If you’re owed money by a debtor and you obtain a judgment against the debtor, your work isn’t over just yet. You now must take the necessary steps to enforce the judgment so that you can collect the money that’s owed to you. Here are 5 things you need to know about enforcement of post-judgment rights and remedies.
A Judgment Doesn’t Guarantee You’ll Get Paid
Obtaining the judgment is only the first part of the battle. If you don’t take the proper steps to enforce the post-judgment relief granted to you by the court, there’s no way to guarantee that you’ll get paid by the debtor.
You Can Enforce Post-Judgment Remedies Even If the Debtor Leaves the State
Many debtors believe that if they leave the state that the creditor won’t be able to collect on the money that’s owed to them. Taking it one step further, the debtor may leave the state and take their assets and bank accounts with them. The good news for creditors is that they can have a judgment domesticated in the new state where the debtor goes and enforce the post-judgment remedy granted to them. Generally, it’s helpful to work with an aggressive commercial collections attorney to get through this process.
There’s More Than One Post-Judgment Remedy Available
You have options when it comes to available remedies. However, since every commercial collections scenario has its own set of facts, you should have your accounts reviewed by a commercial collections lawyer to determine which forms of relief you should request from the court.
You Can Levy Bank Accounts or Accounts Payable
If your post-judgment relief is the ability to levy, you could have the right to levy personal property (such as personal bank accounts) and accounts payable. Levies require specific documentation from the court prepared by your lawyer, but it’s an excellent solution for many debts.
Liens on Property and Other Assets
If the debtor owns assets, including real property, you may be able to file and record a lien. While a lien may not get you paid immediately, the debtor can’t sell the property without first satisfying the lien.
To learn more about your enforcement options, contact our office today!