Do It Yourself Judgment Collections
You do not need a debt collector or collection agency to collect on a judgment. These companies will take a majority share of the judgment for themselves, while leaving you with a small amount. Avoid these types of situations by doing it yourself when it comes to judgment collection. The process is not as difficult as you might think and there are easy online solutions available to levy the bank account of a judgment debtor and get you the money you are owed without giving a majority percentage to a middleman.
What is Judgment, Recovery, Collection?
It is a simple way to describe the method of making yourself whole when you take financial issues to court. The first step is to receive a judgment from the court where you are located. This judgment allows you to pursue the necessary funds from your judgment debtor(person who owes you money). After you have received a judgment, you must recover the necessary information to pursue collection. Use a professional investigatory service provider to dig through financial databases in order to find the information needed. Once recovered, it is time to collect on your judgment.
Do I need to hire a debt collector or collection agency to recover my judgment?
No! You absolutely do not need to hire a debt collector or collection agency to recover your judgment. If you have already gone to court and won a judgment, you can file for a writ of execution to levy the bank account of your judgment debtor if they are not fulfilling the judgment. Collection agencies and debt collectors are middlemen who use ineffective, low cost tactics in order to get a judgment debtor to pay up. They work on the fact that they can make a sizeable profit getting someone to pay their judgment, while at the same time spending very little in the way of operation expense. It is an effective model for debt collectors and collection agencies, but it is not effective for people looking to retain the majority of their judgment.
What other options are there to collect judgments?
There are companies and people who will offer services to collect judgments for you, but these services and people are not all they are cracked up to be because you will end up paying a majority % of your own judgment back to these people or companies for their work. Losing out the majority of your judgment to someone else can make the entire ordeal not worth the time and effort. Court judgments may make you feel great, but if you don’t follow through with the right service provider, you might be stuck losing out more money or assets than anticipated.
How effective are writs of execution?
Incredibly effective. Writs of execution allow someone to file a levy against the bank account/financial institution of their judgment debtor for the total amount of the judgment. However, if the bank account does not have the total amount to cover the judgment, a second attempt at acquiring the funds can be undertaken at a later date. You will be made whole once you have a writ of execution and bank account/financial institution information in hand. The court’s grant this power to anyone who wins a judgment.
Avoid using brand name or highly commercialized debt collectors or collection agencies to collect on your judgment. You can do it yourself when it comes to judgment collections by using the services at Writ Ready to get a writ of execution and levy the bank account of your judgment debtor. Don’t let them get away with avoiding you and the courts and take matters into your own hands.