Effectively Collecting on Your Debt 22:33, December 20, 2016

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Effectively Collecting on Your Debt

By | April 2, 2014 | Collections | 0 comments

Obtaining a court ordered judgment against a debtor is just the first step in collecting on the debt that is owed to you. It is common for an individual to think that they will receive money once a court enters a judgment against a debtor. However, oftentimes a debtor will not voluntarily repay a debt even after a judgment has been entered.

 

Many times, a creditor must turn to supplemental proceedings in order to obtain the money that he or she is owed. The procedure for conducting supplemental proceeding against a debtor is stated in 735 ILCS 5/2-1402. This statute allows for a creditor to conduct a citation to discover assets against a debtor. In this proceeding you can ask the debtor about the debtor’s assets.

 

After a creditor determines what assets a debtor possesses, the creditor can file either a wage deduction citation or a non-wage deduction citation against the debtor. In order to conduct supplemental proceedings against a debtor a creditor must follow specific procedural requirements. An experienced debt collector will know the procedural requirements that need to be followed under this statute.

 

Additionally, an experienced debt collector can advise you on how to most efficiently and effectively collect on your debt.

 

Contact Joe Lesner Today to learn more about how BSLBV can help you collect on your debt.

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