ASSET SEARCHES FOR DEBT COLLECTION
Step one before even writing a demand latter to a defendant is to run an asset search, even if just a preliminary skip trace. The sobering reality is that some defendants are simply uncollectible, no matter how aggrieved a creditor may feel.
“Debtor prisons” do not exist in the United States. This means that no matter how worthy the cause of the plaintiff, if the defendant/judgment debtor does not have the funds to pay a judgment, then there is little that can be done. A thorough asset search early on in the process can provide valuable insight as to whether it worth ever filing suit. While obtaining a judgment may be a moral victory for some, most aggrieved plaintiffs actually want to collect money from the judgment.
ASSET SEARCH INVESTIGATOR
Identifying assets early on will also give the creditor the upper hand in the event a judgment debtor engages in fraudulent transfers at some point in the future. This puts the creditor in a position to swiftly move (whether it be under Florida Statute §56.29 (proceedings supplementary) or §726 (Florida fraudulent transfer statute)).
Unfortunately for the aggrieved creditor, time is not on your side, and aggressive and prompt attention must be dispatched. For example, under Florida Statute §726, there is a four-year statute limitation of fraudulent transfers. While there are certain exceptions to this, the majority of cases where a creditor languishes and does not pursue a fraudulent transfer will result in a waiver of the ability to do so. Despite the egregiousness of the fraudulent transfer, if the four years has passed, do not expect a judge to bail out the procrastinating judgment creditor from the statute of limitations.
There is some promising case law developing in Florida regarding the statute of limitations on fraudulent transfers under Florida statute §56.29, but until further developments in this law manifest, the creditor must always have an eye on aggressively pursuing these claims.
DEBT COLLECTION LAWYER
The Law Offices of Paul A. Humbert, P.L., have run thousands of asset searches of debtors all across the country, and can quickly and efficiently determine the viability of filing a suit for any client. Our team will take the necessary steps to protect the interests of our creditor clients.
Intervention and consultation from a qualified and experienced attorney are vital to a positive outcome of any case. Investigation to find assets of a debtor in the reclaiming of damages early on can mean the difference between a favorable or unfavorable outcome in a finalized reclaiming of collection debt.
We are experienced debt collection attorneys having collected hundreds of thousands of dollars for a variety of clients. Regardless if you are seeking a retail collection, commercial collection, or judgment collection, our firm can aid you in recovering your losses.
Our firm will cultivate a solution to suit your unique needs, and vigorously pursue your interests while exhausting every available resource. We are judgment collection specialists aggressively pursuing all money owed including all pre- and post-judgment interest, court costs, and attorney fees. The goal is ultimately to efficiently recover the highest possible percentage of our client’s assets as quickly as possible.