Do you have a debtor who is refusing to pay, will not communicate with you, or is hiding assets? If initial debt collection attempts fail, more advanced methods may be needed in order to recover what is owed to you. When debtors default on the term of a loan, creditors can pursue collateral recovery through repossession or replevin. It is the lender’s right to take legal action and collect what is owed to them.
When you’re trying to recover collateral, time is of essence. At Jones Law Group in Columbus, Ohio, we represent banks, credit unions, and other lending institutions through the collateral recovery process. Our collections attorneys have extensive experience enforcing debt repayment and recovering collateral through repossession and replevin. We have in-depth knowledge of Ohio debt collection and collateral recovery laws as well as the strategies that Ohio lenders can use to enforce the repayment of debts or the return of secured collateral. We can help you recover collateral by contacting your debtor to discuss recovery plans that can be executed out of court, commencing legal action to regain possession of your property, or working with your local sheriff to collect personal property as collateral and reduce the debt of the loan.
Lenders that make loans secured by personal property have a right to repossess the property if borrowers default on payments or otherwise breach their contracts. Creditors are permitted to use self-help repossession under Ohio law, which involves peaceably retaking possession of their collateral from debtors after default without resorting to legal action. Once a creditor has taken possession of the collateral, it can either keep it or sell it. If the debtor resists the repossession of the secured property, however, the lender can take legal action.
Lenders can secure collateral through replevin when access to the secured property is unavailable. Replevin is an efficient way to legally repossess collateral from debtors when self-help repossession has failed. A replevin action is based on the unlawful detention of personal property. The objective of a replevin is to obtain possession of collateral by a court order. If the collateral is at risk of being seriously damaged or secreted, a court order can be obtained for its immediate repossession by a sheriff. By bringing a replevin action in court, we can often recover collateral much more quickly than through repossession.
Complex laws govern the collateral recovery process. If you use improper collection methods, you could end up being sued or having to pay hefty fines. That’s why it’s critical to work with an Ohio representation attorney. At Jones Law Group in Columbus, a significant portion of our practice is dedicated to creditors’ rights. We have thorough knowledge of collateral recovery laws in Ohio and can ensure that your rights to assets aren’t compromised.
Jones Law Group has experience in collateral recovery cases involving all types of property, including business/industrial equipment, motor vehicles, and watercraft. Get in touch with our Ohio repossession attorneys today if you would like to learn more about our legal services. Call (614) 545-9998 or contact us online to schedule a free initial consultation with our team.
JLG Attorney Robert Flaugher to Speak on Collection Law 3/15/16
Jones Law Group Attorney Robert Flaugher will be a featured speaker at the National Business Institute CLE seminar “Collection Law From Start To Finish” at the Courtyard Marriott, Cincinnati, Ohio on March 15, 2016. For more information, visit: http://www.nbi-sems.com/Details.aspx/R-71304ER%7C?ctname=SPKEM
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