In one of our recent blog posts, we asked readers how much they have spent trying to collect unpaid judgments. The thing about collecting is that creditors need to invest more than just money. They also need to invest time. That is where we come in. You may not have the time to dedicate to tracking down debtors and their assets. We do.
We have the time to invest in collection because it is what we do. Not only that, but we can also use time to our advantage. Whenever we take on a new case, it’s imperative that we get to work on it immediately. But collection doesn’t necessarily occur overnight. Sometimes it takes time. That’s okay because time can actually be our friend.
Though time can work in our favor, we are always cognizant of the fact that statutes of limitation apply to judgments. Most states only give creditors between 7 and 10 years to collect before a judgment must be renewed or allowed to expire. We say this to say that we are not careless about time. We just aren’t afraid of it either.
Debtors with no intention to pay what they owe tend to make every effort to evade their creditors. They are not open and transparent about where they live or work. They might move and not leave a forwarding address. Some go so far as to leave the state in order to start over elsewhere.
We utilize something known as skip tracing to track down debtors who do not want to be found. Skip tracing is a time-consuming process. But here’s the thing: most people cannot hide forever unless they are experts at doing so. Your typical debtor tends to leave behind a trail that only grows longer with time.
Along with tracking debtors is the task of tracking down assets. This is yet another time-consuming task companies and their accounting departments should not have to worry about. It is something they should be able to leave with an attorney or judgment collection agency.
One of the benefits of time in this regard goes back to the previously mentioned trail debtors leave behind. For example, we may take up a brand-new case that was just decided in court a few months earlier. We may not know about a debtor’s vacation property initially. But three years from now, the debtor may decide to sell that property. He thinks we have forgotten, but we haven’t. As soon as we find out the property has been sold, and we will, we will also know that the debtor has the financial resources to pay.
A general rule in debt collection is to get paid as quickly as possible. The longer a debt goes unpaid, the more difficult it is to collect. We don’t disagree. However, time can be an advantage in this regard for the simple reason that debtors can get careless over time.
Imagine a judgment that goes unpaid for five years. The chances are pretty good that the debtor feels comfortable that they have forever evaded payment. Once they reach that state, they begin to do things without covering their tracks. They and their assets suddenly become easier to find.
Regardless of how long it takes to collect, Judgment Collectors has the time to put into research, tracking, and contact. We can never guarantee payment on any case. But we can guarantee to have the time and resources to do our clients justice.
Published February 7, 2023