When North Carolina businesses are awarded money judgments, they then have to figure out how to collect on them. It is common for businesses to encounter difficulties with collecting judgment debts owed to them by debtors, and you must make certain that you follow the laws regarding debt collection tactics.
There are several steps that you can take. First, you can send the debtor a demand letter notifying the debtor of the judgment and informing him or her that you intend to collect on it. You may have to research the debtor’s assets in order to determine if he or she has any real or personal property that you can use to enforce payment of the judgment.
After identifying the debtor’s assets, you can then place liens on what’s available. Doing so may then encourage the debtor to pay you so that he or she can remove the encumbrances from his or her property. If none of those steps work, you may need to litigate the matter through court. Throughout the process, it is important that you follow the regulations and laws governing collections so that you do not land your business in hot water.
At our firm, we understand the complex laws and regulations that govern collecting judgments and other debts. We help our business clients to recover the judgments and debts that they are owed, starting with the demand letter and proceeding through the entire process if necessary. Our goal is to secure the money our clients are owed quickly. We are often able to uncover assets and enforce judgments so that debtors are encouraged to pay. If your business has a judgment against a debtor and is having trouble collecting on it, you might want to review our judgment collection page for more information.