Are there any procedures available to secure assets of a debtor before obtaining a judgment
Yes, and under certain circumstances, there are procedures available to obtain the assets of a debtor before obtaining judgment against the debtor.
A secured creditor has a right to peaceable repossession of the collateral. That’s commonly thought of as a repossession or something along those lines, where the creditor goes and recovers possession of an automobile or other personal property that secures the debt.
There are also court actions in the form of a replevin lawsuit that can be filed to secure possession of the collateral while the ultimate determination on the claim on the debt remains pending. The creditor is allowed to essentially keep possession of the collateral or personal property while the lawsuit is pending.
There are other remedies available to obtain property of the debtor prior to entry of a judgment, for example, prejudgment writ of garnishment, but that is unusual and is only pursued under unusual circumstances because the law presumes that a party is entitled to obtain possession of the property until a claim against the party is proven in a court of law.
Mediation FAQ
- Are there alternatives to going to court to resolve business disputes?
- Are there any procedures available to secure assets of a debtor before obtaining a judgment?
- Can a debtor be forced to pay a creditor’s costs and attorney’s fees incurred in litigation
- I have customers who defaulted on payment. Can I sue them?
- If both lawyers are settlement minded, why should we spend money for yet another professional
- What does the mediation process typically look like?
- What does the mediator do?
- What is mediation?
- What makes you the right mediator for me?
- What should I look for in a mediator?
- Why does experience matter when hiring a mediator?
- How is the mediator paid?