Sunday, October 1, 2017

How to Seize a Debtor’s Assets

Do you know your rights when it comes to seizing assets?

Do you know how levies and seizure work?

Are you aware assets your debtor owns that may be subject to seizure?
debt collector Michigan

If you do know about your debtors’ assets, you may ask the court to issue a writ to attach property, also known as writ of execution or a writ to seize property. 

According to the Credit & Collections Kit for Dummies, by Steven A. Harms, “Most states require that you use writs to attach property against personal property first and against real property second. That means your officer must levy against items such as cars and boats before taking real estate.”

Once you have the writ of seizure, it is given to a court officer or deputy sheriff. It’s their job to contact your debtor to see if your judgment will be paid without having to seize their assets. If assets are collected, they’re usually transported to a secure storage facility for 10 days to perform inventory and organize them for sale. During this time, your debtor can redeem the assets by paying the judgment in full, plus expenses, interest, and sheriff’s fees. However, if the assets aren’t redeemed, they can be sold at a public auction.

Call Experienced Debt Collectors in Michigan Now!

If you’re a business owner, you may decide that having a debt collection law firm seize your debtors’ assets is your best choice. That’s an area we specialize in, and we’re happy to discuss your options.

Our attorneys know how to get results for our clients and they’re dedicated to getting a satisfactory outcome. Contact our debt collectors in Michigan today at (248) 645-2440 for a free no obligation consultation.

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