Getting payment on late debt is not always an easy task. Thankfully, businesses do not need to go through this process on their own. Business owners can work with legal counsel to help locate and collect that money.
At the Law Offices of Alan M. Cohen LLC, we have nearly 50 years of combined legal experience working to help our clients get the money they are owed.
Aggressive and Relentless Collection Tactics
Legal tactics that can result in payment can include:
- Bank attachments. A trustee attachment is a legal tactic allowing a creditor to freeze monies in non-exempt bank accounts.
- Real estate attachments. As the name provides, this tactic gives the creditor a security interest in the debtor’s real estate. If done timely it can result in the creditor’s interest coming before others who may attempt to claim an interest in the real estate — even certain mortgage holders.
- Personal property attachments. This allows a creditor to put a lien on the debtor’s property and equipment.
- Keeper attachments. This authorizes the sheriff to enter the debtor’s place of business and collect all cash in the cash register. This is a useful option for debtor businesses that operate primarily in cash.
- Reach and Apply injunctions. This tactic allows a creditor to intercept a debtor’s income stream as ordered by the court.
It is also important to note that this is an evolving area of law. The results of court cases often impact how courts apply these laws in future cases.
Creditors are not alone in their fight
When your business faces financial loss due to an outstanding debt, our experienced commercial collection attorneys are ready to help. We have helped business owners navigate these types of situations since 1994. To schedule an appointment, please call 508-763-6604 or reach out to us online.