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Acquisitions are complex transactions involving numerous legal, financial, and strategic considerations. Lawyers play a huge role in making sure these deals are done smoothly and in compliance with the law. At Aaron Bruner, Attorney at Law, we specialize in guiding businesses through the intricacies of acquisitions, safeguarding their interests at every step.

Why Are Lawyers Essential in Acquisitions?

Lawyers are indispensable in business acquisitions due to the multifaceted nature of these transactions. They bring legal expertise, negotiate terms, and ensure compliance with regulations. Their involvement is crucial for minimizing risks and facilitating a seamless transition.

Key Points:

• Legal expertise is very important for navigating the complexities of acquisitions.
• Lawyers help in negotiating favorable terms and conditions.
• Ensuring compliance with local, state, and federal regulations is crucial.

In essence, having a business acquisition lawyer ensures that the deal is legally sound and that all parties’ interests are protected.

How Do Lawyers Conduct Due Diligence?

Due diligence is an important phase in any acquisition, and lawyers play a central role in this process. They meticulously review all aspects of the target company to identify potential risks and liabilities.

Key Tasks in Due Diligence:

• Reviewing Financial Records: Examining financial statements, tax returns, and other necessary financial documents to assess the company’s financial health.
• Evaluating Contracts: Analyzing existing contracts with suppliers, customers, and employees to identify any potential issues.
• Assessing Legal Compliance: Ensuring the target company complies with all relevant laws and regulations.
• Investigating Intellectual Property: Reviewing patents, trademarks, and copyrights to ensure they are properly registered and free of disputes.
• Environmental and Regulatory Checks: Ensuring the company meets environmental regulations and other industry-specific requirements.

By conducting thorough due diligence, a Tulsa business attorney can identify probable red flags that could impact the acquisition, helping clients make informed decisions.

What Is the Lawyer’s Role in Negotiating Terms?

Negotiating the terms of an acquisition is a complex task that requires skill and expertise. Lawyers are instrumental in this phase, ensuring that the terms are fair and beneficial for their clients.

Key Negotiation Activities:

• Drafting and Reviewing Agreements: Creating detailed agreements that outline the terms of the acquisition, including purchase price, payment terms, and conditions.
• Negotiating Warranties and Indemnities: Ensuring that the seller provides warranties and indemnities to protect the buyer against future liabilities.
• Handling Contingencies: Addressing potential issues that could arise post-acquisition, such as pending litigation or regulatory changes.
• Finalizing the Deal Structure: Deciding on the best structure for the deal, whether it’s a stock purchase, asset purchase, or merger.

Through effective negotiation, a business lawyer in Tulsa helps to secure favorable terms that align with their client’s strategic goals and risk tolerance.

How Do Lawyers Ensure Regulatory Compliance?

Compliance with regulatory requirements is crucial in any acquisition to avoid legal pitfalls and ensure the transaction’s legitimacy. Lawyers ensure that all aspects of the acquisition adhere to relevant laws and regulations.

Key Compliance Activities:

• Antitrust Review: Ensuring the acquisition does not violate antitrust laws that prevent monopolies and promote competition.
• Securities Regulation: Complying with securities laws if the acquisition involves publicly traded companies.
• Employment Laws: Ensuring compliance with labor laws and managing issues related to employee contracts and benefits.
• Environmental Laws: Verifying that the target company complies with environmental regulations and addressing liabilities.
• International Regulations: Handling compliance with international laws if the acquisition involves foreign entities.

By ensuring regulatory compliance, a law office in Tulsa, OK, can prevent costly legal disputes and penalties, facilitating a smooth acquisition process.

How Do Lawyers Assist in Post-Acquisition Integration?

The work of a lawyer doesn’t end once the acquisition is complete. Post-acquisition integration is a critical phase where lawyers continue to provide essential support to ensure a smooth transition.

Key Post-Acquisition Activities:

• Integration of Operations: Assisting in the seamless integration of the acquired company’s operations, systems, and processes.
• Resolving Disputes: Addressing any disputes or issues that arise during the integration process.
• Compliance Monitoring: Continuously monitoring compliance with legal and regulatory requirements.
• Employee Transition: Managing legal aspects of employee transitions, including contract modifications and benefits adjustments.
• Ongoing Legal Support: Providing ongoing legal advice and support to address any new challenges that emerge.

