Your business depends on a steady flow of cash, and when another company delays payment or defaults on the credit extended to them, it compromises the bottom line of your own business.
As such, Florida business owners sometimes must explore their collection options when cash payments prove elusive or unlikely.
Is property seizure an option when collecting a debt?
While you cannot take possession of a debtor’s home, you could file a petition with the Florida civil courts to put a lien against any investment property or attach it outright.
For instance, if your debtor owns an apartment complex or a commercial business, such property is fair game for seizure in order to satisfy an outstanding debt that remains unpaid after your collection efforts are ignored or rebuffed.
What about judgments from another state?
Here, too, the Florida courts can help you recoup your financial losses from a recalcitrant debtor. A Florida civil court can domesticate a judgment from another state to help you collect the debt owed to your company.
Property seizure can be your nuclear option
When it comes to seizing the property of a debtor to satisfy a lingering, unpaid debt, this may not be your first move. Rather, this legal action could be used only when all your other good-faith efforts at collecting a legitimate business debt have failed.
To make sure that you follow all rules of debt collection, learn more about the laws and practices that govern property seizure in the state of Florida. Doing so will leave you in the best position to recover the sum that is owed to you, along with any interest, penalties and/or attorney’s fees.