Fact: Very few judgments are paid voluntarily. Fact: You and your attorney must “seize” the opportunities to get your judgment paid.
FACT: It’s up to you and your attorney to identify the assets to be “seized.”
Thanks to the internet, information revealing debtor’s assets is mostly public, visible to the world. In the past, collection attorneys would dig deeply into the debtor’s financials and business practices to identify relationships, customer base, banking affiliation, accounts receivable belonging to the judgment-debtor, financiers, etc. Assets that could potentially be seized and converted to cash were eventually exposed but the delay in doing so caused many a judgment-creditor to lose the ability to seize them. The process was a fishing expedition; lengthy and expensive, sometimes leaving an empty hook.
Since the information about debtor’s assets is readily available, understanding and identifying the types of assets that can be seized is key.
These assets can include:
- A listing of most valued clients/customers,
- Projects/work in process,
- Recent contracts awarded,
- Partnerships,
- Credit references (all types),
- Certifications,
- Real estate,
- Motor vehicles,
- Equipment,
- Bank accounts, securities and other financial affiliations,
- Merchant accounts,
- Lending relationships,
- And more!
The veil has been lifted exposing most of debtor’s assets. Now, it is time to seize the assets and get you paid. Call Frank, Frank, Goldstein & Nager, P.C. at (212) 686-0100 or email Jocelyn directly at JNager@ffgnesqs.com to get your judgment paid.