By offering comprehensive post-acquisition support, a business acquisition lawyer ensures that the newly combined entity operates efficiently and abides by all legal requirements.

Conclusion

The role of a lawyer in business acquisitions is multifaceted, encompassing due diligence, negotiation, regulatory compliance, and post-acquisition integration. Their expertise is invaluable in meandering through the complexities of these transactions and ensuring successful outcomes.

Secure Your Business Future Today!

Planning an acquisition? Contact Aaron Bruner, Attorney at Law, for expert legal guidance. Our team is dedicated to ensuring your acquisition is smooth and successful.

Dealing with unpaid debts can be a challenging and frustrating experience for both individuals and businesses. It’s not uncommon for clients or customers to delay or completely neglect their payment obligations, leaving you in a difficult financial situation. In such cases, hiring a debt collection attorney can be a wise decision to help you recover the money you are owed. This article will explore the circumstances in which individuals or businesses should consider hiring a debt collection attorney, the benefits they provide, and how they can assist you in pursuing unpaid debts effectively.

Situations Requiring the Expertise of a Debt Collection Attorney

While every debt-related situation may not require the involvement of a debt collection attorney, there are several circumstances where their services become invaluable. Consider the following scenarios where hiring a debt collection attorney is highly recommended:

1. Expecting Legal Action and Court Proceedings

If you anticipate that your case will go to court to recover the debt, having a debt collection attorney by your side is crucial. While it’s possible to represent yourself, having a professional with a deep understanding of relevant laws and courtroom procedures increases the likelihood of a favorable ruling. By hiring a debt collection attorney, you benefit from their expertise in navigating the legal system, presenting your case effectively, and maximizing your chances of recovering the owed funds.

2. Sending Demand Letters

Demand letters serve as a formal communication channel to express your side of the story and inform the client about the potential consequences of non-payment. A well-crafted demand letter can compel nonpaying clients to settle their debts before resorting to legal action. Your debt attorney near you has the knowledge and experience to draft persuasive and legally sound demand letters that increase the likelihood of prompt payment. Their expertise can help you convey the seriousness of the situation and encourage clients to address their financial obligations promptly.

3. Pursuing Large Debts

Hiring a debt collection attorney is advisable when dealing with substantial outstanding debts. Recovering a large amount of money can be complex and time-consuming, often involving multiple legal and financial intricacies. Debt collection attorneys specialize in handling such cases and can efficiently navigate the challenges of pursuing significant debts. By enlisting their services, you improve your chances of recovering the full amount owed to you.

4. Dealing with Large Companies

Recovering debts from large companies can pose unique challenges due to their extensive resources and legal teams. Debt collection attorneys are well-versed in the tactics employed by large corporations and understand how to pursue corporate debts effectively. Their experience and knowledge enable them to navigate the complexities of dealing with large companies, increasing the likelihood of a successful debt recovery [1].

5. Needing Legal Advice and Assistance

Apart from debt recovery, debt collection attorneys can provide invaluable legal advice and guidance. They possess a comprehensive understanding of debt collection laws and can offer insights into the most effective strategies for debt recovery. Whether you require assistance with legal paperwork, understanding your rights as a creditor, or advice on handling specific debt collection situations, a debt collection attorney can provide the necessary guidance.

The Benefits of Hiring a Debt Collection Attorney

Opting for professional debt collection assistance by hiring a debt collection attorney can provide numerous benefits. Some key advantages include:

1. Expert Legal Knowledge

Debt collection attorneys possess comprehensive knowledge of debt collection laws and regulations. They stay updated with the latest legal developments and have the expertise to navigate the complexities of the legal system. Leveraging their legal knowledge can significantly enhance your chances of successful debt recovery.

2. Improved Success Rate

With their experience and specialized skills, debt collection attorneys can significantly increase the success rate of debt recovery. They understand the most effective strategies, negotiation techniques, and legal avenues to pursue to secure payment from nonpaying clients.

