When it comes to creditors’ rights, provisions exist to protect the ability of creditors to collect money owed to them. These include the rights of the creditors against the debtor themselves. When multiple creditors claim a right to levy a property, the law dictates how to determine which creditor has the strongest right to the relief. An experienced Kansas lawyer can determine which applies to each individual case.
What are creditors’ rights?
When a customer of a business fails to pay their debts, the business has several ways available to help them to collect the money. These creditors’ rights methods don’t always involve the court and those that do require assistance from a Kansas attorney.
For court-based remedies, the creditor may be able to seize property in an emergency. Replevin and attachment may also be used. In a replevin action, a creditor who holds an interest in the property that is the subject of the debt can take the property and sell it to reduce or satisfy the debt.
Lawsuits or liens can be filed by an attorney. This allows the creditor to sue to collect their debt. When a judgment is given, the creditor can enforce the judgment by garnishing or attaching the debtor’s property to cover the debt. The sheriff may be used to sell real property or collect personal property.
If none of these things are successful and the debtor owes a lot of money, the creditors may force them into an involuntary bankruptcy proceeding. The debtor’s assets are then liquidated in order to pay their debts, including the creditor’s.
Get Collection Assistance Today
One of our attorneys in Kansas can help you get the payment you are owed. We represent a variety of creditors and protect their rights throughout the entire process. To learn more about how we can help you with collection assistance or to learn about your rights as a creditor, call us today at 913-962-8700.