When accounts go past due, your business suffers. If you are considering bringing in a commercial collections lawyer to help you recover money owed to you, you’re probably curious about the methods that can be used for commercial debt collection. In this post, you will learn about some of the techniques employed by experienced collections attorneys. However, every past due account should be carefully considered to choose the most effective and cost-efficient approach to collect on it. After all, it’s all about protecting your financial interest.
Prejudgment
Prejudgment means that you’re doing something to secure your ability to get paid before the court hands down a judgment,t hence more quickly. A judgment on its own doesn’t necessarily mean you’ll get paid. With commercial debt, you may qualify to obtain a prejudgment writ of attachment. This helps you get paid by ensuring that the debtor isn’t able to get rid of all their assets or switch their assets into the name of another person to avoid paying you.
Collect Secured Property
If the debt that’s owed to you is secured, you have the legal right to collect the collateral. A commercial debt collection lawyer can walk you through the process and help you get what’s owed to you.
Enforcing Post-Judgment Remedies
Remedies include:
- Writ of execution and garnishment
- Levies on bank accounts- Levies on accounts payable
- Motion to sell real estate
- Receiverships
- Filing and recording liens on real property and other assets
When the court rules in your favor and grants relief, the work isn’t over. The remedy must be enforced. It can be difficult for businesses to enforce a remedy on your own. The right commercial collections lawyer can help you get relief from the court and help you actually get what’s owed to you.
You Have Options
If you’re owed money, understand that you have options for collecting on it. To learn more about your options and to get the help that you need to get paid, call us right away.