3. Time and Resource Efficiency

Debt recovery can be a time-consuming process, requiring significant effort and resources. By hiring a debt collection attorney, you can focus on your core business activities while leaving the legal complexities in the hands of an expert. This allows you to utilize your time and resources more efficiently.

4. Legal Protection

Engaging a debt collection attorney ensures that you receive appropriate legal protection throughout the debt recovery process. They understand creditors’ and debtors’ legal rights and obligations and can advise you on the best action to protect your interests.

5. Increased Professionalism

Dealing with nonpaying clients can be emotionally challenging, often leading to strained relationships and unprofessional behavior. By involving a debt collection attorney, you maintain a professional and objective approach, allowing the attorney to handle the legal aspects while preserving your relationship with the client.

Conclusion

When individuals or businesses find themselves in situations where unpaid debts are causing financial strain, hiring a debt collection attorney can provide the necessary legal support to pursue debt recovery effectively. By leveraging their knowledge and expertise, debt collection attorneys can help individuals and businesses navigate the complexities of debt collection, increase the chances of successful recovery, and alleviate the burden of unpaid debts. Aaron Bruner Law, located in Tulsa, OK, is a reputable debt collection attorney that individuals and businesses can consider for their debt recovery needs. Their experienced team is dedicated to assisting clients in recovering their outstanding debts while providing personalized and professional legal representation.

Valuing an acquisition business is the process of placing a value on the business and determining its overall worth. Valuation is essential when making financial decisions about a business, and negotiating with investors is a concern.

Understanding how to value the business is beneficial for business owners and investors who might be looking to purchase or sell a business.

Small business owners find the valuation process complicated because it uses multiple methods and can vary according to the assets valued or the overall perceptions of the value.

In addition, limitations exist in every cycle. This article delves into the basics of valuation, besides the techniques and elements used and what you need to know to precisely determine the value of a business.

Why Do Companies Do Acquisitions?

The primary reason companies make acquisitions is that they think the business they are trying to acquire will benefit their existing operations and add value.

On most occasions, companies try to gain enterprises because they believe it is performing well and have a market outreach that will benefit their company by providing increased market share, diversification, offering niche offerings, et cetera.

Quite often, acquisitions arise because companies have matured in their life cycle and do not have the techniques to grow substantially after their maturation.

The optimal method remains to grab a competitor’s market share. Acquisitions are challenging because the growth phase has ended when all market participants are growing.

In such circumstances, companies consider acquiring businesses to increase efficiency in how they serve customers than they can offer themselves.

The increase in scale and efficiency enables the acquirer to justify paying a higher price for the business in concern.

What are the differences between a Merger and Acquisition?

Mergers occur when two separate entities join hands together to create a new joint organization.

Acquisitions refer to a takeover of one entity by another. Acquisitions and mergers are generally completed to expand a company’s reach, gain market share, and create shareholder value.

Why Does Your Business Valuation Matter?

The valuation of your business matters because it provides insight into the worth of your business and is helpful in various business dealings.

Generally, investors and business owners express more interest in the valuation when making significant financial decisions like selling and buying stocks, companies, and mergers.

Valuation also gains importance if you want to expand your business because you will need more capital to grow. When trying to raise capital, you will be asked to prove your business worth to your investors.

Factors Impacting a Business Valuation

Many factors need consideration when completing a business valuation. When starting the valuation process, you must gather various documents and statements.

A business acquisitions lawyer in Tulsa uses the data from reports considering your business’s income statement, balance sheet, cash flow, and tax returns.

These documents require accuracy to derive a more detailed look at the company’s valuation. If you want to value the company to sell or for legal purposes, it will likely require a lengthy report certified by a professional appraiser.

When considering the value of your business assets, you must understand the valuation at book value or market value.

The book value represents the money you spend on an investment, confirming it is the equal price when purchased minus depreciation.

On the other hand, market value considers the item’s current price, taking the asset’s value as currently available on the market.

Valuation Determining Techniques

Businesses use different techniques to determine valuations, including book value and market value. Some methods are generally based on growth forecasts of the business in the current market.

Typically, multiple techniques are used to improve accuracy and certified business valuations.

Some standard methods include discounted cash flow valuation, a market approach, and an income approach.

