Winning a legal battle and securing a judgment in your favor is undoubtedly significant. Now comes the crucial phase of enforcing that judgment and getting what you are rightfully owed. In this guide, we’ll explore the essential steps and considerations for those looking to collect on a decision in New York with the help of New York collection lawyer. To navigate the collection process well, it’s important to understand the unique laws of the state.
Learn about the judgment terms, find assets, and use different ways to collect – we’ll explore how to enforce a court order in New York. Whether you won a case or are getting ready for legal action, this blog gives helpful info on collecting money after a judgment in New York.
Identifying Assets
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Now that you have a judgment, the next question is: where do you collect? Identifying the debtor’s assets is crucial. This includes real estate, bank accounts, vehicles, or valuable possessions. Some things you own might be safe from collection, depending on the rules where you live. Make sure you know the laws in your area.
Wage Garnishment
One effective method of collecting on a judgment is through wage garnishment. This involves obtaining a court order to deduct a portion of the debtor’s wages directly from their employer. Remember that there are legal limits to how much can be garnished, and the process may vary depending on local regulations.
Bank Levies
You may pursue a bank levy if the debtor has funds in a bank account. To get the money you’re owed, you can ask the court to freeze the person’s bank account temporarily. This lets you take the money to pay the judgment. Certain funds, such as Social Security benefits, may be exempt from this process.
Liens on Property
Placing a lien on the debtor’s property can be another effective strategy for collection. To get your money, you can legally claim the person’s property, like their house. This makes it hard for them to sell or refinance it without paying what they owe. However, the effectiveness of this method depends on the value of the property and any existing liens.
Persistence and Patience
Collecting judgment is often a process that requires persistence and patience. Debtors may not always have the financial means to satisfy the judgment immediately. Keep track of the person’s money situation, and be ready to change how you try to get your money based on that.
Conclusion
To get the money you’re owed, you need a plan. Understand the law and the person’s money situation. Find their stuff, try different ways to collect, and keep trying – it gives you a better chance of getting back what you’re owed.