Securing a judgment against a debtor is a significant victory, but the battle doesn’t end there. Collecting on that judgment requires finding the money, sometimes by uncovering the debtor’s assets. This process is known as post-judgment asset discovery. It is a crucial step that can be the difference between getting paid and walking away empty-handed.
At the Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys are relentless. With more than 60 years of combined experience, they are aggressive in their efforts to collect unpaid business debts for our clients, and they do so using ethical tactics allowed under Massachusetts collections laws.
Why asset discovery matters
A judgment is just a piece of paper if you can’t enforce it. Asset discovery helps locate the debtor’s assets, ensuring you can take appropriate legal action to satisfy the debt. Without this step, your judgment remains unenforced, and the profitability of your business will suffer by not being able to collect on the debt.
Debtors often conceal assets to avoid paying their debts. Asset discovery involves investigating financial records, property holdings and other potential sources of income. This process ensures that no stone is left unturned in your pursuit of debt recovery.
Identifying a debtor’s assets increases your chances of successful judgment collection. Once you know where the assets are, you can pursue legal avenues such as seizures or liens to recover what you’re owed.
Asset discovery: Finding hidden assets
Without proper asset discovery, your collection efforts may become inefficient and costly. Massachusetts law allows you to conduct asset discovery after you’ve obtained a judgment against a debtor. Asset discovery involves various tools and techniques to locate debtor assets:
- Interrogatories and depositions: Legally compel the debtor to disclose information about their assets.
- Public records: Search for property records, financial statements and other public documents.
- Third-party discovery: Investigate financial institutions or other third parties that may hold debtor assets.
By pinpointing assets early, you avoid wasting time and resources on fruitless efforts. This strategic approach allows you to focus on methods with the highest potential for success.
Get help uncovering assets and getting paid
Post-judgment asset discovery requires sophisticated knowledge of the debt collection laws. Successful debt collection also requires persistence. Our debt collection attorneys at Law Offices of Alan M. Cohen & Associates LLC have dedicated their legal careers to helping businesses collect unpaid debts. We will fight to get you paid, using our extensive experience to uncover debtor assets and enforce judgments effectively.
Don’t let a judgment slip through your fingers. Hire a seasoned debt collection attorney to maximize your recovery. Call us at 508-763-6604 or send us a message through our online form to find out more or schedule an appointment. Let us help you turn your judgment into cash.