Once a judge awards judgment to a creditor, it is up to the judgment creditor to collect on that debt. Some common ways to do this involve garnishing wages or levying a bank account. The creditor can also file a personal property levy. In situations like this, high-value personal items like a car or truck can service the debt. How a personal property levy...
It’s tough to keep your accounts balanced, especially when you have other companies and clients who don’t pay their bills. You’d really rather avoid collection actions if you can (naturally), and the best way to do that is by taking steps to minimize problems in the first place. A better invoice may help you get paid faster. What are the most common...
A lot of companies have trouble collecting unpaid bills, and they sometimes resort to just about anything to actually get a debtor’s attention. One of the first things they might try after an invoice has gone unpaid for a few months – particularly if communications have become hostile – is a demand letter. What’s a demand letter, and what use is it? It’s...
A sister state judgment is not enforceable in the state until it is authenticated or registered as a California judgment. However, plaintiffs can also file a suit that establishes judgment here. Since judgments don't always involve money, it may be a matter of repossessing real property (house) or personal property (car). In this case, the plaintiff...
People who run a business or handle transactions understand the importance of binding contracts. The terms outline the scope of the goods and services provided, the timing, and the cost, but it also stipulates what happens if a customer fails to pay their invoice. One aspect of a credit application may include a personal guarantee, which performs a...
A court, government regulator, or private entity appoints a receiver as the custodian of a company or property in debt. Once a receiver is selected, the company goes into receivership. The receiver, who is paid by the entity in receivership, then runs the business or oversees an entity's property or assets. They also maximize profits and pay down debt to...
Few things are more frustrating than businesses that do not pay their debts. Those unwilling to pay can put your own organization at risk, leaving you no choice but to initiate legal action. Plaintiffs considering a lawsuit can also file a prejudgment writ of attachment with the court, asking it to place an attachment on the defendant’s non-exempt property...
Business professionals understand the inevitability of a customer not paying their bills in a timely manner, if at all. Many companies in a B2B dynamic take the route of having their own internal collection mechanisms for those who have fallen past due in their financial obligations. The numerous benefits include avoiding splitting funds with collection...
There are several options for collecting commercial debts. The best choice will likely depend upon a variety of factors. The first question to ask is whether it is: Do you seek a pre-judgment writ of attachment before court judgment, or do you wait for the court judgment, which means it is a post-judgment collection? The benefits of a pre-judgment...
Many consumers who find themselves with heavy debt loads employ many strategies to avoid paying what they owe. Delinquency notices pile in email accounts and mailboxes, leading to the debtor stopping all communications. While sometimes it is accidental due to a last-minute move or other life events, many who owe significant amounts of money deliberately go...