Using an International Collections Firm to Collect on Your Judgment
Collection Agency » Using an International Collections Firm to Collect on Your Judgment
Right after being awarded a judgment, some creditors lose heart when they find winning was just the beginning of the debt collection procedure. In reality, national statistics indicate almost 85% of awarded suits are in no way collected.
Why?
Despite the fact that the judge ruled in the plaintiff's favor, the court does not collect the settlement for the plaintiff. Unless the defendant whips out a stack of greenbacks to pay on the spot, the plaintiff might uncover themselves facing an even more arduous route in collecting on the judgment.
Employing an international collection agency for collection becomes an attractive alternative for those who are not quite sure how to collect on their judgment.
Collection Options - Garnishment/Seizure/Lien
If the debtor neglects to pay inside the time frame specified by the judge, (typically 30 days) a creditor should then file notice with the court that payment has not been produced. Once this is registered with the court, the creditor may possibly then seek to collect on the judgment by way of the method of account and/or wage garnishment(s), individual assets seizure or lien.
In order to pursue any of these options, the creditor should 1st have data regarding where the debtor lives, works and banks (for garnishments), what assets they possess (for seizures or liens) and if any of the assets are exempt from becoming seized for debt payment.
When Debtor Skips Town
While there are many online resources available to the individual to perform skip-tracing activities, many are only price effective when utilized by a firm specializing in locating individuals and their assets. If the debtor has moved to an additional state from where judgment was obtained, an international collection agency can assist not only in locating the debtor, but also in handling all seizure/garnishment proceedings according to local civil processes.
Identifying Non-Exempt Assets
Although this may sound straightforward, the procedure to first identify assets, ascertain if they are in fact owned by the debtor (several chronic debtors are masters at concealing assets) and then following the legal processes needed to seize or location a lien against the assets can rapidly become overwhelming. A lot of assets are protected from being seized - an international collection agency will know what the seizure laws are for the jurisdiction in which the collection is to take location.
The agency is also equipped to file all needed paperwork with the correct judicial system to start off the lien, seizure or garnishment method, and make certain notices are served upon the debtor and their employer or bank. They can also manage all communications with local law enforcement when asset seizure needs the physical seizure be performed by a court appointee (typically the nearby sheriff's office).
Every step of the garnishment/asset seizure processes demands extra court filing fees and method service fees. These fees could be added to the judgement, but are still upfront costs incurred by the creditor until the debt is satisfied.
When utilizing an international collection agency, small or no upfront costs are required - several only receive their fee when collection is made.
We recommend letting a professional National Collection Agency handle your outstanding debts for the most effective and efficient no-upfront cost way to collect on monies owed to you.
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