The judgment recovery process involves collecting money from debtors who have been commended to pay a creditor by a court. Often, the court will award a judgment or damages, but creditors may not see their money right away, or even at all. In some cases, the debtor, or person or company who is to pay the damages will hide their assets, refuse to pay, or simply disappear to avoid payment. If you have been granted money by a court, you deserve to be able to claim it. A private investigator with judgment recovery experience can help you identify assets and recover debt that is owed.
In many cases, court judgments are never recovered because creditors are unaware that they are responsible for pursuing their own compensation. Private investigators are able to identify assets and recover debt through multiple investigative techniques used to discover what they are looking for.
A debtor refers to an entity who owes a debt to another entity. This entity could take the form of an individual, a company, or a government.
The counterparty of a debtor, a creditor is an entity to whom money or property is owed.
A writ of execution is a judicial order granting the enforcement of a judgment obtained by a court official. If you were to issue a writ of execution, the court will order a Sheriff or court officer alike to take possession of property or assets owned by the debtor.
A break down of the process is as follows;
If you have been rewarded a judgment in court, the debtor has to pay you. The only circumstance in which a debtor could get by without paying is if they win an appeal by proving that they do not have the money to pay you.
A private investigator can help prove that someone who owes you a judgment has the assets and can compel them through the courts, to then recover the money owed to you. Private investigators also use a number of alternative methods including garnishment of wages, forced sale of assets, repossession, seizure of bank accounts, evictions and more that they can use to get you the money that is rightfully yours.
Knowing that a court judgment is only an official note stating that a debt is owed, is what many people tend to forget. Courts are not concerned with the process of collecting, meaning the act of actually recovering and receiving the money is up to you.
You need to know that although courts can award damages and demand that companies or individuals pay you, they cannot compel the debtors to physically give you the money. Hundreds of judgments are awarded in court daily across the country, but statistics show that up to 80% of these judgments are never collected. If you have been awarded a judgment, you have ten years to collect unless you apply to have the judgment renewed for another decade. Your judgment can collect interest, growing in size, however, the longer you wait, it is likely that it will be much more difficult to recover what is yours.
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