subject: Use an International Debt Collections Firm to Collect on Your Judgment [print this page] Use an International Debt Collections Firm to Collect on Your Judgment
Right after becoming awarded a judgment, some creditors lose heart when they uncover winning was just the beginning of the debt collection process. In reality, national statistics indicate almost 85% of awarded suits are by no means collected.
Why?
Despite the fact that the judge ruled in the plaintiff's favor, the court does not collect the settlement for the plaintiff. Unless the defendant whips out a stack of greenbacks to pay on the spot, the plaintiff could locate themselves facing an even far more arduous route in collecting on the judgment.
Utilizing an international collection agency for collection becomes an attractive option for those who are not really positive how to collect on their judgment.
Collection Options - Garnishment/Seizure/Lien
If the debtor neglects to pay within the time frame specified by the judge, (typically 30 days) a creditor should then file notice with the court that payment has not been made. Once this is registered with the court, the creditor may then seek to collect on the judgment through the procedure of account and/or wage garnishment(s), individual assets seizure or lien.
In order to pursue any of these options, the creditor should 1st have information regarding where the debtor lives, works and banks (for garnishments), what assets they possess (for seizures or liens) and if any of the assets are exempt from becoming seized for debt payment.
When Debtor Skips Town
Whilst there are many on the internet resources accessible to the individual to perform skip-tracing activities, several are only price powerful when utilized by a firm specializing in locating people and their assets. If the debtor has moved to one more state from where judgment was obtained, an international collection agency can help not only in locating the debtor, but also in handling all seizure/garnishment proceedings according to local civil processes.
Identifying Non-Exempt Assets
Even though this may possibly sound simple, the method to first identify assets, ascertain if they are in reality owned by the debtor (numerous chronic debtors are masters at concealing assets) and then following the legal processes essential to seize or location a lien against the assets can rapidly turn into overwhelming. Several assets are protected from being seized - an international collection agency will know what the seizure laws are for the jurisdiction in which the collection is to take place.
The agency is also equipped to file all needed paperwork with the appropriate judicial program to start off the lien, seizure or garnishment procedure, and make certain notices are served upon the debtor and their employer or bank. They can also manage all communications with nearby law enforcement when asset seizure requires the physical seizure be performed by a court appointee (usually the local sheriff's office).
Every step of the garnishment/asset seizure processes needs additional court filing fees and method service fees. These fees could be added to the judgement, but are still upfront expenses incurred by the creditor until the debt is satisfied.
When utilizing aninternational collection agency, small or no upfront expenses are required - many only receive their fee when collection is made.
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