Once you have the Writ of Execution you can go any number of ways. You could levy a bank account (this is why you try to have that information on hand), you could place a sheriff “keeper” in their place of business (they will take any cash on hand, inventory or even seize it…for a price), garnish wages, or even seize personal property like cars or boats. Just know that there are limitations though (ie. they could claim certain things are exempt or off limits) and these methods of levy do cost money. Also, the writ is only good for a period of time (usually 6 months) so be sure that you make the most of it.
Just keep in mind that these different means of levy run more or less through the local sheriff’s department. In order to obtain their services you will have to fill out a form in order to give them instructions as to what you want done, to whom, and for how much. Once the levy goes in the Sheriff will do as instructed and in a few weeks you will receive a report stating that they satisfied the judgment, received a partial satisfaction of the judgment or received nothing at all. Once the levy “hits”, before you receive your report, you may even get a call from your debtor telling you he wants to work something out (oh, now he wants to work something out), and there is no better feeling that knowing you’ve got him.
If that does occur, I believe that a bird in the hand is worth two in the bush, so do not release any levy or funds! The debtor may tell you, that he will promise payment next week if you will release his bank account because he has some important bill that needs to be paid. Who knows what promise or story will be told, but do not do it! If they renege, you will have to pay the Sheriff again, lose more time, and the assets will likely have been moved…or spent.

• Previous Entry: Prejudgment Interest
• Next Entry: WHAT’S THE WORST THAT CAN HAPPEN?