What are the remedies available to creditors when a debtor fails to pay a debt?

In Florida, when a debtor fails to pay a debt, creditors may pursue a number of remedies to obtain the owed money. The most common remedy is a civil lawsuit to obtain a money judgement. If a creditor obtains a money judgment, several enforcement measures may be used to collect the judgment, including levying a debtor’s bank account, garnishing the debtor’s wages, or placing a lien on real property owned by the debtor. Another remedy available to creditors is to petition a court to appoint a receiver. A receiver is an independent party appointed by the court to manage a debtor’s property until any judgments owed are satisfied. Creditors may also look to other assets of the debtor, such as insurance policies, for the satisfaction of a debt. Additionally, creditors may pursue a foreclosure action to take title of a debtor’s home, if the debtor has failed to make mortgage payments. Lastly, creditors may take advantage of the criminal justice system by charging the debtor with theft or fraud. Each of these remedies provides creditors with different strategies to collect money owed. Ultimately, creditors should consult an attorney to determine the appropriateness of each remedy.

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What are the remedies available to creditors when a debtor fails to pay a debt?

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