Judgment Recovery - How Frustration Can Derail the Judgment Recovery ProcessJagger Stone
December 18, 2008 — 1,101 views
If you are a judgment creditor that has been awarded a judgment against someone that owes you money, then you are probably well aware of the frustrations associated with judgment collection. However, allowing frustration to overwhelm you will do nothing but derail your chances of being successful recovering monies owed.
It is estimated that almost eighty percent of all awarded judgments go uncollected with approximately $230 billion civil judgments already in the legal system. One reason such a large amount of court awarded judgments go uncollected is the lack of knowledge on the part of individual creditors. Although the courts provide creditors with the power to collect monies owed, they do very little with the enforcement part of collecting the judgment.
Herein lies the reason why so much frustration is experienced on the part of judgment creditors. Enforcement and collecting is the responsibility of the creditor with no help provided by the courts other than awarding a judgment in favor of the creditor that states the creditor is entitled to the money owed by the debtor.
The courts do however, allow the creditor access to tools that can be utilized to help in the collection of money owed. These tools come in various forms including wage garnishment, bank account levies and property liens being the most used tools. Although these tools are freely available with full authority of the court system to be used by the creditor, very few individual awarded judgment winners know how to implement these tools.
Often, individual creditors will first try to retain the services of a legal firm that specializes in debt collection until they realize that the expense outweighs the benefit, with most of the money going toward legal collection fees. Others still will seek out the services of a debt collection firm, but very often run into the same expensive circumstances since debt collection firms often only deal with companies that can provide collection cases in bulk to justify their expensive fees.
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Frustration can be overcome only by the individual creditor acquiring the knowledge necessary to be successful in judgment recovery. Seeking out a course that specializes in judgment collection for individual judgment award winners can help to avoid frustration often associated with collecting money that you are owed.
Learn more at http://judgmentrecoverysource.blogspot.com/