Factors You Should Consider for Successful Execution of Seizures

Have you created a list of assets owned by your debtor?

Are you prepared to fight for every dime you’re owed?

Are you well aware of things that can complicate your claim?

You have many factors to consider that can potentially weigh against proceeding with execution. Possible concerns include:

• How the property is owned. If the property is owned by more than one person, you may only be entitled to a portion of the value, or nothing at all.
• Tax liens and secured creditors. Prior lien holders have priority over the assets you seize, meaning they must be paid first out of the sale proceeds.
• Special rules may apply. Restrictions apply to execution against the assets of cities, townships, school districts, and states.
• Practical considerations. Avoid spending more on the process than what you’re going to get out of it, because you’ll get stuck with the bill.

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How to Create a Solid Plan for Successful Seizures

Given the cost of execution and the chance of being stuck with the bill, it makes sense to have a solid plan in mind before you initiate the process. First, you want to be sure that your debtor has enough assets to cover the cost of this process, and ideally, to also cover most or all of the amount owed on the judgment.

Start by gathering accurate and specific information that a court officer or deputy sheriff can use by:

1. Creating a list of assets owned by your debtor.
2. Double-checking your files to make sure the information on your list is accurate.
3. Preparing a cover letter containing that information is for the benefit of your officer.

Have questions? Don’t hesitate to contact an attorney for debt collection in Michigan at Muller Law Firm.

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