HOW TO GET A HOLD OF YOUR DEBTOR’S ASSETS?

As a construction worker, if you have not been paid for your services in a project, you may file a suit to settle the debt. If the court rules in your favor in the lawsuit, a judge can enter a judgment, making you a “judgment creditor.” While the court cannot enforce the debtor to pay the judgment, it is possible for you to seize the debtor’s assets or property to satisfy your claim.

On legal grounds, you can’t serve the order or seize debtor’s assets by yourself. However, you can acquire a court order to assign a government representative (deputy sheriffs or local police officers) to secure the assets on your behalf.

 If the debtor attempts to sell or transfer their estate to their associates or relatives before you can collect your judgment, you can sue them for fraud for deliberately delaying the debt collection. Furthermore, you can also prosecute your debtor if they market their property at a relatively cheap price or become bankrupt shortly following the sale.

Default judgment also allows you to sell off the inventories of the confiscated property. Apart from a few exemptions, you’re legally entitled to sell everything in order to collect the debt.

Seizure and sale of your debtor’s assets can be complicated. You can employ the services of a court representative to manage everything for a small fee. After the sale, you can satisfy the amount you’re owed and give the remainder back to the debtor.

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Created on Jan 24th 2018 04:05. Viewed 323 times.

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