Discounted cash flow valuation estimates your business’s worth by considering its future growth based on anticipated cash flow. The market offers value assets provided to similar other or comparable market assets.

The income approach considers your business’s income statement to determine its revenue and expenses. This technique doesn’t account for intangible assets focusing instead on the value of the profits.

Valuing a business for acquisition might seem challenging, but it offers significant insight into the value of the business.

However, limitations exist in valuing a business for investments because investors and owners generally do not consider the valuation to be an inaccurate representation of your business’s worth.

Therefore it helps if you have experts from Aaron Bruner law to manage the valuation of your business for acquisition because they are certified, appraisers.

Foreclosure is a process that enables a lender to recover the loan amount by selling the mortgaged property. When someone mortgages an asset, both parties form an agreement.

If the borrower stops paying the monthly installment, the lender can recover the money through foreclosure. If you want to know about foreclosures in Tulsa, OK, experienced lawyers at Aaron Bruner Law can help you professionally.

Types of Foreclosures

If we dive deep into the concept of foreclosure, we will find two types. One is judicial, and the other is non-judicial. Many states consider both procedures.

Judicial Foreclosure

This process starts after a court order when the borrower loses his point in court. The lender gets all rights to the property. The process is legal.

The borrower has to leave the property, no matter how unwilling they are, to do that.

• Non-Judicial Foreclosure 

There is no involvement of the court. The person appointed by the owner or the owner can sell the property if the borrower fails to pay the installment amount. There are terms and conditions associated with the foreclosure process. We will go through them in the later sections of the blog.

When Does Foreclosure Begin?

Foreclosure is a long process. It doesn’t start immediately after the borrower misses the payment. As we know, there are two types of foreclosures. But the steps for initiating foreclosure and selling the property are quite the same. Let’s explore them one by one.

• Missing the First Payment 

It is the very initial phase. But lenders cannot start foreclosure here. If a borrower misses paying an installment, they get a grace period. When they do not make a payment in the grace period, the borrower gets a chance to pay with some late fee charges. But if the borrower misses it for three months consecutively, the lender sends a demand letter.

• Declare as Default

In the next phase, when three months have passed, a notice of default goes from the lender’s side to the borrower giving 30 days to the borrower to clear the past due payments. Most lenders do not send default notices before 90 days or three missed payments. The rules may vary from country to country.

• Notice for Sale 

Initiating foreclosure processes is different in different states. As we have already discussed, there are two types of foreclosure: judicial and non-judicial. In case-non-judicial foreclosure, you would need to do some paperwork. After that, the process starts. This type of foreclosure is faster and less time-consuming.

But on the other hand, in the case of judicial foreclosure, court approval is required for each step. So, it is considered a lengthy process. Our business lawyer in Tulsa, Oklahoma, can assist you efficiently with the legality of the process. The notice of sale is recorded in the country where there is property. All the laws and regulations are followed valid in that respective country.

• Sale of the Property 

Now, the property is placed for auction. It will go to the bidder with the maximum bid and all the required qualifications. Once there is a confirmation of a higher bidder, the sale completes. The property will then be passed on to the purchaser. They will take immediate possession.

• Asset Ownership 

The asset will go to them if the lender gets an appropriate bidder during the auction. But if the property does not find an owner, the lender becomes its owner. Now he will get the full rights. The lender can try to sell the property through a broker.

• Eviction 

It is the last step in the process. After the auction, the next step is selecting a new owner. Now, the borrower will get a notice to vacate the property immediately. If the property does not sell, the bank will still get full rights to the property. They can send a notice to the borrower to evacuate.

Enough days are given to the borrower to remove the belongings. But in every condition, the borrower has no other way except to leave the space.

Get Help at Aaron Bruner Law Today

Foreclosure is a legal process and requires a deep understanding of the law. If you are seeking professional help, contact our expert law attorneys at the clinic now!

A contract is a legally enforceable document between two or more parties defining and governing the rights, duties, and responsibilities of all individuals involved in the agreement. It acquires legally binding status on all concerned signing on the deal, including exchanging goods or services and providing legal remedies to any party impacted by the breach of contract.

What Is Contract Binding?

Contract binding is an agreement between two parties legally enforceable in a court of law. Before an agreement becomes legally binding, they must be an agreement between two parties, and the deal needs to include consideration.

