By the time a client comes to Rosenthal & Goldhaber, most creditors – whether owed money on accounts receivable or notes payable, or based on a duly rendered judgment – have spent a considerable amount of time trying to obtain payment from their debtor.
We are often asked how long it will take us to obtain payment from a debtor. Unfortunately, there is no easy answer to this question, as many factors have to be considered, such as the age of the debt, the solvency of the debtor, whether the debtor can be easily located, the desire of the debtor to amicably resolve the debt, and other factors.
In certain instances, a simple demand letter from an attorney can get a recalcitrant debtor to make payment. However, there are instances where litigation ensues. Each court has its own rules and timelines. In fact, in some courts now, it takes months, or even years, to obtain a default judgment (a judgment in which the debtor never answers the complaint served upon it).
Even when a judgment exists, there are instances in which money can immediately be located in a bank account for seizure, and there are times where money has been secreted, and our job takes time to uncover these funds.
Rest assured that Rosenthal & Goldhaber is persistent in its efforts to collect money for our clients – and regardless of the time it may take, we are always seeking to obtain money as quickly as we can for our client.