Gaining possession of valuable collateral early in the default account life-cycle is the fastest and best way to reduce your exposure to a given account. A central mission of our firm is to pursue immediate, case-specific methods of recovery for our clients. Our attorneys help clients take back collateral several times every week.
Collateral recovery services range from flat fee, standard issue demand correspondence, to obtaining and coordinating execution of writs of possession, to more powerful show cause proceedings.
When your borrower stops communicating with you or refuses to cooperate with your repossession agent, they may respond to a possession demand letter sent on Wright Law Group letterhead. Our demand letters are uniquely tailored to describe in detail the negative implications of legal action on the borrower’s business and personal finances. With over a decade of focused experience in collateral recovery, we’ve refined our demand letters for maximum effect.
A writ of replevin — also called a writ of possession — is a viable option when you can locate the borrower but not the collateral, or when the borrower interferes with the repossession agent. A writ of replevin is a court order directing the borrower, or anyone in possession of your collateral, to turn the collateral over to local law enforcement. Because a member of law enforcement will serve the writ of replevin and levy upon the collateral, a borrower cannot use “breach the peace” tactics to prevent levy of the writ.
The show cause process is the most powerful way to impose the court’s authority upon a disobedient borrower. As a potential second phase of the above described writ of replevin, a show cause order requires the borrower to attend an in-person hearing with the court to describe why they have not complied with the court’s directive to turn the collateral over to law enforcement. If the court is not satisfied with the borrower’s excuses, or if the borrower fails to attend the show cause hearing, the court may issue an order to have the borrower taken into custody.
Collateral recovery is a core element of our practice. We don't need time to get caught up on points of law or best practices. We're ready to act immediately on your behalf.