New Hampshire and Vermont Debt Collection Attorney
The law presumes that if you are going to go to the trouble to bring a lawsuit against somebody who owes you money, you should be able to collect when you finally get a judgment against that person (the debtor). Accordingly, as part of a lawsuit, a very powerful tool you can use is to attach any money that person or that business has in one or more bank accounts. This is called trustee process. Generally speaking, trustee process may be enforced against any property of any kind of the debtor, not just money in bank accounts, except certain property exempt from attachment.
Assuming the right steps are taken in court to attach bank funds or property in the hands of third parties, a trustee who you name in your court papers typically has to take certain steps and file particular documents with the court and with your lawyer or the trustee risks being held responsible for the entire debt. This is a very powerful tool creditors need to fully utilize. After the court grants a creditor’s request for trustee process, the creditor can send a disclosure form asking the trustee to disclose the amount of funds or other property it holds on behalf of the debtor. The creditor is not limited to the disclosure form, but may also take a deposition (a recorded interview that can be used in court) of the trustee or persons other than the trustee regarding what property the trustee is holding of the person who owes you money.
After the court has attached whatever property is in the hands of the trustee, the trustee must retain that money or property until you obtain a writ of execution (a court document that allows you to obtain the funds or property to satisfy the debt). If the trustee is holding specific articles, after you get a judgment you can ask the sheriff to demand, receive, and sell the property the trustee is holding or award you the money in the debtor’s bank accounts up to the amount of money you are owed.
This law office has been aggressively pursuing trustee process to go after bank funds or equipment in the hands of third parties to aid creditors who have not been paid for nearly 30 years. If your company or you are in need of legal assistance to collect a debt, call our office at 800-909-LAWS (5297) or submit an online questionnaire. Because all cases are subject to a statute of limitations that limit the dates within which a lawsuit may be brought, call without delay to ensure you do not waive any of your rights.