The judgment is a legal document and opens many possible opportunities that you can use to retrieve your money.
You can set up a repayment system. Most of the time I have been able to work out a repayment system over a period of time. You need to be careful and make sure everything is documented. Set up a written payment document and make sure that each payment is by check, cashiers’ check or some other written method.
I advise not to take cash but if you do; you should always issue a written receipt for each payment!
Some deadbeats might say “You got a judgment; big deal! What are you going to do now cause I ain’t gonna pay you?”
Not to worry! There are a lot of things that you can do;
- Tell the deadbeat that you intend to record the judgment: This will show up on his credit report and will slow down his borrowing ability.
- Put a lien on their property. This will prohibit them from selling their house without paying you.
- You can garnish their paychecks.
- Most deadbeats do not want their employers to know that they are deadbeats so they will try to avoid this tactic.
- The thing is your judgment does accrue interest so you can only benefit if he draws out the payment process.
- This is a relatively easy tactic if you know where they work. For more information regarding this method you can click here.
- You can levy their bank account.
- Thanks to your record keeping practices when you were doing the work; you kept copies of the checks of the payments that were made to you. So you know exactly where the deadbeat banks!
- There are legal documents you will have to obtain and take them to their bank in order to get their cooperation.
- For more information you can click here.
- Writ of Execution for Personal Property.
- This allows you to seize and sell their personal property.
- You need to so some research to find out what items you can legally seize.
- You can work with a judgment collection company. They will collect your judgment for you.
The cost for their services is based upon a percentage of the money that they are able to collect for you.
If you are concerned about the amount of time that is needed to collect your money; you should consider this approach.
I advise to find a judgment collection company that is located within the area of where the deadbeat lives.
During my experience I have been able to collect the money owed by using just a couple of the actions that are available. My experience was painless and worth the effort.
Do not back away from a challenge if it is going to cut into your bottom line!
You need to be aware that all the costs that you have incurred during the collection process is added into the amount of money that is owed to you. These costs include:
- Court filing fees.
- Levy fees.
- Process server fees.
- Legal research fees.
- Copies of any court records.’
- Notary fees.
- Any additional fees that were necessary in the enforcement of your judgment.
Here is a short video that reinforces what I have presented to you and might help explain the court system:
A note of an opportunity that might be worth your while:
The judgment collection business might be a potential way for you to make some extra money. It is relatively inexpensive to begin and there are a lot of people that are potential customers.
To give you an idea of the potential business you can research how many judgments are being issued in your local area.
To see how you can cash in on the judgment collection business take a look at the information below:
This valuable information includes:
Cover Letter and Agreement Form, Advisor/Agency Authorization Form, Sample Solicitation Letters, Advertising Mock-Ups, Purchase Agreements, Writ of Execution, Assignment Order, Debtor Profile Sheets, Earnings Withholding Order, Memorandum of Costs, Final Judgment Recovery Letter, Instructions To Levying Officer Form, Community Property Assignment Form
PLUS: Smart office resources database for locating a debtor. In most states, judgments are good for ten years. Accumulated assets are ripe for allocation using smart office resources.
Click Here to see everything that is included!