One of our more recent blog posts highlighted research we did on behalf of a client. In that particular case, we were able to use our research skills to uncover out-of-state assets that could be applied toward payment. It is all in a day’s work for us. But that case, like so many others, demonstrates why research is such an integral part of what we do.
If your company has outstanding judgments waiting to be paid, you know how difficult it can be to actually collect. That might be why you have started looking around for a business debt collection firm with the time and resources to help. From our perspective, the best firms in our business are the ones who excel at research. Keep reading to learn why.
Debtors Avoid Having to Pay
The whole reason most legal judgments are entered is because debtors will not pay what they owe. For example, you might have a financial institution that goes to court to get a judgment against a customer who stopped making payments on a personal loan. If that debtor had just continued paying, the judgment would not have been necessary.
You know all this. But have you considered that a debtor unwilling to pay prior to a judgment may not have any intention of paying after? Therein lies the problem. Research is so important to what we do because the debtors we pursue are actively avoiding their legal obligations.
In all likelihood, the laws in your state require debtors to reveal all their assets after judgments are entered against them. But they have a certain amount of time to do so. Assets can be moved around in order to shield them from collection. Sometimes, debtors do not even work that hard. They simply fail to report all the assets they own.
Life Circumstances Change
Things get more difficult for judgment collectors as time goes by. Why? Because life circumstances change. That previously mentioned financial institution might know all there is to know about a debtor for the first 6 to 12 months after securing a judgment. But what if that debtor loses his job? What if he packs up and moves out of state?
People change jobs. They sell homes and move. They get married, have kids, and so on. All these life changes involve assets that can change hands multiple times. It all creates a confusing web that has to be untangled before you can figure out what assets can be used to make payment.
As a judgment collection service, we have to know how to untangle that web. Our number one tool for doing so is research. We research everything from real estate transactions to social media posts. We look for any indication that a non-paying consumer has the resources to pay but is intentionally hiding them.
Running Doesn’t Mean Hiding
You have undoubtedly heard the old adage that says you can run but you cannot hide. The concept is something we deal with every day. But from our perspective, running does not mean hiding. We know how to find debtors and their assets. We know how to use public records and other sources of information to find out what is really going on.
Has your company unsuccessfully attempted to collect on past judgment? If so, your lack of success could be rooted in your research capabilities. You may not have the time and resources to do the work. We do. This is why we offer judgment collection services on a contingency basis. Want to know more? Reach out and let us talk.