Securing a money judgment against a debtor can feel like the end of a long journey; it is. However, the process of collecting on that judgment begins an entirely new journey. It’s important to have a skilled collection lawyer in New Jersey discuss what to expect.
Waiting Periods
When a judgment is entered, the losing party has a certain amount of time to file an appeal if he or she chooses to. Enforcement of the money judgment cannot take place until after that appeal period expires.
Finding Collectible Assets
A money judgment gives the creditor the right to pursue collections. The onus is on the creditor to find collectible assets on which to execute the money judgment. The creditor needs detailed information about the debtor’s wages, employment, tax data, bank accounts or personal property. The more information a creditor has, the more options he or she has for pursuing collections.
If a creditor has no information about the debtor’s assets, this can present significant problems. He or she may have to serve a subpoena on the debtor to compel him or her to come to court and testify. A discovery deposition can also take place. This allows the creditor to question the debtor outside of court but under oath.
Choosing the Right Collections Tools
Once a creditor knows what type of assets the debtor has, the next step is to choose how to go after them. Options may include wage garnishments, property seizure or bank levies. Creditors must be ready to implement an aggressive strategy to recover the debt owed.
To speak to an experienced collection attorney in New Jersey with a proven track record of getting real results for clients, contact the offices of Snellings Law, LLC. Call (973) 265-6100 to set up an appointment.