Indiana’s laws allow business owners to file breach of contract lawsuits. You may file a claim against nonpaying customers within ten years from the date you became aware of a broken promise. If your agreement involved a mortgage, deed or payment of money, you must file a claim within six years of the breach.
Your lawsuit requires proof of an existing contract. You must also show the court that a customer failed to uphold its terms. Your claim may include a request for damages, and your contract may have outlined an agreed-upon remedy for breaching its terms.
What results may I obtain from a legal action?
The court reviews your claim, and if a judge rules in your favor, you may receive a court-ordered judgment. As noted by Business News Daily, a judgment allows you to file a lien against the debtor or seize assets for the amount owed.
A lien may authorize you to seize valuable assets including cars and real estate from a defendant. Even if your contract did not include all the debtor’s properties, you may retrieve cash or other assets from them.
How may I know where to collect on a judgment?
When the court issues a judgment, the defendant has a right to file an appeal or pay the plaintiff. A debtor also submits a detailed financial statement to help work out a payment arrangement. Defendants must disclose their assets to the court such as their financial accounts and addresses of properties owned. After examining a debtor’s statements, you may decide which assets to pursue for relief and where to collect them from.
A judgment obtained through an Indiana court allows you to collect an unpaid debt. When a customer breaches a contract, you may lawfully take action to seize cash and assets or file a lien against a defendant’s property.