Use an International Collections Firm to Collect on Your Judgment
Debt Collection Agency » Use an International Collections Firm to Collect on Your Judgment
Following being awarded a judgment, some creditors lose heart when they discover winning was just the beginning of the debt collection method. In fact, national statistics indicate nearly 85% of awarded suits are never collected.
Why?
Although 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 could discover themselves facing an even more arduous route in collecting on the judgment.
Making use of an international collection agency for collection becomes an appealing choice for those who are not really certain how to collect on their judgment.
Collection Options - Garnishment/Seizure/Lien
If the debtor neglects to pay within the time frame specified by the judge, (typically 30 days) a creditor should then file notice with the court that payment has not been made. Once this is registered with the court, the creditor may then seek to collect on the judgment via the process of account and/or wage garnishment(s), individual assets seizure or lien.
In order to pursue any of these alternatives, the creditor must initial have information 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 numerous online resources accessible to the individual to perform skip-tracing activities, many are only cost efficient when utilized by an organization specializing in locating people and their assets. If the debtor has moved to yet another state from where judgment was obtained, an international collection agency can help not only in locating the debtor, but also in handling all seizure/garnishment proceedings according to local civil processes.
Identifying Non-Exempt Assets
Whilst this might sound basic, the method to 1st identify assets, ascertain if they are in fact owned by the debtor (a lot of 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 grow to be overwhelming. Many assets are protected from becoming seized - an international collection agency will know what the seizure laws are for the jurisdiction in which the collection is to take place.
The agency is also equipped to file all needed paperwork with the correct judicial program to start the lien, seizure or garnishment procedure, and guarantee notices are served upon the debtor and their employer or bank. They can also handle all communications with nearby law enforcement when asset seizure demands the physical seizure be performed by a court appointee (typically the nearby sheriff's office).
Each step of the garnishment/asset seizure processes requires additional court filing fees and process 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 - many only obtain their fee when collection is produced.
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.
Looking for the BEST collection agencies?
Fill out the form above right now to get quotes from up to 5 of the BEST collection agencies in your area!