It is extremely frustrating to discover that your debtor owes other people a lot of money. The more debt they have out there, the smaller the slice each creditor can get, right? Not necessarily.
If your debtor hasn’t declared bankruptcy, there are several ways we can use to try to get you paid, even if you don’t have collateral or a court judgment yet. Since your debtor isn’t in bankruptcy, we can pursue the debt aggressively.
At the Law Offices of Alan M. Cohen LLC, we relentlessly, ethically and effectively pursue commercial debts. We have more than 50 years of experience getting our clients paid.
It’s not always possible to get our client’s paid, but if you act quickly on delinquent debts you increase your likelihood of Ka-Ching!!!
Getting a judgment without scaring the assets away
We can file suit for the money they owe. When we file, we can also seek a prejudgment attachment of your debtor’s nonexempt assets. This is a court order for your debtor to maintain the status quo in their finances. They are ordered not to sell or dissipate their assets, so those assets will still be available after you obtain judgment. Some assets are then either further secured through a writ of execution. Others such as bank attachments require a motion to charge the trustee.
If you have good reason to believe the debtor might try to hide or remove their assets when they are served with the lawsuit, we may be able to get the prejudgment attachment without notice to the debtor. This helps to prevent your debtor from hiding the bacon.
Attaching finds is most commonly done through a bank attachment. Usually, we seek to attach the debtor’s bank account, but we do not stop there. We look for other assets that can be frozen until we come for them with a judgment.
Then, we aggressively pursue a court judgment against your debtor. This will be an order establishing the amount of monies owed to you by your debtor. The better your contracts are, the more likely that you can obtain a judgment which includes a higher legal interest, costs of collection and of course attorney fees. Your contracts can control the type of forum for adjudication of the matter as well as the location of that forum. We prepare and review our client’s documents to increase the likelihood and maximize the amount of collection.
Enforcing the judgment
Even though they have been found by the court to owe you money, that is not an order to pay you the money. The debtor may still refuse to pay. We do not wait to try to collect the judgment but rather continue to aggressively push to get you paid while we enforce the judgment.
We can immediately contact the deputy sheriff to seize the debtor’s nonexempt assets and sell them to pay the judgment. We can have the deputy sheriff’s seize business machines, real estate interests and other tangible assets. In some cases, we can garnish individual wages.
Other creditors will act quickly so you need to act quicker
If there is blood in the water, other creditors will soon smell it. They will begin aggressive efforts to collect what is owed to them, and your debtor may not have enough to cover everyone.
Call 508-763-6604 or reach out using our online form to contact us..