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Many statistics indicate that the vast majority of judgments issued by courts in regard to outstanding debts are never collected. Essentially, a judgment is a court order requiring a person to pay back debts that they court has deemed valid. Unfortunately for creditors, this is where the court’s involvement in the matter ends unless either party requests further action. Debts incurred in the course of business have the potential to be substantial, particularly when they involve business-to-business transactions. Fortunately for businesses that have secured judgments against parties that owe them money, there are several ways in which an attorney may be able to enforce a judgment against a business debt. Some of the more commonly utilized are detailed below.
Securing liens on property
Under Texas law, a creditor who has obtained a judgment may attach a judgment lien to real property owned by the debtor. “Real property” means any real estate owned by the debtor. By attaching a lien, business-creditor can ensure that it receives a portion of the proceeds if the property is sold. To attach a lien, a creditor must file a copy of the judgment with the county clerk in the county in which the debtor owns property.
While Texas has some of the most restrictive garnishment laws in the country in regard to consumers and wage garnishment, the assets of a business entity can often be garnished in the event of an unpaid judgment.
Seizure of property through a Writ of Execution
In some cases, creditors who hold judgments against their debtors may request that the court issue a Writ of Execution in order to allow the creditor to seize assets, including bank accounts or other property owned by the debtor.
Collecting on judgments that you have secured on unpaid business debts can be a challenging and time-consuming endeavor. Fortunately, there are often many ways that an experienced Houston business lawyer can be of assistance in matters such as these. To schedule an appointment with attorney Andrew Weisblatt, call our office today at 713-666-1981.
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