At Law Offices of Alan M. Cohen & Associates LLC, our ethical commercial collections attorneys are well-known for their aggressive, relentless and innovative debt collection tactics. With more than 50 years of combined experience in commercial debt collection, they utilize debt collection strategies allowed under state and federal laws to help Massachusetts businesses get paid.
With a thorough understanding of the idiosyncrasies of Massachusetts collections laws, they can lend their extensive knowledge to your company’s outstanding debts with post-judgment collection strategies, like bank attachments.
What is a bank attachment?
A bank attachment is a powerful post-judgment collection tool. Once a creditor has a judgment against a debtor, under Massachusetts law, they can ask the court to seize funds directly from a debtor’s bank account. While aggressive, a bank attachment can streamline payment to a creditor after other collection efforts have failed.
How is a bank attachment different than garnishment?
While both bank attachments and garnishments are methods of debt collection, they have significant differences.
- Bank attachment: A bank attachment directly targets the debtor’s bank account. Once the attachment is executed, the bank freezes the funds and eventually transfers them to the creditor.
- Garnishment: A garnishment involves deducting money from the debtor’s wages and is used more often when the creditor is an individual, not a business. It requires the debtor’s employer to withhold a portion of the debtor’s paycheck until the debt is satisfied.
While both an attachment and garnishment intercept money using the banking system, garnishment can be a long, drawn-out affair and it goes after an individual. For commercial collections, an attachment is a fast and efficient way to pursue payment.
What does a creditor need before initiating a bank attachment?
In order for a creditor to initiate a bank attachment, they need to have information. A creditor has to know about a company’s bank accounts in order to attach their judgment to it. Fortunately, at Law Offices of Alan M. Cohen & Associates LLC, we thoroughly investigate debtor companies. As part of the collection process, we gather information about the debtor, including information about their banking activities and accounts.
Let our experienced attorneys go to work for you
Navigating the complexities of commercial collections can be daunting. Our firm’s attorneys have over 50 years of combined experience in aggressive and ethical debt collection. Our commercial collections lawyers understand the frustrations of business owners who are struggling to collect on debts. We have dedicated our careers to helping businesses get paid the money that is rightfully theirs.
Our experienced attorneys will evaluate your case to determine if a bank attachment is the best option and ensure that all of the necessary steps are followed to maximize your chances of recovery.
Don’t let unpaid debts cripple your business. Our commercial collections attorneys are available for initial consultation appointments. Contact us today by calling 508-763-6604 or sending us a message to further discuss how a bank attachment can help you recover what’s rightfully yours.