A judgment recovery specialist helps recover legal damages after a court order for payment. They use tools to locate creditors and can file liens or take debtors to court. They are assigned an interest on the debt and may prepay or accept payment at a later date. It’s important to review the contract carefully before assigning interest in a debt.
A judgment recovery specialist is a person who specializes in recovering legal damages after a court has issued an order for payment. The court issues the order but takes no responsibility for the execution, leaving the plaintiff with a case to collect the money. This can be challenging and some people may prefer to turn to someone who specializes in this profession to get the money. In some regions, it may be necessary to have a license to work in this field.
The judgment recovery specialist has access to several tools to locate creditors and force them to pay. These specialists can search legal databases for changes of address and changes of employment in order to track someone down, and they can take actions such as filing liens against property and taking debtors to court to recover the money, along with any interest. While individual creditors can also do this, the judgment recovery specialist has the advantage of experience in this area and familiarity with all options for debt recovery.
Typically, the creditor assigns an interest on the debt to the judgment recovery specialist. Some companies can prepay, allowing people to convert a court order to cash, turning the specialist into a new lender. In other cases, the company accepts payment at a later date, agreeing to hand over part of the recovered funds if successful. Individuals who work as freelance judgment recovery specialists are often reluctant to pay upfront because they want to keep costs low.
In addition to tracking down debtors, this work may also include looking for creditors. People can monitor a court’s records for pending judgments and approach people who have not been able to recover funds from their debtors. Depending on the jurisdiction, the judgment can last up to 10 years, and creditors may be willing to surrender their interest to resolve the issue after several years of failure to collect.
When people meet with a judgment recovery specialist, it’s wise to review the terms of the contract carefully. Once people assign their interest in a debt to another party, the process is not reversible. People should consider what might happen if the expert only recovers part of the money and also determine what percentage of the judgment, including interest, the expert will retain. It might be a good idea to make one last attempt to collect the money before handing over the debt.
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