Your company won a civil lawsuit some years ago, a lawsuit that resulted in a judgment being entered against the other party. That party is now a judgment debtor in the sense that they owe you money. But you are struggling to collect. You could arrange for judgment collection service with a firm like ours. Or you could choose one of three alternatives to judgment collection services.
Many of the clients who come to Judgment Collectors for the first time have tried at least one of the alternative strategies. Some of have tried the first two. Still others have tried the first two and are ready to proceed to the third. They avoid the third alternative by coming to us instead.
Have we piqued your curiosity? If so, here are your three alternatives to judgment collection services:
1. Continue In-House Collection Efforts
Your first alternative is to continue the same in-house collection efforts you have been pursuing all along. Maybe you just haven’t had enough time to collect. Perhaps you just haven’t had access to the right information. Maybe successful collection depends on you finding new ways to reach out to the debtor.
Anything is possible. But ask yourself the following question: how hard has your organization worked over the years to collect this debt? If you have spent more time, money, and resources than you would have liked to, maybe it’s time to consider another strategy. Perhaps a professional judgment collection service would be a better option.
2. Turn the Judgment Over to Your Attorney
It is not uncommon for judgment creditors to turn collection over to their attorneys from the get-go. As soon as the gavel falls, their attorneys get to work on securing payment. Doing so might mean things turn out well. But there are no guarantees.
In your case, you have been trying to collect for years. Turning collection over to your attorney is definitely an option. But again, ask yourself some questions:
- Does your attorney have the time to devote to collection?
- Do they have the resources and tools necessary to succeed?
- Are you willing to pay your attorney’s going rate to get the debt collected?
If sending collection to your attorney seems like the right way to go, give it a shot. But if any of the previous three questions gave you pause, perhaps your attorney isn’t the best choice. Consider professional judgment collection service.
3. Walk Away and Take Your Losses
This final alternative to judgment collection services is considered the judgment collection game’s nuclear option. No creditor wants to get to this point. In fact, no future creditor ever filed a civil lawsuit expecting to win but never see any money. Not getting paid is not how this should work.
You filed your original lawsuit because the debtor was in the wrong. A court agreed and awarded you monetary compensation. You put too much time and money into your court case just to win the judgment. You’ve put additional time and money into collecting. Your losses are adding up. Why walk away now?
To this particular point, we want to address what makes Judgment Collectors different. We work on consignment. When we take your judgment, you don’t pay another dime towards collection. We cover all our own expenses. You only pay us if we succeed.
There are alternatives to professional judgment collection service. If your company has any outstanding judgments, you have choices to make. We are ready to go if you are ready to turn your judgments over to an experienced firm with the skills, knowledge, and tools to get the job done.