Many people believe once they receive a judgment, the hard part is over. The fact is, the hard part has just begun. 85-90% of all judgments never get collected. Why is this number so high and what can you do to improve your odds?
Enforcing a judgment can be very difficult. Unfortunately, the laws differ from state to state. Some states allow wage garnishment, for example, while others, like Pennsylvania, do not. No matter where you live, the odds are stacked in the debtor’s favor. Our staff of investigators and asset recovery specialists are experts in determining what assets, if any, are subject to sale in your state. Sometimes the biggest factor in the success or failure of judgment recovery is timing.
Hiring a company with the right experience in collecting judgments will mean the difference between success and failure. Many people make the mistake of hiring the attorney that won the judgment to also collect the judgment. These are two different skill sets. Most attorneys charge by the hour and are not familiar with the techniques involved and are not equipped to do the hard work of an asset investigation. In addition, most collection agencies are very poor at collecting judgments for the same reasons. The truth is, judgments can be very expensive to collect. Most collection agencies working on a contingency basis don’t want to assume the costs and risks associated with collecting judgments correctly. Below is a list of what you should look for in a company to collect your judgment.