Commercial Collections & Prejudgement Remedies
April 29, 2021
The cyclical nature of our economy results in economic downturns that lead to an increase of bad debts, or borrowers who are unable or unwilling to make good on their payments for loans, services rendered or products delivered. Complicating the trouble for business owners is the increased access to bankruptcy for many debtors.
At the DeChello Law Firm, we understand the impact defaulted loans or delinquent accounts can have on banks, lenders, and business owners. We also understand how important strong collections strategies can be for business owners.
Leveraging over 25 years of legal experience, we provide advice on a wide range of prejudgment remedies for the commercial collections process, including:
Collection of Commercial Loans and Accounts: We offer comprehensive commercial collection services to in-state and out-of-state lenders and business owners throughout Connecticut.
Prejudgment Remedies of Garnishment and Attachment: Connecticut has laws favorable to lenders and business owners seeking to collect commercial loans and accounts in Connecticut. These laws allow creditors, upon establishing probable cause that they will prevail on their claim, to obtain attachments on assets and real estate as well as the garnishment of the bank, brokerage, and accounts due to debtors to secure a future judgment. We offer advice and provide guidance on how to best utilize those laws to collect delinquent loans and accounts.
Replevin: Connecticut law allows creditors secured by a security interest in personal property assets like machinery, equipment, or inventory to obtain possession of those assets through the use of a Replevin action. Replevin allows the creditor to physically take possession of the assets. We advise lenders and business owners on how best to use this effective tool to collect unpaid debts. To discuss your commercial collection needs, call the DeChello Law Firm or contact us online today.