There is a little known fact outside of the debt collection industry that there are approximately $230 billion in court awarded judgments on the book in the civil court system. Another even lesser known fact is it is estimated that almost eighty percent of the judgements will go uncollected which means there is an excellent opportunity for enterprising and motivated individuals to make a substantial income in debtor judgment collection.
Why People Default On Loans And Other Financial Responsibilities
People and families that struggle financially very often will meet the most important monthly expenses needed first before meeting secondary obligations. House notes or monthly rent along with food are the first obligations that will be paid before any other, followed by water and power bills with car notes and fuel following close behind. These are obligations that must be met in order to go about daily life. Obligations that were once being paid on time go to the wayside until the financial resources can be found to pay the obligation or the debtor will try to evade the payment process altogether.
Reason vary as to why people do not pay their bills, however the largest two factors are job loss and large medical bills. Unfortunately, some people just don't pay their bills simply because they don't want to and will evade all inquiries about payment.
Civil Court Awarded Judgments
Individual creditors very often find themselves in civil court in order to get a debtor judgment awarded against the debtor to compel them to pay what is owed. Unfortunately, this is just the tip of the iceberg for the creditor which will soon learn that winning a judgment is most likely the easiest part of the whole collection process. Although the court findings are awarded in the creditor's favor, the civil court system does very little in terms of enforcing the judgment which is left completely to the creditor.
Why An Estimated Eighty Percent Of Judgments Go Uncollected
The single biggest factor as to why 80% of all judgments are uncollected is twofold and also varies form creditor to creditor. The number one reason is lack of knowledge. Individual judgment winners that prevail in court very often have never even been in civil court and know very little about collection procedures and often give up in frustration.
The second reason is money. Individual creditors know that retaining a law firm that specializes in debt collection can prove to be successful but very few law firms will even consider a case unless the amount awarded is over $10,000 or more. Plus, will hours billable at $150 or more, retaining a law firm can very often cost more than the judgment is worth. The could also retain the services of a professional debt collection agency. However, larger reputable collection agencies very often only cater to larger clients than can pay excessive fees for their services which completely eliminates and advantage for the individual creditor.
How You Can Make Money In Debtor Judgment Collections
For people that have an enterprising spirit and a don't give up attitude, collecting judgments on behalf of individual creditors can be a financially rewarding business that can generate an income of six figures without a long learning curve. Of course obtaining the knowledge necessary to be successful would be the first priority and their are courses available that will provide potential judgment collections business owners everything they need to know about the judgment collecting business.
One such course is Judgment Recovery Cash Flow System developed by James Erhardt, a successful judgment recovery business owner. Compiled and designed by Mr. Erhardt, the system is based on years of experience in providing services to judgment creditors. The course teaches potential judgment collectors everything they need to know to be successful in the judgment recovery business although it is not a get rich quick scheme.....WORK AND COMMITMENT are required in order to be a success.
Mr. Earhardt provides the road map and all you need is to follow the map which includes:
How to find a large number of judgment collections
How to have these judgments assigned to you as a judgment collection specialist
How to levy bank accounts
How to garnish wages
How to find property owned by debtors, and more..
Everything you need to begin a career specializing in collection of debtor judgment is included in the course.
Learn more by visiting Mr. Erhardt's website at:
http://collectjudgment.info/