An organization or individual puts a lot of time and effort into pursuing civil litigation against another party. With all that goes into filing and winning a lawsuit, it’s a shame that so many judgment creditors never follow through enough to actually get paid. But things do not have to be that way. Successful judgment collection really is possible.
Judgment Collectors works with clients to collect unpaid judgments in Utah and 10 other states. We can tell you that collecting a judgment is very possible. You can succeed where others fail. If you are looking at an unpaid judgment, you don’t have to count yourself among the majority of judgment creditors who never get paid.
Move Quickly
Perhaps the biggest mistake most inexperienced judgment creditors make is waiting too long to undertake collection efforts. We advise moving quickly. As soon as you are legally allowed to begin, do so. Otherwise, you give the debtor time to take evasive action.
Even if your attorney advises trying to work out a payment plan with a debtor, don’t wait to do so. Contact the debtor’s attorney to offer the payment plan olive branch as soon as you are allowed to do so.
While you are trying to work out a payment plan, be proactive. You should be looking at other enforcement options and how they might be implemented based on the debtor’s financial situation. That leads us to the next point: investigating assets.
Look Under Every Rock
In the judgment collection game, assets are leveraged. They are your most important leverage as a creditor. We recommend looking under every rock and around every corner. Leave no proverbial stone unturned in your search for valuable assets. As a side note, this particular practice is something judgment collection agencies are very good at. We need to be.
Understanding a debtor’s assets will inform your decisions of how to proceed with collection. The more assets the debtor has, the more options you have as well. So it is to your advantage to use every available resource to find assets that might otherwise be overlooked.
Prepare for Obstacles
Next up is the practice of being prepared for obstacles. Even the most effortless collection scenarios are subject to delays and interruptions. Do not be caught off guard. Be aware that the debtor and his attorney may do everything they can to avoid paying.
One of the tactics we see frequently is moving and not providing a forwarding address or phone number. Phone numbers are less of a problem in the cell phone era, but not having an accurate address on the debtor slows things down. Be prepared for such tactics.
Plan Your Strategy
Finally, plan your collection strategy before you even think about executing it. Ideally, a judgment creditor should begin formulating a strategy as soon as the case is decided. That cannot always happen. Nonetheless, planning should begin at the earliest possible stages. Trying to execute a collection strategy without proper planning seldom works out well.
Also note that plans are never set in stone when it comes to judgment collection. Things can change quickly and completely. To succeed, a judgment creditor needs to be flexible. A creditor needs to be willing to adapt to changes in circumstances.
Even though the vast majority of money judgments are never collected, you don’t have to be among those creditors who will never see a dime. So in addition to following all these tips, why not consider bringing Judgment Collectors in on the case? Our professional services could prove invaluable to your successful collection efforts. Contact us today to simplify your judgment collection.