Commercial Debt Collections: What Happens When You’re Ready to File a Lawsuit?

Commercial Debt Collections: What Happens When You’re Ready to File a Lawsuit?

On Behalf of | Sep 27, 2019 | Commercial Collection

Not all debtors pay up. Sometimes, the best option for you to try and get the money that is owed to you is to sue the debtor to obtain a judgment against them. So, what happens when you’re ready to file a lawsuit?

You’ll Want to Hire a Commercial Collections Lawyer

If you are considering filing a lawsuit to collect a debt owed to you, you’ll want to hire a commercial collections lawyer. The lawyer will help you by reviewing the documentation you have related to the account. The lawyer will also prepare the complaint and other documents and file it on your behalf. The debtor will be served as well.

You’ll Want to Consider Prejudgment Relief

If you’re worried that the debtor will dispose of their assets after they’re served with a lawsuit, you should speak with your commercial collections lawyer about the possibility of prejudgment relief.

If the court grants you prejudgment relief, the debtor will not be able to sell or otherwise dispose of the property until after the judgment is made on the debt by the court. But many debtors still hide and/or fraudulently transfer their assets.
Be Prepared to Enforce the Judgment If you receive a judgment in your favor against the debtor, the prejudgment relief expires. You’ll then begin the process of enforcing the judgment. How you’ll enforce the judgment will depend on the type of relief that you were granted. The right attorney will be able guide you through this process. Contact us.

The Importance of a Lawyer for the Process

A commercial collections lawyer is a critical part of the lawsuit process for creditors. An attorney can prepare your court documents and represent you in court. They can also help you take the appropriate steps to enforce the judgment so that you can get paid!

To learn more about prejudgment relief, the commercial collections process, and post-judgment enforcement, call experienced attorney Ronald P. Slates today.