Ok, I realize that this post drastically increases my chances for a visit from the Ghost of Christmas Past, but here goes: Christmas is a great time for collection of debt.
Here’s why: Debtors who run retail businesses probably are flush with cash, whose bank accounts can be levied against.
(Just in case Santa reads this blog, I’m not going to point out that individuals may have more cash this time of year than others.)
Under Tennessee law, you can garnish a judgment debtor’s bank accounts, and that levy will freeze and seize all of the funds in the account, which will be paid to the Clerk–and then to you. The difficult part is discovering where the debtor has bank accounts and, then, catching that account while it has money in it.
Before you call me a scrooge, keep in mind that if the debtor doesn’t pay the creditor from this money, it’ll probably go to other creditors. Make sure that you’re at the front of the line for payment. While smart research is the biggest step, effective collections sometimes depends on luck and good timing.
Ghost of Christmas Past, bring it on.
Creditors Rights 101 