Besides the agreement and consideration, many other provisions can be included in the contract binding. They are offers, performance, terms, conditions, obligations, payment, and liability.

The agreements can be written or verbal, depending on their nature. However, some contracts must be noted, such as those extending for over a year or real estate contracts. The legal agreements for binding contracts can be different depending on the state.

The contract must also be referred to state laws to ensure it is legally binding. Every contract must have an offer from one party to another. Contracts generally include a set timeframe for accepting or rejecting the offer. The proposal must be precise without including estimates or letters of intent. If acceptance of the offer is not within the timeframe included in the contract, it will lapse. Withdrawn offers are also considered lapsed.

When the party receiving the offer accepts, it is deemed as acceptance. The party accepting the offer agrees to accept the precise terms of the contract. Unfortunately, the agreement is not acceptable if the party proposes new terms.

Instead, it represents a counteroffer. Which party makes the final proposal doesn’t matter because acceptance is of prime importance. Negotiations end when an endorsement occurs and must happen in writing, although the party accepting the offer can do so differently.

A critical factor of a legally binding contract is that both parties intend that the agreement has legally enforceable consequences and every party in the contract is liable to indicate they recognize the required by law to follow the contract when the agreement can be legally enforced.

Difference between Binding Contract Vs. Non-Binding Contract

If you notice the terms binding and non-binding often coming up when researching legal documents, you might wonder what the difference is between them. Whether a document is legally binding or non-binding has important distinctions because it might affect whether an agreement is a legally enforceable contract in court.

We now look at binding vs. non-binding contracts that our attorneys in Tulsa regularly create for clients and discuss how these documents and the terms within differ.

Binding Contract

A binding contract generally includes crucial factors making the document valid. They are:

• Offer and Acceptance: When one party presents something valuable they intend to exchange with the other party for something else useful, it is considered an offer. When the value is offered, it must receive acceptance or rejection.
• Consideration: the consideration both parties receive is the benefit from the contract. The benefit can be monetary, objects or services, or anything of value.
• Maturity or Intention: in straightforward terms, this indicates a meeting of the minds which means all parties involved in the contract intend to create an enforceable agreement.
• Legality: The contract mustn’t contain unlawful promises or considerations for legality and validity. For example, considering promises or actions against the law like committing a crime.
• Capacity: the person authenticating the contract must have the legal power to do so and not be a minor considered incapable of signing legally enforceable agreements.

Binding contracts are agreements including all the above without invalidating issues that might lead to undue influence, coercion and duress.

Non-Binding Contract

Non-binding contracts are agreements that have failed because they lack one of the crucial elements of valid contracts. It ensures that the contents of the contract are not enforceable in a court of law.

For example, the letter of intent is used by parties intending to record some preliminary discussions to ensure they are on the same page but do not deliberately commit to a binding contract.

Binding contracts are enforceable in a court of law, while non-binding contracts are not enforceable promises agreed by all parties of the contract to fulfill. Therefore if the commitments presented in the contract are non-enforceable because they don’t contain the necessary elements, it becomes a non-binding contract.

Aaron Bruner Law is expert in creating binding contracts enforceable in a court of law. Therefore, if you want to stay informed when you sign your following legal document, kindly seek advice from these professionals to determine whether you are signing a binding or non-binding contract.

What is a Mechanic’s Lien?

A mechanic’s lien, which is referred to as a “mechanic’s and materialmen’s lien” in Oklahoma, is an involuntary security interest granted by law to construction participants to secure payment for labor or materials furnished to improve a property. Typically, mechanic’s liens are filed by a general contractor (one who has a contract directly with the property owner), a subcontractor (one who performs work under a contract with a general contractor), or a supplier that has not received payment for labor and materials provided to the property.

When the mechanic’s lien is filed on the subject property, the lien attaches to and encumbers the fee simple ownership of the property, creating a cloud on the title. A mechanic’s lien can be filed in Oklahoma against commercial, residential and public property. Additionally, a mechanic’s lien can also be filed against mining property, railroads, oil and gas wells, as well as other types of property.

Who has the Right to File a Mechanic’s Lien in Oklahoma?

