When someone owes you money, it puts more than just a damper on your day it can negatively affect your entire financial lifestyle. There are several reasons why you may have won a court-ordered judgment against someone;
The list really goes on and on. By the time you pay court-related expenses and the expenses related to attempting to collect your items or money, you can rack several hundred dollars more than what the judgment is originally worth. This leads to out-of-pocket expenses and a huge chunk of your time. The best way to collect on your judgment is quickly and effortlessly.
After the judge signs the judgment stating that you can legally collect on it, you should attempt to identify the debtors assets. Sometimes this is ordered by the judge overseeing the case and the debtor complies. He may not be telling the entire truth about all cash assets or savings accounts balances. There may also be 401K plans or savings bonds that could be hidden from plain sight as well. Hiring our law team to do a closer examination of assets may reveal more money tucked away that you have a right to. We can also help locate money or assets that may have been dumped into someone elses account—such as a spouse prior to their court hearing. We try our best to find out where are all assets and accounts are located.
Enforcing the judgment must be done quickly. There is often a time frame—depending on the state where the debtor lives in order to collect. One way is to garnish bank balances. You will need a separate order of garnishment to make a one-time sweep through the account. The debtor is not notified until after funds are removed. Keep in mind that some funds are exempt from garnishment such as social security wages and disability. Other ways you can enforce judgment include
Always be sure to have the proper paperwork signed by a judge to avoid legal ramifications.rn
Sometimes a debtors assets run dry or they have nothing to recover. This will be a long-term process in which you will have to closely monitor their assets throughout the year. Being able to quickly move in and obtain items or collect on wages and tax refunds is essential at seeing any return in what they owe you. Working with a qualified skip-tracer can be expensive but will help recoup as much money as possible with your particular case.
Collecting on high dollar judgments can be hard but it takes time and diligence to sweep in at just the right moment to get the most out of the collection process.