A money award from another state carries little practical value in Florida until a creditor takes formal steps to recognize it here. Domestication gives that ruling the same force as a Florida judgment and opens the door to collection tools under state law. How...
Yes, a creditor holding a valid court judgment can seize a debtor’s personal property in Florida. However, Florida law requires that judgment creditors must follow a specific process through the county sheriff. In addition, it helps to know which assets are actually...
A writ of garnishment allows you to seek payment from money in the debtor’s bank account or a portion of their wages, but issuance is only the beginning. Obtaining it does not transfer those assets to you, as several procedural steps follow before the court can apply...
A business can do everything right and still face unpaid invoices or loan defaults. That is why many companies ask for a personal guarantee before extending credit. A personal guarantee can give creditors another way to recover money if a business cannot pay. What is...
It is important to protect the future of your business, which is why businesses must act fast to recover commercial debts. Mistakes can be made early when collecting commercial debts. Understanding how these mistakes happen can help businesses avoid unresolved debt....
Small businesses count on income from sales to stay afloat, but they don’t always receive the payments they’re due. This can create pressure for a small business, even if it otherwise appears to be profitable on paper. Cash flow for small business is important because...
A court judgment from another state does not automatically grant a creditor enforcement power in Florida. If a debtor holds assets within the state, Florida courts must first legally recognize the judgment before any collection action can begin. To collect on an...
Bulk buying and wholesale buying are very common in some industries. But there can be some financial risk, as a significant amount of money is tied up in a single order. These practices are slightly different. With bulk buying, the goal is usually to get a lower price...
Every successful business owner will eventually have to cope with an unfortunate aspect of commerce — collecting unpaid debts from clients and customers. The collection process can be cumbersome and long, leading many busy executives to let their unpaid collections...
Businesses that rent equipment to other companies or that finance equipment purchases typically use the machinery or devices they provide to organizations as collateral for attached financial obligations. Most businesses that need machinery and specialized equipment...