Gregory D. Delev Collections Law Blog on Lawyers.com

While jurisdictions might use different terms, “tolling” means suspending the running of the limitations period and “reviving” means restarting the beginning. These terms are important to understand. For example Military Service, Bankruptcy and in some cases being out of the state or in prison may stop the clock or toll the statute. In addition, certain actions on the part of the debtor can reset the clock. For example, if a debtor decides to make a payment or acknowledges the debt, then the statue of limitations clock is reset anew.

Creditors should note that the statute of limitations only frees the debtor from being obligated to pay in the event of legal action. This does not mean that creditors and collections agencies cannot still attempt to recover the debt after the statute of limitations has expired. However, debtors can file a Cease and Desist letter to stop letters and phone calls.

Reduce Your Claim to Judgment

By reducing your claim to judgment you can avoid a possible Statute of Limitations problem. Although filing a lawsuit may require an investment of time and money, filing a lawsuit may result in getting the debtor to pay. Once a Certificate of Judgment is filed it results in a lien against the debtor’s real property in the county where filed, and that can be renewed if you take additional steps within five years.

Furthermore, once you reduce a claim to judgment the court will award post judgment interest and court costs.

Collecting on your Judgment

When a claim is reduced to judgment you can also take steps collect on the judgment. For example, Ohio collection law permits the following as well as other methods to use the Courts to help you collect:

• Garnishment of Property other than Personal Earnings: This is a process of using the Court to seize assets of the debtor, usually bank accounts and other assets held in financial institutions.
• Wage Garnishment: This is a process to seize a portion of the Debtor’s income over a period of time.
• Execution against Assets: This is a process to seize the Debtor’s assets that will be sold to satisfy the obligation.
• Foreclosure of Real Estate: This is a process to force the sale of Real Estate to satisfy the debt.
• Appointment of Receivership: This is a process take possession of a debtor’s business to satisfy the debt.

Consult with an Attorney

Most collection attorneys should be willing to consult with you at little or even no charge about assisting you with collecting outstanding obligations. In addition, lawyers who handle these collection matters will usually offer ways to help you protect yourself in the future. Of course, hiring an attorney to help you collect will cost you money, but depending on the situation, seasoned collections attorneys will in most situations collect on a percentage of what they collect so that they get paid only when they collect on the debt.

Contact an Ohio debt collections attorney for more information about the Statute of Limitations and how an attorney can help your efforts to recover money that you are owed. Article brought to you by Delev & Williams, Ohio debt collectors at www.delevwilliamscollections.com.