Utilizing The Services Of A Judgment Recovery Specialist
As judgment winner, you feel some satisfaction once the court decides in your favor. Although you have yet to receive any money owed you from the debt, there is a feeling of satisfaction. However, this warm feeling may be short lived since many individuals that have been awarded judgments come to the realization that it is up to them, not the courts to collect on the debt. Judgment collection is time consuming and requires a dedication to the effort of judgment recovery. Frustration is almost always part of the process since the individual may not know all the legal options available to them for collecting the judgment.
Aside from the normal channels of bank levies, wage garnishments or other measures, asset investigation is often overlooked. Remember, it is up to you as the judgment winner to enforce judgment. You have the legal right to do so as awarded by the courts. Asset investigation is best handled by a judgment recovery specialist that can handle asset investigation.
Judgment enforcement can be carried out many ways and asset seizure is just one of the tools available and supported by the courts when you were awarded the judgment. Asset investigation is the process of finding real property, accounts or anything of value owned by the judgment debtor that can be seized and sold to pay toward the outstanding debt. Once the debtor realizes you have been awarded the judgment, they will most likely understand their assets are at risk of seizure by you. Many will begin to seek out ways to hide these assets to avoid paying the debt levied against them.
A judgment recovery specialist begins with basic information about the debtor. Name and possible aliases, date of birth, social security number, current or last address, place of employment or last known employer, all of which are crucial to the asset investigation process. Once this information is obtained, the judgment recovery specialist can begin to build a file on the judgment debtor and begin his asset investigation.
Once he has begins to build his profile of the debtor with basic information, he can then begin to looking for more detailed information. Credit reports are excellent sources of information. Past accounts, former addresses, co-signers on loans, friends and families used as refrances on loan applications and credit card applications can all be found in through credit report information. The more information the judgment recovery specialist obtains, the better his chances of locating assets owned by the debtor.
Other sources of information can also be added to the profile of the debtor. Voter registration, other civil records such as marriage licenses, divorce petitions, bankruptcy court records and other financial accounts. Once this information is added to the profile, the judgment recovery specialist will soon begin to see the true nature of the debtor’s financial status and even if the debtor has the ability to pay the judgment.
Asset investigation can be the key to judgment enforcement and collecting the debt owed to you by the debtor. Painstaking and at times difficult as it may be, by employing the services of a judgment recovery specialist may be the only option available to you as the judgment winner trying to collect a debt. If you are a business owner with little time for the debt collection process, a judgment recovery specialist may be your only option if you ever hope to collect the money owed.