Unfortunately, sometimes less aggravating methods of resolving disputes do not work and litigation ensues. If you are successful in a lawsuit, you may have an order entered by the court creating a money judgment for damages against your adversary. While this judgment can act as a lien on the judgment debtor’s assets, collecting on it is often a difficult process. Bailyn Law can help you collect on the judgment with persistence and professionalism.
Examples of collecting on judgment debts are:
- An Out-of-State Law Firm (“OOSLF”) sued a New York State Corporation (“NYSC”) in Wisconsin and won a $350,000 judgment. OOSLF has received word from other industry people that NYSC may be moving, hiding, or liquidating assets. OOSLF now needs a professional collections firm to properly discover, attach, and levy on NYSC’s assets before they are all moved out of reach and become far harder and more costly to collect on.
- Jack and Jill are business partners. Jack locked Jill out of the business and stole hundreds of thousands of dollars belonging to Jill. Jill sued and won a $650,000 judgment. Jack immediately gifted a paid-off $350,000 rental property to his daughter and took a $450,000 loan against his paid off home, hiding the money in a Florida LLC and in various retirement accounts. Jill needs a professional, skilled commercial collections firm skilled in judgment enforcement to cancel out his illegal transactions and lock up the funds before he fully depletes them.
- Larisa is a commercial real estate broker who found a major tenant for Landlord. She is entitled to a $150,000 commission which she never received. She sued and obtained a judgment which was entered as a lien on the building. She now wishes to foreclose on the lien to collect her commission. She needs a highly effective, professional commercial collections firm to achieve her goals.
These are all realistic situations where the judgment creditors could spend years chasing their money. However, an aggressive law firm that is knowledgeable in collecting on judgments can obtain the judgment proceeds far sooner. If you are a judgment creditor, call Bailyn Law to help you.