Winning a money judgment in Texas opens the door to collecting financial restitution from the individual or company that did you wrong. We strongly recommend getting a collection agency involved right from day one. But should you decide not to do so, there are other things to get started on right away, things that will increase your chances of collecting successfully.
Below are two things to get started on right away. As you read, bear in mind that time is not your friend. The longer it takes you to collect the outstanding debt, the harder collection becomes. Texas gives you 10 years to collect, but you would be surprised how quickly that time passes when collection efforts are delayed.
With all that said, here are the two things to do right away:
Begin Post-Judgment Discovery
The very first thing is known as post-judgment discovery. It is a process of learning as much as possible about the debtor’s assets so as to inform your decisions about collection. There are many ways to go about it, including:
- Requests for Production – These are simple requests that the debtor produce information about assets.
- Interrogatories – Interrogatories are a more formal process in which requests for information are made in writing, usually through the two attorneys.
- Depositions – It is possible to depose a debtor in some circumstances. A deposition is essentially a sit down during which the debtor answers questions posed by attorneys.
Other means for learning about assets, including requests for admissions, are both possible and doable in Texas. Here is the point: this is something you do not want to delay. The debtor’s assets will tell you a lot about how to proceed with collection. Not knowing the debtor’s assets limits your choices.
Consider a Debtor Examination
The second thing you want to do is give serious consideration to the debtor examination. A debtor examination is a formal court proceeding designed to help judgment creditors learn about debtor assets.
In such a case, the debtor would be compelled to appear in court and answer questions under oath. During the proceeding, the creditor’s attorneys can ask all sorts of questions about the debtor’s assets and finances. Questions about anything else are off limits.
The debtor examination is a powerful tool because of its compulsory component. In other words, failing to appear could result in a contempt of court ruling against the debtor. That opens a whole new can of worms most debtors don’t want to deal with.
Working With a Collection Agency
Now that you know the first two things to do after winning a money judgment in Texas, perhaps you are wondering if you should try to manage collection on your own. Plenty of judgment creditors do just that. Unfortunately, the vast majority of money judgments in the U.S. are never paid.
To us, that’s good motivation to work with a collection agency from the very start. Judgment Collectors is one such agency. We are active in Texas as well as a number of other states. We can help you figure things out and take care of collections on your behalf.
Getting a collection agency involved early on takes advantage of the agency’s ability to discover hidden assets. In our industry, assets are everything. Debtors try to hide them so that creditors cannot collect. But we know how to find them.Should you choose to undertake collection without professional help, be sure to start working on post-judgment discovery right away. Also consider the possibility of a debtor examination. Both tools will ultimately help you in your collection efforts. Contact Judgment Collectors today to have your Texas judgment collection handled by professionals.