If you have a judgment against a company that is still in operation, you are in a favorable position; however, how do you recover your lost funds?
It is essential to keep in mind that despite the fact that the court has issued the judgment in your favor, the judgment debtor company is not required to turn over anything to you once the judgment has been entered. In spite of the fact that it may appear unfair, the obligation to continue to pursue them lies solely with you after the decision. There are options accessible to you, even though you cannot simply stroll into the company and take the money that is rightfully yours directly out of the register. A New York collection lawyer can help you.
Tools That You May Make Use of To Collect From A Debtor Who Is Open For Business In The State Of New York:
Bank Executions
If you know where the bank account of your judgment debtor is located, you can utilize the Marshal or the Sheriff to “execute” the account and seize its contents. The Marshal is responsible for delivering the execution to the bank and collecting the judgment along with interest and an additional 5%, which does not come out of your judgment but is added to the total sum. Every day, we collaborate with the NYC Marshal’s office on a variety of projects.
Legal Proceedings Regarding Real Estate
After providing the Judgment Debtor with adequate notice, the Marshal has the authority to confiscate any tangible assets that may be located in the store, shop, restaurant, or other business owned by the judgment debtor. In many cases, the mere possibility of such a seizure is sufficient motivation to prompt either payment or an acceptable settlement proposal. Imagine a restaurant missing all of its tables; this would be the worst-case scenario for the proprietor.
Notices of Restriction (Restraining Notices)
A restraining notice is a document that your attorney serves on someone who you believe has property that belongs to or is owed to the person who is the subject of your judgment. Most of the time, this will be a financial institution or a credit card corporation like American Express. The restraining notice puts a hold on twice the amount of the judgment as well as the interest, which may be enough to convince the judgment debtor to negotiate in good faith.
