Through aggressively pursuing litigation and judgment enforcement proceedings, we recently collected more than $38,000 for a business client of ours.
The defendant debtor failed to appear in the lawsuit we commenced, which then lead to a default judgment being entered. Judgments are sometimes not worth the paper they are written on, unless you know how to properly file that judgment and use the numerous judgment enforcement proceedings New York law provides.
After filing the judgment in all counties in which the debtor owned property, the judgment then became a lien on those properties. What this means is that if this debtor ever tried to sell any of his properties, he would not be able to unless the judgment, plus interest, is paid off at the time of closing.
Four years after obtaining and filing this judgment, the debtor’s real estate attorney called me and requested that we send to him a payoff amount for the judgment, since his client, the debtor, was trying to sell one of his properties and could not do so until our client’s judgment was satisfied in full.
The debt in 2007 when the client came to us was only $20,000. With the interest that had accrued over time, we collected more than $38,000 once the debtor’s property sold. Our client was more than pleased.
If you are in need of assistance with any of your outstanding collections, please contact our firm.
“Franklin, Gringer & Cohen, PC collects $38K+ on 8-year debt” was written by Michael S. Mosscrop
What can your business gain from retaining Franklin, Gringer & Cohen, P.C.?
We have represented businesses and business people for a combined 75 years. We have represented small sole-proprietorships and multi-million dollar, multi-national companies, both privately and publicly held. Our philosophy is that attorneys should be utilized to facilitate a business transaction, not to act as an obstacle. Our attorneys pride themselves on working with companies on an ongoing basis to spot problems before they arise so that you can devote your time and energy to your business and not in litigation. However, if the need to litigate should arise, you can be confident that your case will be handled by experienced litigators in a cost effective and timely manner.