How Long Should I Wait Before Filing A Lawsuit To Collect My Money?
If we are going to pursue the assets of the debtor within the jurisdiction where the judgment was entered originally, I don’t have to necessarily file a new lawsuit. I can commence my post-judgment relief 14 days after entry of the judgment, unless the debtor appeals and files a supersedious bond for the entire amount of the judgment, plus interest and attorney’s fees that will accrue during the lifetime of an appeal. That’s an ideal situation, because while you will be sidetracked and you will have to do work on an appeal for a period of time, assuming the judgment is upheld, your judgment is going to be fully paid. There are some circumstances, even in the state where the judgment is entered, where you will want to file a separate lawsuit. One example of this is if there are fraudulent conveyances of the properties which you want to tie up, go after, and either get the properties back or have them sold to get the cash.
Maybe you want to have additional judgments entered against those who were in cahoots with the debtor who got the property under improper circumstances that constitute fraudulent conveyances. This becomes a much more substantial and detailed analysis driven by the facts of your case. There are some times where the other aspect of this is a consideration of what assets we believe the debtor has, or controls directly or indirectly. Have we really exhausted your debtor’s assets for the time being? Is your debtor just coming out of an “honest” bankruptcy, and do they need time to rebuild more assets that we can go after? We always look at that too. We don’t just rush to say let’s go, if there is no reason to go. We like to, with your help, come to a place where we can make together informed business decisions.
If I Want Nothing To Do With A Debtor, How Involved Do I Have To Be In The Collection Process?
If you want nothing to do with a debtor, then my services aren’t necessary. You want to be made whole, probably in more ways than one. We talk about realization upon your judgment, which is the money. When typically someone comes to me and asks this type of question, underneath is deep hurt of one sort or another, at one time or another. Sometimes there is an aspect of my work that involves creating these circumstances that empower you to heal yourself, and be healed. Sometimes it’s just seeing what we do, as a result of the pressure we exert upon a debtor. Sometimes it involves getting to a circumstance where we can get to a courtroom in front of a judge, even though it’s a post-judgment matter dealing with assets. Sometimes, putting you in a circumstance where you can tell your story to a judge is helpful to you. That process, for some people, can be is healing. It is, however, different than, but still a part of, getting the money you are owed. Call it a “holistic” approach, when appropriate and helpful.
Aside from these spiritual aspects or health aspects, the dynamic of this type of action is that you must be involved. When you walk in to me and hand me your case, I know nothing about it. You are the expert. You know far more about the debtor, how the debtor operates, the facts, the circumstances, what happened to you, and how it was done. You know all that, and we learn that at the beginning. Anyone who comes into a lawyer, in any field of practice, and thinks they just deposit their problem on the desk of a lawyer and walks out, and it will be magically resolved thereafter with no input or attention by them, tends to be either under-represented or dissatisfied with the results. This is especially true in complex recovery efforts that are dynamic, where assets are moving, being created, destroyed, or sheltered in new entities. It’s essential that we have you involved, to have us jointly reach informed business decisions, which in the end are your decisions involving your fate, your life, and your circumstances.
Disclaimer: This website contains general information about legal matters. The information is not legal advice, and should not be treated as such. Quiat Legal makes no representations or warranties in relation to the information on this website.
For more information on Waiting To File A Lawsuit For Realization, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (303) 471-8560 today.