When people are in debt and unable or unwilling to comply with a repayment plan, aggressive measures by creditors may be necessary so that debt can be collected. In some cases, a person will be required to hand over assets he or she owns to creditors in order to fulfill debt obligations.
This process, referred to as the attachment of assets, is something that debtors may try to get around. In many situations there is a risk that debtors will try to get rid of assets that could ultimately be sold or hidden before they are legally assigned to a creditor.
Should a creditor have a legitimate concern that a debtor could try to sell or conceal assets upon notification of collection efforts, it can be important to understand the options available for protecting the assets involved in a judgment.
In many cases, it is possible to secure a court order that explicitly prevents a debtor from getting rid of assets in an attempt to cause harm and avoid repaying debts. This could include a temporary injunction or a restraining order, both of which are legal ways of preventing someone from engaging in potentially destructive behaviors.
However, knowing when and if these actions are appropriate can be very difficult for creditors who often have more to worry about than a single debtor. In these situations, an attorney at Delev & Associates can prove to be a critical ally. The attorneys at our firm understand how to protect creditors’ interests and the assets and money at stake.
Considering how important legal action can be when it comes to collecting debts, it can be wise to have the guidance and knowledge of attorneys familiar with consumer and commercial debt collection. For more information on our firm’s approach to these legal areas, we encourage you to visit our website.