Chicago Asset Recovery Attorney

Illinois Lawyers for Detinue and Replevin Actions

There are a variety of situations where commercial creditors may need to collect amounts owed to them while protecting their financial interests. Asset recovery is an important aspect of commercial debt collection, and an experienced creditors' rights attorney can help to locate and recover assets that were used by debtors to secure debts. In these situations, an experienced attorney can advise creditors of their options, including determining whether detinue or replevin actions may be used to take possession of property.

At Teller, Levit & Silvertrust, P.C., we regularly represent clients who are seeking to recover commercial debts and receivables, and we understand the importance of asset recovery for maintaining the financial health of our clients. Our team is well-equipped to guide creditors through asset recovery processes and help them pursue the actions that are best suited to their needs. We have represented numerous types of commercial clients, from small businesses to large corporations such as Fortune 500 companies. We have the legal knowledge and experience needed to assist with asset recovery, judgment enforcement, commercial litigation, and other related issues by navigating the courts.

Understanding Asset Recovery Options

Asset recovery may be necessary in cases where commercial debtors have defaulted on secured debts. Creditors may take action to take possession of the collateral used to secure debts, such as vehicles or equipment. These assets may then be sold at auction, with the proceeds from the sale being used to pay off the amount owed by the debtor. If a balance remains on the loan after the collateral is sold, a creditor may pursue a deficiency judgment against the debtor, and they may be able to take action to enforce these judgments through methods such as garnishments or levies.

When taking action to recover assets from debtors, creditors generally have two options:

• Replevin - This is a legal action in which an asset can be taken from the debtor and returned to the creditor. Assets that are typically subject to replevin actions include vehicles, equipment, and other property. In a replevin action, a complaint will usually be filed in the county court where the debtor is located, and this complaint will be provided to the local sheriff, who will then take possession of the asset in question and deliver it to the creditor.
• Detinue - This form of asset recovery may be used when creditors want to take possession of personal items or property that cannot be located or that a debtor is refusing to turn over when required. A detinue action will require the debtor to turn over the property, and they may also be required to pay compensation to the creditor for damages or losses. For example, if the debtor had sold or given away the asset to someone else, or if they had damaged the asset and reduced its value, the creditor may seek compensation for the full monetary value of the asset.

When pursuing replevin or detinue actions, creditors will need to be sure to follow the correct procedures. This will ensure that they can take possession of assets, sell assets in order to recover the amount owed by the debtor, and pursue and enforce judgments allowing them to recoup any losses they have experienced.

Contact Our Illinois Asset Recovery Lawyers

The attorneys of Teller, Levit & Silvertrust, P.C. provide comprehensive debt collection and asset recovery services for commercial clients. With over 100 years of experience and a proven track record, we are the creditors' rights firm that large corporations or small businesses can trust to handle their cases efficiently and effectively. Our team is available to assist with detinue and replevin actions, enforcement of judgments, and other related legal matters, and we will ensure that all legal requirements are followed correctly in these matters as we seek to protect our clients' financial interests. Contact us at 312-922-3030 to learn more about our commercial debt recovery services.