ASSET SEARCHES FOR DEBT COLLECTION
The first step before even writing a demand letter to a defendant is to run an asset search, even if it is just a preliminary skip trace. An asset search and investigation into other viable assets of a debtor early on should be a preeminent focus at the start of any debt collection activities.
The sobering reality is that some defendants are simply uncollectable, no matter how aggrieved a creditor may feel. “Debtor prisons” do not exist in the United States. What this means is that no matter how worthy the plaintiff’s cause, if the defendant/judgment debtor does not have the funds to repay a judgment debt, then there is little to no recourse.
Thorough asset searches early on in the debt recollection process can provide valuable insight as to whether it is viable to file a suit. While obtaining a judgment in these matters may seem like a moral victory for some, more aggrieved plaintiffs actually want to collect money and reclaim their debt from the judgment.
ASSET SEARCH INVESTIGATOR
Engaging in asset investigations and recovery and identifying debtor assets early on can give the creditor the upper hand in the event that a judgment debtor engages in fraudulent transfers at some point in the future. This puts the creditor into an advantageous position to swiftly move (whether it be under Florida Statute §56.29 (proceedings supplementary) or §726 (Florida fraudulent transfer statute)).
Unfortunately for aggrieved creditors, 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 these statutes, 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 have 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.
When. Results. Count.
We are here to help YOU with any business litigation matter you may have!