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Accounts Retrievable Systems – How Judgments Get Collected

Finally, you won your judgment. Now, it’s time to get your money. You asked the debtor to repay you, and they laughed. Now What? Judgment collection by a third-party agency might be your next step.

 

What to do with your judgment? Your choices are to enforce the judgment yourself, hire a collections lawyer, use a judgment collection agency, or have a judgment enforcer collect your judgment.

 

Recovering judgments requires too much paper and costs too much. When one owns a judgment, they are responsible for keeping it renewed, monitoring the debtor, and trying to enforce the judgment to get paid.

 

The owner of a judgment must fill out all paperwork and pay all fees. Enforcing your judgment yourself is appealing because it gives you a chance to recover most of what you are owed.

 

Enforcing your judgment yourself:

 

If you have the patience, money, time, and willingness to learn, you can try enforcing your judgment yourself. This works best with stable debtors, when you know where they work. Even then, it’s not as easy or cheap as it should be. One rarely recovers the full amount owed. The court and sites on the Internet will have hints and instructions about recovering your own judgment.

 

When recovering a judgment, one has to spend money, so one usually does not get to keep the full amount they are owed.

 

When you ask someone else fill out the forms, pay the fees, and perform the work to recover a judgment, you have to pay them – and give up part of what they recover for you. If you are only spending money and not making progress, giving up part of what is recovered can be appealing.

 

Using A La Carte enforcement assistance services:

 

There are companies that allow you to keep ownership of your judgment.

 

You pay only for the services you need, but do not want to do yourself. These companies offer fixed-fee services including one fee for getting a writ, another fee for doing a sheriff levy, etc. These companies have their own process servers, and let you control everything while they do the work. Be aware that a la carte services charge for their work, not for the results, so you might spend more money without recovering any money.

 

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Accounts Retrievable Systems – Our Collection Agency

Hiring a Lawyer:

 

If your debtor is rich, investigate using a lawyer. When hiring a lawyer, you retain ownership of your judgment. If your judgment is less than $10,000, it usually makes no sense to hire a lawyer. Even if your judgment is more than $10,000, few lawyers work on contingency unless your debtor is rich. Most of the time you must pay by the hour and also pay all expenses. If your lawyer is not working on contingency, you must pay by the hour even for no results.

 

Using a Collection Agency:

 

When using a collection agency, you retain ownership of your judgment. If your debtor is a solid upstanding citizen that will become upset by letters, phone calls, and marks on their credit report, a collection agency might make sense. Unlike a judgment enforcer, a collection agency does not own your judgment, so they are limited in what actions they can take to recover the judgment debt. Most collection agencies typically charge between 20 and 40 percent. If a year goes by with no recovery, perhaps tell the collection agency to stop working on your judgment and try some other ways to get your judgment enforced.

 

Using a Judgment Enforcer:

 

When using a Judgment Enforcer (JE), you give up ownership of your judgment. A JE steps into your shoes, in all matters related to recovering money on your judgment. Judgment Enforcers must retain 100% ownership of your judgment while they are trying to enforce it.

 

One should not worry about giving up ownership to a JE who only gets paid if they recover your money for you. Will the JE give your judgment back if you want it back? If the JE knows the judgment cannot be enforced, most will gladly give you your judgment back. But if the JE is making (or soon will make) progress, most JEs will not give it back. Instead, a Judgment Enforcer pays you your share, as the money comes in from the debtor.

 

With a Judgment Enforcer (JE) you do not have to spend any money, time, thought, or work to recover money on your judgment. Because JEs only get paid for success, you know they will try to recover your money.

 

Article Source:    www.ezinemark.com

 

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