Asset Hearings in Oklahoma
Asset hearings are a part of the Post-Judgment Discovery process. After being granted a Judgment against someone who owes you a debt, you have options when collecting compensation on that Judgment. Having a Hearing of Assets ordered by the court will better assist you in analyzing what assets the Judgment Debtor obtains and the best way you, the Judgment Creditor, can collect on them.
What is an Asset Hearing?
As a Judgment Creditor, once you are granted a Judgment, it is your responsibility to execute on it against the Judgment Debtor. For that to be done successfully, it is beneficial to ask the court to order the Debtor to appear before a Hearing of Assets to disclose all information regarding the assets they possess. Initially, the Judgment Creditor files a motion or application with the courts, requesting the Judgment Debtor release all specified information regarding their assets. This will assist you in determining how you should proceed when collecting your Judgment.
Why are Asset Hearings Necessary?
Asset hearings give a clear layout of exactly what assets a Judgment Debtor holds. This can include the Debtors bank account information, tax returns, titles to real property, business documentation, certificates to stock, and more. Requesting an Asset Hearing allows the Judgment Creditor to know evidently what method of collection that will be most efficient moving forward, whether that be a bank levy, garnishments, liens on property, or so forth.
Your Options Post-Asset Hearing:
Hiring an attorney is a useful option in assisting to implement your Judgment. As a Judgment Creditor, you are authorized to Post-Judgment cost and attorney fees, which will be included to the balance of the Judgment total. Typical attorney arrangements may include a contingency agreement in which the attorney is paid a percentage amount of the Judgment collected. Generally, the attorney does not collect a fee unless the client collects on the Judgment. If you need assistance collecting on a Judgment in Oklahoma, call Aaron Bruner, Attorney at Law for a consultation today.