Judgment collection services in Banks might be just the ticket.
Do you know that you can retain judgment collection services in Banks when you win your lawsuit? Many people don’t know that winning the lawsuit is not a guarantee that you’ll automatically get the judgment paid out. It’s not uncommon for debtors to defy the court order and not pay. Instead of walking away from your rightful judgment, take a look at three reasons to consider judgment collection services:
#1: You Asked Nicely and Got Nothing
After you win a lawsuit, you can simply ask the debtor to pay you. How does that go over? Not always very well. If a business is a debtor, it’s often easier to collect. They are aware of the ramifications of the collections process and would just as soon avoid it. If it’s a lawsuit brought against an individual or even someone you know personally, it can be especially hard to collect. The debt is embarrassing or they might harbor anger or hostility toward you over the lawsuit and their loss, they might not have the funds available, or they might not know how to pay the debt.
#2: Garnishing Wages and Accounts Is Not a Walk in the Park
You can do the research and the legwork to garnish the wages or accounts of your debtor. Keep in mind, you have to have all of your ducks in a row to have an employer garnish an employee’s wages. And you can only garnish for a percentage of what they make. A debtor must still earn living expenses in garnishment requests.
Failing this method, you can try to force them to sell their assets to collect what’s owed you. Forcing them to sell a vacation home, a vehicle, or vacation property is an option, but it can be expensive and take time and effort to achieve the desired outcome. Both of these debt collection methods are complicated and time-consuming.
#3: Settling for Less Is Not the Desired Outcome
One method for collecting on your judgment is to settle for less. Much less. It’s not uncommon to get to the point where you are so frustrated with the process, you’d consider settling for a fraction of the debt owed. Settling for less is never a great compromise. It’s almost like you only sort of won your case. This is one reason it’s not advisable to be your own judgment collection agent.
When you win a lawsuit and a judgment, you want to collect that money. It’s rightfully yours. The truth is, just because it’s owed to you, doesn’t mean it will be easy to get. Judgment collection services help you avoid all of the roadblocks and issues that you could face when trying to collect from a debtor yourself. Don’t go it alone.