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:
When you have your list, you have many factors to consider that can potentially weigh against proceeding with execution. Possible concerns include:
You must consider liens when deciding what assets to pursue. As with garnishments, creditors with priority get paid first. The court officer or deputy sheriff may have access to a network that can confirm whether other creditors hold liens on the property you’re about to seize. Use that information when determining which assets to pursue. But, be careful – sometimes the information in those databases is inaccurate or out-of-date.
Although your officer must try to obtain a reasonable price for goods sold, an auction may nonetheless result in fire sale prices. You need a realistic understanding of how much a debtor’s assets are worth at auction.
At Muller, Muller, Richmond, & Harms, P.C., our debt collectors can help you build a strategy customized to fit your business needs. We want to ensure you receive the best possible outcome in pursuing your case.
Since 1961, our top-rated lawyers have been dedicated to professionally and aggressively pursuing the money you’re owed in a straightforward, ethical manner. With offices in Birmingham and Grand Rapids, we handle claims against debtors located in Michigan, even if you are located out of state or out of the country.
If you need help settling a debt owed to your business by a debtor in Michigan, contact an experienced attorney who handles debt collection in Michigan.
Let our experts handle all the work for you! Fill out the information form on our “Contact Us” page, or give us a call at 248-645-2440, to ask questions and figure out your next steps. Don’t let the money owed to you go away – get started today! We look forward to hearing from you!