Post judgment enforcement endeavors can be frustrating. The onus falls on the judgment creditor to pursue collections in the event the debtor refuses to pay. A skilled New Jersey collection lawyer can assist with developing an aggressive collections strategy.
Methods of Enforcement
Once a money judgment is entered by the court, a creditor has a variety of tools available for collections depending on the type of assets the debtor owns. All collections tools require detailed information about the debtor. Your New Jersey collection lawyer can discuss ways to obtain it. Wage garnishments may be available if the debtor has a regular paycheck. For personal property such as vehicles, office equipment and other valuables, a seizure order may work. For money on deposit at a bank, levies are available. Unfortunately, state law limits the amount of money that can be collected for each method used. Additionally, other creditors may be first in line to get paid. For these reasons, creditors often look for alternative solutions to traditional collections methods.
Alternatives to Traditional Collections Endeavors
Forbearance agreements can be an attractive alternative to more traditional collections proceedings. In a forbearance agreement, the debtor signs a new promissory note with the creditor. Collateral may be offered. The new agreement will set out the installment payment terms and generally includes a time limit for the note to be paid in full. This can be a selling point for the debtor to avoid wage garnishments. For the creditor, it can offer greater assurance for payment and a clear game plan in the event the debtor refuses to pay.
To speak to an experienced New Jersey collection attorney who can offer creative solutions to your debt collections issues, contact the offices of Snellings Law, LLC. To set up an appointment for your initial consultation, call (973) 265-6100.