Creditor’s Rights
Logan & Lowry, LLP engages in a significant amount of creditor work, our representation being almost exclusively creditor representation and the bulk of that being collection and foreclosure work for banks in Oklahoma, Kansas, and Arkansas. This representation includes real estate foreclosures (both residential and commercial), lien priority disputes (competing creditors), and creditor bankruptcy representation. Logan & Lowry, LLP has a standing policy of declining debtor bankruptcy representation.
Collecting a Judgment
Obtaining a judgment does not always mean immediate payment. A debtor may still attempt to avoid payment even though a creditor has obtained a judgment in its favor. Ideally, a debtor will pay the debt in full or agree to a certain payment arrangement, however, if the debtor remains uncooperative it is the creditor’s responsibility to take additional steps to collect the judgment. Legal procedures available to creditors include, and may not be limited to:
- Asset Hearings;
- Garnishments;
- Liens on Real Property; and
- Sale of Personal Property.
Asset Hearings require the debtor to appear before the court and answer as to the assets in its possession. This allows a creditor to discover the debtor’s financial assets, real estate property, personal property, employment information, and other additional assets which may be liquidated to satisfy the judgment.
Garnishments may be used to obtain property held by third parties for the benefit of the debtor. This is commonly used to garnish the bank accounts and wages of the debtor.
Liens on Real Property prevent the debtor from selling any of their real property without first applying the proceeds to satisfy the judgment held by the creditor.
Sale of Personal Property may also be used satisfy the judgment. If during the asset hearing it is discovered that the debtor owns certain vehicles, boats, or other valuables the creditor may request that the court to order the property turned over to the creditor to be sold and applied toward the satisfaction of the judgment.
With the aid of an experienced collection attorney, a creditor greatly increases its chances of obtaining satisfaction of its judgments in a timely manner. At Logan & Lowry, LLP we assist creditors with navigating collection proceedings from start to finish. Our practice offers flexibility and is tailored to the needs of our creditor clients. For many, we provide the full range of collection assistance, while others seek our assistance on specific collection issues. Contact us to learn more.