If you are a creditor in California that has a debtor unable or unwilling to repay you, you may have a serious problem. In this situation, working with an attorney that understands commercial debt collection is critical. After all, your bottom line is also just as important as the debtor’s, and you have to keep your finances sound too. A part of doing that is being paid on time for the loans or credit lines you offer. There are many cases where creditors are not paid out of the negligence of their debtors, and this is unacceptable.
In California, the Los Angeles commercial debt collection attorneys at the Leiva Law Firm can help you collect on delinquent debts so you are repaid the money that you have a right to.
Why is Calculating What is Owed on a Judgment So Critical to Debt Collection?
For a judgment to be enforced, it is essential to have an accurate and true amount calculated. When the amount owed is precise, then a creditor is best positioned to obtain the money they are owed by their debtor.
However, if the calculation of debt is wrong the courts may not issue a writ of execution. A writ of execution is an order issued by the court that is required before a creditor can impose on a debtor’s assets aligned with the judgment. This court order starts the transfer process.
In other situations, when the calculation of debt is incorrect, a creditor may have their writ of execution. As a result, the creditor starts levying on the debtor’s assets. Here, a debtor may be able to stop that transfer of property or assets to the creditor.
For California commercial creditors, to correctly determine the right amount under a judgment would be to use the following formula:
- (Judgment Amount + Post-Judgment Costs + Post Judgement Interest) – Payments Received
When the judgment is entered, that date will be when post-interest will start to accumulate. In California, the rate is 10% per annum.
Due to the complexity of getting it right, and ensuring that as a creditor, you secure the debt that you are entitled to, working with an attorney is essential. Successfully collecting your judgment in California is a necessary part of doing business as a creditor. An attorney at the Leiva Law Firm can help you with this objective.
Speak with a Los Angeles Commercial Debt Collection Attorney Today
When you choose to work with the Leiva Law Firm for your commercial debt collection needs, you receive the benefit of several services. Some of these include drafting demand letters, enforcing judgments you were awarded, negotiating repayment plans, a law firm that knows how to identify debtors’ assets, filing lawsuits for you, and much more.
It is possible to have your commercial debt in California repaid and keep your financials intact. For more information on what you can do, please call the Leviva Law Firm at (818) 519-4465. Our Los Angeles commercial debt collection lawyers are here for you and ready to meet with you during a free consultation.