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When you go to court to collect a debt, what you end up with is a judgment.  This is a legally binding paper from the courts that say, the judge has decided that they owe you $X.   One of that all too common responses afterward is “great, all that, and all I have is a piece of paper and legal bills”.   More often than not, once the case is won, the debtor will pay, if they are able, to avoid a judgment on their credit record.  Some simply can’t pay, but thanks to the judgment, you have time on your site.  A judgment in New York state is good for 10 years.  Odds are very good that the debtor’s situation will change over the years.   Some debtors though, the tough ones, can pay but chose to hide their assets so that you can’t find them.   These are not in the majority, but these are where you need a debt collection attorney that understands how to be a sleuth, and how to find those hidden assets.  Once found, the courts will help attach them.

FINDING ASSETS

When you or your business is owed money, you may want professional help to find hidden assets. The auditors and field agents from the IRS are knowledgeable in finding hidden assets to satisfy liens, tax evasion, and levies. Enlist the help of skip-tracers, attorneys, investors, bankruptcy trustees, student loan officers and government agencies. Some groups such as state departments of revenue, Small Business Administration, the Federal Deposit Insurance Corporation, and the Resolution Trust Corporation can help find hidden assets. Those experienced people who search for hidden assets use techniques similar to government personnel and search the common sources listed in the coming installments.

Taroff & Taitz is Long Island’s premier debt collection attorney.  We represent creditors in many actions, from debt collection to bankruptcy.   Call today if you are having issues with debtors hiding assets, or for any other matter in which your rights as a creditor are being infringed on.

 

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