A party who performs labor or supplies material shall have a lien on the real estate that received the labor or material. 42 Okla. Stat. § 141 states that:

“Any person who shall, under oral or written contract with the owner of any tract or piece of land, perform labor, furnish material or lease or rent equipment used on said land for the erection, alteration or repair of any building, improvement or structure thereon or perform labor in putting up any fixtures, machinery in, or attachment to, any such building, structure or improvements; or who shall plant any tree, vines, plants or hedge in or upon such land; or who shall build, alter, repair or furnish labor, material or lease or rent equipment used on said land for buildings, altering, or repairing any fence or footwalk in or upon said land, or any sidewalk in any street abutting such land, shall have a lien upon the whole of said tract or piece of land, the buildings, and appurtenances in an amount inclusive of all sums owed to the person at the time of the lien filing, including, without limitation, applicable profit, and overhead costs…”

This includes contractors, subcontractors, sub-subcontractors, and suppliers. Along with construction services, this includes services for planting trees or other plants, plumbing, roofing, electrical, architectural work, remodel work, and so forth. In order to have a valid mechanic’s lien, the labor and material must actually have been provided to the subject’s real property.

Pre-Lien Notice

In Oklahoma, a claimant that is other than an original contractor is required to send “pre-lien notice” when one (1) of the two (2) following circumstances applies:

• the property includes an owner-occupied dwelling; or
• the project is non-residential, and the claimant’s aggregate claim is greater than $10,000.

If the party has supplied labor and materials for a job regarding residential property, a pre-lien notice is not required. Residential property is defined as a single-family or multifamily project of four (4) or fewer dwelling units, none of which are occupied by an owner. Regardless of the claim amount or whether or not the claimant is a general or subcontractor, it is always optimal to send pre-lien notice in order to prevent unnecessary legal disputes, as well as possibly speed up the claim settlement process.

Pre-Lien Notice Requirements

This is very important. The pre-lien notice must be sent no later than seventy-five (75) days after the last date that the supply of material, services, labor, or equipment was provided by the claimant. The pre-lien notice shall be in writing and shall contain, but not be limited to, the following:

• a statement that the notice is a pre-lien notice;
• the complete name, address, and telephone number of the claimant or the claimant’s representative;
• the date of supply of material, services, labor, or equipment;
• a description of the material, services, labor, or equipment;
• the name and last-known address of the person who requested that the claimant provide the material, services, labor, or equipment;
• the address, legal description, or location of the property to which the material, services, labor, or equipment have been supplied;
• a statement of the dollar amount of the material, services, labor, or equipment furnished or to be furnished; and
• the signature of the claimant or the claimant’s representative.

The pre-lien notice needs to be either hand-delivered and supported by a delivery confirmation receipt or sent by certified mail with return receipt requested. Notice sent by certified mail, return receipt requested, is effective on the date mailed.

Further, the pre-lien notice should be sent to the general contractor, as well as the owner of the property. If the address of the owner is unknown, the claimant may request in writing from the original contractor the name and last-known address of the owner of the property. In the event that the general contractor fails to provide the claimant with the information requested within five (5) days, the pre-lien notice requirement to the owner of the property will be waived.

Filing the Mechanic’s Lien Statement

The claimant will file the mechanic’s lien at the County Clerk’s office of the county in which the property is located. The statement should contain:

• The name of the claimant;
• The names of the owner and/or the contractor;
• Description of the labor/materials provided;
• The amount claimed; and
• A legal description of the property subject to the lien.

The statement is required to be verified by affidavit, meaning that it must be signed and notarized.

What is the Deadline for Filing a Mechanic’s Lien in Oklahoma?

The deadline to file a mechanic’s lien for a general contractor is within four (4) months after the date upon which material or equipment was last furnished or performed under the contract. The fuse is even shorter for subcontractors, who must file the lien within ninety (90) days after the date upon which material or equipment was used on the land or when labor was last performed.

Enforcing the Mechanic’s Lien

Hopefully, after filing the mechanic’s lien, the debtor will have resolved the matter and paid the amount due. In the event that this has not occurred, the next step will be to file suit in order to foreclose on the mechanic’s lien. In Oklahoma, the deadline to enforce a mechanic’s lien is within one (1) year after the lien accrued.

