You’ve won in court, but who will you hire for judgment collection services in Franklin?
Qualified judgment collection services know how to move your case from judgment to repayment as quickly and affordably as possible. Unfortunately, most people don’t have this information readily available. It’s necessary to go with someone experienced in effective collection methods to handle your case in the best way possible.
Which of the Following Four Solutions Best Suits Your Situation?
#1: Asset Location
Having a judgment isn’t the same as having money in-hand. Plaintiffs are often disappointed when they realize that. So, you’ve won your case. Now you have to find a way to collect the money owed. It’s a process you begin by uncovering a debtor’s assets.
What the court considers “assets” aren’t just tangible items like homes or cars. A paycheck is an asset. A bank account is an asset. So is a tax refund. A professional judgment collector will help you uncover your debtor’s money sources, making it easier to move onto the next step in getting your money.
#2: Wage Garnishment
Is your debtor employed? If so, it’s easier than you might think to take a portion of his or her salary every month. Whether it’s the best solution for judgment collection depends on your situation.
For instance, there are limits on how much of an employee’s pay a debt holder can garnish each month. If your debtor has several judgments against them, you might only be able to recover a small amount of money each month. It could take years for garnishment to really pay off.
A judgment on its own doesn’t deliver. In fact, the public record will fall off your credit report in most states after 10 years, whether it’s paid or not. It’s in your best interest to find a remedy as soon as possible, instead of just waiting — or giving up.
If your debtor has property, you can attach a judgment lien to the title. In certain situations, a court can force a debtor to sell property to pay a debt. In others, you have to wait until they sell it by choice, but eventually, you will receive payment. They don’t expire, even if they’ve fallen off someone’s credit report.
#4: Payment Plans
So much of debt collection is a mental process. Before someone owes money through the courts, they might tell themselves they aren’t legally obligated to pay you. Once there is a court order, their opinions often change. Unfortunately, not everyone is able to pay the entire bill at once. Having the ability to offer debtors a payment plan can mean the difference between going without and getting your due — albeit over time. This is just one of many services the right judgment collection service can offer you.