Judgment Recovery
We recently responded to a question posed in a credit and collections group in LinkedIn. The question was how can you execute on a judgment without specific knowledge of attachable assets? She asked if we could somehow attach the debtor’s receivables. The answer is yes, you can. But it requires an expert. She had used an attorney that does not specialize in commercial law to obtain a judgment. He had little or no experience in executing on a judgment. What good is a judgment if you can't turn it into cash?
You need an agency that specializes in commercial collections to manage the process. A good agency can help you decide if suit is worth the time and money before you litigate. If we sue, do we have a reasonable chance of success? Can we expect the debtor to file an answer or countersuit? Should you sue where the debtor is located or where you are located? If we obtain a judgment, how do we recover our funds? What are the real costs of suit and are any of them refundable? A good commercial collection agency will partner with you to collect the account without the added expense of legal action first. If they are unsuccessful, they will forward the account to an attorney in the area where you should litigate the matter, help you decide if suit has a reasonable chance of success, and assist in locating attachable assets.