Running a business means taking risks. Running a business that sells personal property on credit means taking risks with large amounts of money. Once you sign a sales contract with a client and they take possession of an automobile or piece of real estate, matters become more complicated. A personal property loan that is in default requires a judge to determine the legal status of the property. A judgment will be awarded to you if the court decides the loan is valid and in default. A Writ of Possession will be awarded giving you legal possession of the property.
Gather all of the records pertaining to the debt. Include the original contract along with all of the correspondence between you and the debtor. List all of the payments made along with the missed payments and the official date of default. Make another list that details all of your collection attempts and the status that allowed such measures.
Take copies of all of your documentation to the general district court that oversees your jurisdiction. Fill out the necessary paperwork at the general district court clerk's office to petition the court for a judgment. Note the date and time of the court date that the clerk assigns to you for your hearing.
Attend court on the day you are assigned to the docket. Take all of your documentation along with a copy for the court and another for the defendant. Wait your turn, present your case and truthfully answer any questions that the judge and the defendant ask of you. Point out the evidence in your documentation to prove every fact that you state in court.
Wait for the judge to make a decision. Request a Writ of Possession from the judge if he decides in your favor. Take the Writ of Possession directly to the Sheriff's office to proceed with reclaiming your property.
Request a Writ of Fieri Facias to cover damages, losses and collection costs. This writ will order the debtor to pay you for your losses concerning this transaction, including court costs, depreciation or damage of the property and other financial hardships incurred due to the defaulted debt.