The Law Offices of Ronald P. Slates, P.C.
Call Our team Schedule A Consultation 866-904-6965

The Basics of Commercial Collections of Secured Debt

The commercial collection of secured debts involves collecting the collateral of a business that has defaulted on an agreement to pay for services or to pay back a loan. As a secured creditor, you have specific rights that enable you to collect the secured debt. Read on to learn about the basic options you have for commercial collections of secured debt.

Repossession of the Collateral

As a secured creditor, you may have the right to repossess the collateral. Usually, there's no requirement for you to go to court to repossess collateral. That being said, you cannot breach the peace. The practice of repossession is generally used for cars and other vehicles. If you plan to repossess collateral, it's often beneficial to hire a professional with a good reputation.

Prejudgment Writ of Attachment

If you believe that the debtor may get rid of all their assets, you can apply for prejudgment writ of attachment. This legal action can help protect your interest and make it practically impossible for the debtor to dispose of the property. An experienced commercial collections attorney would know how to do this.

Pursue Court Relief

When you're dealing with commercial collections of secured debt, you may be eligible to get court relief in other ways, such as applying for a prejudgment writ of possession. Ultimately, it depends on the type of collateral in place. You could benefit from a replevin action if you still hold the title to the property. However, there may be other obligations that you must meet as a creditor for replevin or other forms of court relief. If successful, the court would allow you to send the sheriff to retrieve the property.

Learn More about Commercial Collections of Secured Debts

Because secured debts are handled differently than unsecured debts, you meet with an experienced commercial collections attorney to learn more about your options. Your collections strategy should be customized to meet the needs of your business and it should comply with California law. 

No Comments

Leave a comment
Comment Information

How Can We Assist You? Schedule A Consultation today.

Contact our commercial collections lawyers at our firm to discuss your and your clients' business, commercial collections and enforcement of judgements' issues. The skilled and experienced team of attorneys at our downtown Los Angeles law offices offers hourly and blended fees (discounted hourly plus partial contingent fee) to our clients.

Call us at 213-599-7004 today or fill out the form below to get started.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Get Started
Map Marker

The Law Offices of Ronald P. Slates, P.C.
500 S. Grand Ave.
Los Angeles, CA 90071

Toll Free: 866-904-6965
Phone: 213-599-7004
Fax: 213-624-7536
Los Angeles Law Office Map