Recovering Hidden Assets – Part 5 of 8
Locating a Debtor’s Bank
Bank accounts are among the simplest assets to attach. The judge will normally sustain your judgment once bank accounts are discovered.
After the debtor’s assets have been found, legal tools can be used to collect them. Below is a more detailed report on the different legal tools available.
When the debtor’s property cannot be easily taken or attached through the normal legal process and there is no other method to satisfy the judgment’s terms, a turnover order is frequently employed. Any property that isn’t exempt will have to be turned over by the debtor. All assets that are available to the judgment bearer are available to the judgment holder. Even if the other remedies haven’t been finished, this order can be placed in place.
Writ of Execution
A Writ of Execution judicial order is used to sell the debtor’s non-exempt property at auction. The creditor will get the money made from the auction.
If a transaction occurs wherein the personal property is put up as collateral on a lease or loan, a financial statement must be filed. Within this statement, banks that are doing the backing must be named.
A bank levy will give the holder of the judgment the ability to attach a bank account from the debtor.