Have you recently become a judgment creditor for the first time? If so, you are probably elated to have won your case. Now you are looking forward to collecting the monetary award and then putting everything behind you. We wish you well. However, do not expect an easy ride.
Judgment collection rarely goes as smoothly as first-time creditors expect it to. That’s why agencies like Judgment Collectors exist. We help judgment creditors by doing all the heavy lifting for them. We do the work of collection so that they don’t have to.
Perhaps you are wondering whether you should attempt to collect the debt on your own or turn it over to a judgment collection agency like ours. We cannot make that decision for you. However, we can give you five things to consider before making a decision:
1. Laws and Procedures Differ
Most civil cases resulting in monetary awards are adjudicated at the county level. That means they are subject to state laws and procedures. Those laws and procedures differ from one state to the next. This matters because what goes in one state might be off limits in another.
We say all of this to make the point that local experience matters. Working with a collection agency that understands the system in your state could prove invaluable. Trying to go it alone could make things more difficult due to a lack of knowledge about laws and procedures.
2. Some Debtor Assets Are Protected
Assets are like gold in the judgment collection game. Everything from weekly wages to real estate could be in play depending on what a debtor owns. But every state puts limits on debtor assets. This is to say that some assets are protected against collection efforts. You need to know what those assets are so that you can plot a viable strategy for collection.
3. Time Limits Apply
Did you know that civil judgments are subject to statutes of limitation? When it comes to a money judgment, a statute of limitations more or less determines the amount of time a judgment creditor needs to pursue collection efforts. Statutes of limitation vary from one state to the next.
Washington is one of the states in which Judgment Collectors operates. Their statute of limitations is 10 years. They also allow judgments close to expiration to be renewed for an additional 10 years. Some states have statutes of limitation of only 5-7 years.
4. There May Be Jurisdictional Hurdles
Because assets are so valuable to judgment collection, it is worth your while to look for assets that might be located outside of the county in which the original judgment was entered. Just know that there may be jurisdictional hurdles to overcome.
Imagine you locate a piece of debtor property in a neighboring county. Before you can leverage that property for payment, the judgment needs to be recorded in the county where the property is located. Getting it recorded is not complicated, but it still needs to be done first.
5. It’s Okay to Ask for Help
Last but not least, we want you to know that it’s okay to ask for help. Our agency is driven by the fact that most creditors lack the knowledge and resources to effectively collect on their judgments. But we don’t.
We would be happy to take a look at your case. If we believe we can help, we will provide you with a written offer that includes all the details. You can then decide to either let us take over your judgment or continue your own attempts to collect.