Once you’ve been awarded a monetary judgment, it becomes very clear the court is not a judgment enforcement agency. You’ve won, but when will you actually get paid? The debtor will most likely not write you a check on the courthouse steps. Once you leave court, you’re then faced with the judgment recovery process and it can be unclear how to proceed. Many judgment creditors put their judgments on the back burner, get caught up with life and go years without seeing a dime.
So what do you do?
The most successful creditors are the ones who have the most information on their debtors. At the time of business dealings, gathering as much information as possible about the other party in regards to ownership of real and personal property, past and present employers and addresses, banking institutions and references can put creditors on a fast-track to recovering unpaid debts. But even if you have all this information on hand, it can sometimes be difficult to collect a judgment. The information may be incomplete, falsified or outdated; or the debtor may really be in dire straits at the time the judgment is awarded, leading to a lengthy judgment recovery process that needs regular maintenance and attention.
There are many facets to effective judgment recovery, but the main component for success is thorough, reliable and current information. Once awarded a judgment, the tasks of locating the debtor’s assets, tracking changes in banking and employment information, and monitoring the debtor’s where-abouts fall squarely on the judgment creditor’s shoulders. While there are some free search tools available on the internet, it is difficult to obtain the quality of information needed to successfully enforce a judgment. This is where professional help can make all the difference in whether or not you’re successful in the judgment recovery process.
Hiring a judgment recovery specialist not only means uncovering assets and locating the debtor. The true value is having professional guidance to walk judgment creditors through a step-by-step legal process that can be daunting to tackle alone. When choosing a judgment enforcement agency, it is crucial to choose one that checks assets at regular intervals. Companies like Judgment Enforcement Solution, Inc. perform a thorough asset investigation every six months. Why? Because debtors can be sneaky. Many debtors spend a lot of time and energy flying under the radar, hiding assets and skipping town. Debtors are usually, financially, not in a position to pay a creditor at the time the judgment is awarded, so having a professional keep tabs on their financial status can provide judgment creditors with insight on finding the right opportunity to pounce and recover the unpaid debt.
With a lot of patience, time, research and determination, a judgment creditor can forge through the judgment recovery process alone, but sometimes hiring a professional just makes sense.
If you’re a judgment creditor and would like a judgment recovery specialist to review your case and offer guidance, please complete this contact form or call (877) 879-9880.
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