Can an Asset Search Help You Decide if You Should Sue a Company That Owes You Money
The past year and pandemic were a challenging time for businesses, many of which ended up shutting down. Leases and inventory were not paid. This was much to the detriment of not only those businesses but other organizations that were connected. In the event that you have a client or business that was connected and is owed money, what options are available for you to recover your unpaid debt?
To satisfy your due diligence in collecting a debt, it is important to find out the debtor’s assets and liabilities. This can be done by conducting a Business and Individual Asset Search. When assets are held under a corporate entity, a Business Asset Search can provide you with not only the (mortgage information, real estate/deed transfer information, motor vehicle, watercraft, aircraft information) but also corporate officers, members, associated people, Dunn, and Bradstreet records, and more.
Liabilities uncovered in an asset search would include Bankruptcies, Civil litigation, State and Federal Tax Liens, Uniform Commercial Code liens and Judgement Liens.
If the debtor has been subject to recent judgements and liens, this is an early warning of bad things to come. An asset search could save you time and money in reference to the cost of litigating and prevent you from throwing good money after bad.
If you had a cause of action or a judgment against both the business and the individual owner(s) of the business, an individual asset search will give you a clear picture of the owner or officers individual assets and liabilities. Real estate is usually the most significant asset that an individual has. An asset search can provide you with the real estate/deed transfer information, as well as mortgage information, to give you a better idea of the details and value of a subject’s home. Other important assets can include land, trademarks, boats, planes, or motor vehicles.
An asset search can also provide other businesses and entities associated with your subject which may also hold title to assets. These assets include, but are not limited to trusts, d/b/a businesses, limited partnerships, and the like. In summary, an asset search will provide you with crucial information about whether a person or company has anything to attach. If they do not you can save yourself thousands of dollars from proceeding with the case.
Most asset searches cost less than $300.00. At Asset Searches Plus, Inc. For example, a nationwide asset search costs $185.00 for an individual subject and $165.00 for a corporate entity.
To access our “free guide” to conducting an asset search, click here. For more information on conducting an asset search, please call us at 1(800)290-1012 or visit our site at www.assetsearchesplus.com.