Welcome to our series on finding hidden assets. As a creditors’ rights attorney, we are frequently engaged to help creditors get paid. Unfortunately, some debtors will go to extraordinary lengths to avoid payment. Fortunately, our experience has been that most commercial debt collection can be resolved quickly, without a lot of fanfare, however, there are times when exceptional measures are called for. Those times, are when having a Creditors’ Rights Commercial Debt Collection attorney in your corner can make the difference between getting paid, and no recovery.
For this series, it is important to first understand the different types of assets.
Assets can be anything that an individual owns. They fall under the categories of personal or real property. Assets can include bank accounts, real estate, stocks, bonds, cars, and other transportation toys.
Tangible Personal Property
Tangible assets are items that a business or individual person possesses that has some value. Examples of tangible assets can include bank accounts, bonds, inventory, cars, stocks, computers, shares, and insurance policies with a cash value. The courts believe that ownership relies on determining possession. Sales receipts and canceled checks can prove ownership for most property. For items that are licensed (like different types of transportation vehicles) the registration and name on the title determine ownership.