Texas offers two significant forms of collection for parties who have won a judgment (i.e., judgment creditor) in court: Writs of Garnishment and Writs of Execution. Learn the difference in these and the circumstances for when each should be used.
Texas law provides different methods for collecting a judgment in Texas regardless of whether the judgment originates from the state of Texas or another state. When a person or entity recovers money damages in a court, it will primarily be in the form of a judgment. A judgment is merely a piece of paper that declares a person or an entity owes another person or entity money. In order to collect on that piece of paper, consider the rules in this article.
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As many creditors know, the state of Texas provides robust protection for debtors, and navigating the process for post-judgment collections in Texas can be an overwhelming experience for even the savviest professional. Attempting debt collection during an economic slowdown can further compound a creditor’s frustration as they face an increase in slow-pay and no-pay debtors. After countless demand letters go ignored, creditors often turn to litigation in hopes of getting paid.
Imagine all the business opportunities that open up when you can secure the money you are owed. In this blog, you’ll learn more about what a lien is and what your lien rights are. Once you know what’s needed to have a valid lien, all the leverage is yours.
Most, if not all, of your profit for your project is in the retainage payment. Don’t just walk away from retainage! Protecting your right to payment and protecting your bottom line is crucial as a business owner in the construction industry.
You need an intentional and consistent collection strategy that must include all the steps required to have a valid lien. The steps required to have a valid lien in Texas have changed. Beginning on January 1, 2022, there are some new things to consider when making your collection strategy.
Your business needs income to survive—and knowing how to collect money you’re owed is essential for the health of your business. Creating and implementing a collection strategy before collections become an issue is essential to ensuring everyone who depends on you is taken care of.
Congratulations, you won! But, now what? How do you turn that judgment into cold hard cash? Time is of the essence! There are a few options to consider when determining how to get your money in the fastest way possible.
This recap of the inaugural episode of the Quit Getting Screwed podcast covers the inner trappings of construction law.