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.
Showing posts with label debtor judgment. Show all posts
Showing posts with label debtor judgment. Show all posts
Debtor Judgment | How To Make Money In Judgments Collection
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/
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/
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