Bank Garnishment: A Key Tool in Debt Collection

by | Jun 25, 2024 | About Florida Debt Collection Attorney

Illustration of bank garnishment process.
Seizing Assets Directly from the SourceWhen debtors fail to pay their dues, creditors often struggle to recover their funds, especially when faced with complex strategies designed to hide assets. One powerful tool at a creditor’s disposal is bank garnishment. This legal process allows creditors to intercept funds directly from a debtor’s bank account, bypassing evasive tactics and securing payment at the source.

A Tale of Recovered FundsLawyer consulting with a client about debt recovery.

Consider the case of a real estate investor who obtained a $390,000 judgment against a corporate tenant that vacated a commercial warehouse space before the lease ended. Despite having a court order, the debtor employed various methods to hide assets, transferring funds to hidden accounts and affiliates. Conventional collection methods repeatedly failed, recovering only small portions of the debt.

Undeterred, the investor’s legal team meticulously gathered information and filed protective orders, pinpointing the debtor’s banking relationships. With compelling evidence of fraudulent asset transfers, the attorneys secured a court order to garnish the debtor’s accounts. Within two weeks, $249,000 was recovered from previously inaccessible funds, demonstrating the effectiveness of bank garnishment in cutting through complex asset-hiding schemes.

Secure Your Debts with Marcadis Singer, PA

As shown in the example above, bank garnishment can be an effective method for recovering debts from evasive debtors. It allows creditors to access funds directly, even when debtors attempt to hide their assets. However, successfully navigating the garnishment process requires deep legal expertise, from identifying actionable bank relationships to navigating court procedures and exemption issues.

At Marcadis Singer, PA, our experienced attorneys are adept at leveraging bank garnishment to recover funds for our clients. We provide comprehensive support, from gathering the necessary information to enforcing court orders, ensuring you receive the payment you are owed. Contact us today for a free consultation and learn how we can assist you in seizing non-exempt debtor funds directly from their bank accounts.

Legal DisclaimerLawyer consulting with a client about debt recovery.

This article provides general information and does not constitute legal advice. Bank garnishment laws vary by state, and individual cases require the assessment of a qualified legal professional. Before taking any action, consult with an attorney to understand the specifics of your situation and the applicable legal framework.

References

<