Hiring an Attorney

If you have supplied labor or materials for any type of construction or improvements to real estate, you should be compensated. Common arrangements to retain representation include a contingency agreement in which the attorney is paid a percentage of the amount collected. Under this scenario, the lawyer does not collect a fee unless the client collects on the account.

If you need help filing or enforcing a Mechanic’s Lien in Oklahoma, call us today for a consultation to discuss your options or send us an email with your contact information.

This article is provided for informational purposes only and should not be relied upon as a substitute for the advice of a legal professional. Please contact a Tulsa, Oklahoma attorney with questions about preliminary lien notice or any other issues related to liens in Oklahoma.

What is a Judgment?

It has been said that the award of judgment collection is simply a piece of paper, a decoration only worth hanging on the wall. In order to collect on a judgment and thus receive payment, the Judgment Creditor must enforce the judgment. When a court resolves a civil lawsuit, the court renders a civil judgment. The civil judgment is the official decision by the court with regard to a dispute between the parties.

For example, if you and a friend enter into a contract by which you agree to wash your friend’s car and your friend agrees to pay you $20.00 for washing the said car, but your friend fails to pay you after cleaning the car, you might sue your friend for the $20.00 in a civil lawsuit. If the court sides with you, ruling that your friend owes you $20.00 based on the contract, it will issue a judgment in your favor. The civil judgment will order your friend to pay you $20.00. Now, you will need to collect it.

How to enforce a judgment?

A judgment is a legally enforceable obligation against the other party. A Judgment Creditor is the holder of the judgment, and the Judgment Debtor is the party under the obligation of the judgment. To collect on the judgment, the Judgment Creditor will need to enforce the judgment

Obtaining a judgment is the initial step in the collection process. There are several ways in which the Judgment Creditor may enforce the judgment. These procedures include:

• Post-Judgment discovery
• Garnishment
• Attachment

Post-Judgment Discovery

In order to successfully execute on the judgment, the Judgment Creditor must first know where to find the Judgment Debtor’s assets. Without knowing, it would be impossible to enforce the judgment. Consequently, post-judgment discovery may be crucial in the process of successfully garnishing accounts or seizing property.

At any time after the judgment is rendered, the Judgment Creditor can request from the court an order requiring the Judgment Debtor to appear at a hearing to answer questions, under oath, about his assets. This is called a Hearing on Assets, sometimes referred to as an “HOA.”

In order to conduct a Hearing on Assets, the Judgment Creditor must file an application or motion for the hearing, requesting that the Judgment Debtor disclose specific information regarding his assets. In the Application for the Hearing on Assets, the Judgment Creditor should request information and documentation regarding the Judgment Debtor’s bank account information, tax returns, titles to property, business documentation, certificates of stock, and so forth.

Garnishment

A garnishment is an order from the court that requires a third party who has in its possession money belonging to the Judgment Debtor to pay said money to the Judgment Creditor. Generally speaking, a garnishment is simply the process of a Judgment Creditor attaching to Judgment Debtor’s assets that are held by another party. While common examples include garnishment of money from the Judgment Debtor’s bank account or wages from the Judgment Debtor’s paycheck, a garnishment can be applied to an array of situations

Attachment

An attachment is a court order seizing specific property. An attachment is a way of attaching a judgment to the Judgment Debtor’s assets. Attachment is used to enforce a final judgment. In Oklahoma, there are many ways to execute an “Attachment,” which include recording the judgment with the county clerk of the county in which the Judgment Debtor’s real property is located.

Hiring an Attorney to Enforce the Judgment

The Judgment Creditor may choose to retain an attorney to assist in collecting on the judgment. A Judgment Creditor is entitled to post-judgment costs and attorney fees. Consequently, some of the additional costs may be added to the amount owed by the Judgment Debtor. Common arrangements include a contingency agreement in which the attorney is paid a percentage of the amount collected. Under this scenario, the lawyer does not collect a fee unless the client collects on the account.

If you need help enforcing a judgment in Oklahoma, call our business lawyer in Tulsa, Oklahoma, Aaron Bruner, Attorney at Law, for a consultation to discuss your options.