Often times clients ask me, when can we expect our recovery of the debt?
I always tell them that every case is different and it really depends on a lot of factors.
A few things that impact the case are as follows:
- What type of assets the debtor has?
- What type of documentation you used on the front?
- Did you have them sign a credit application?
- Was there a personal guarantee?
- Were there mechanics liens filed?
All those factors will help determine how much of a recovery you will get and how quickly it can be recovered. If you have a debtor that is insolvent perhaps as a corporation and you don’t have a personal guarantee, those are going to be more difficult to collect.
We can look into a fraudulent conveyance action or a pierce the corporate veil action. We can go after the principles of the corporation and their assets. The time for collection is going to very because every every single case is different.