff’s presence may be enough to convince your debtor to pay you.
- Receive the net proceeds of the sale – After the sheriff’s sale, you will receive the proceeds, less any administrative fees.
Can it work with other methods of collection?
At Law Offices of Alan M. Cohen LLC, we often combine asset seizure with other methods of pre- or post-judgment attachment. For example, we may establish a pre-judgment real estate attachment, then initiate an asset seizure on that real estate after we receive the judgment. We know how to make the system work in our client’s best interest.
If you are looking for a commercial collections firm with almost 50 years of experience finding the right solution for each client’s situation, contact Law Offices of Alan M. Cohen LLC. We understand the debt collection process and we will fight to get you paid. Call us at 508-763-6604 today or reach out online.