Collection and Assets

[kmurray]

I live in Minnesota.

I was a contractor for a company that has closed its doors (they have not declared bankruptcy yet), and recently received a judgement for seven weeks of pay that they owe me.

They have finished liquidating their computer hardware, but because of the amount that they owe to their secured creditors, it's very doubtful that I will collect anything. They have not contacted me during the entire litigation process.

I recently learned of an asset (hardware - in a repair shop) that I don't believe they know about. Do I have a legal claim to this asset (given that I have a judgement), or would it be considered theft to take it (given that the secured creditors are ahead of me in the collections line)? Is there process that I should follow to _try_ to collect this?

 

[JETX]

You cannot just go out and take it. You have to use the legal process as allowed to enforce the judgment.

I would suggest that you contact the court about getting a Writ of Execution (or Levy) against the judgment debtor. Then, you can contact the sheriff doing the execution and advise him of what assets might be available for seizure and sale by auction. Be sure to include give him information on ALL the assets, not just the 'hidden ones'. Let the secured parties settle it out.

As you probably already know, the debtor could file for bankruptcy at any time and time is literally OF AN ESSENCE!
If they file before you have a chance to seize anything, your debt could be wiped out and you get nothing. So, go get 'em NOW!