Creditors’ Rights 11
Q: I’ve heard it said that sometimes winning a judgment in a case is just the beginning for a creditor. Why is that?
A: Even after the debtor receives notice of the judgment-basically, an order from the Court to pay up- there’s a good chance that he or she will not comply. As a creditor, you may need to locate assets of the judgment debtor that can be involuntarily liquidated to satisfy your judgment. This can be the most difficult part of your pursuit of the debtor: transforming that piece of paper that says “judgment” into actual dollars. Where do you start looking for assets?
- Check the debtor’s credit application, which should contain bank account information.
- Look for a financial statement from the debtor you may have in your files. If you required the debtor to submit a financial statement prior to your initial extension of credit, that document can contain a wealth of asset and liability information.
- Search public records on the web to determine if the judgment debtor owns real estate.
- Consult your attorney to determine what other asset discovery can be engaged.
