Debt collection can be a problem when you are the one owed money. Whatever the circumstances, if the money was borrowed, the result of an accident or injury to yourself or your property, you have a right to collect. It could be contract disputes or even allegations of property damage.
First approach the person face to face and ask for the money owed. Remind them of the circumstances surrounding the debt and the timeframe the debt incurred. Wait for them to answer.
They will either pay on the spot or feel compelled to pay off the debt in a satisfactory manner or they will want to be a problem, a thorn in your life. If they verbally abuse you, walk away. One should not confront the person any further.
Next send a certified letter to that person or business. List the amount of money that is due to satisfy the debt and any facts surrounding the debt, especially the date or dates evolved. Request how and when you expect payment. Make the letter to the point and businesslike. The Post Office will inform you when the letter was delivered or in the case it is undeliverable, you'll get informed.
If the letter was returned undeliverable, you'll need to locate a viable address and resend the letter. Contact acquaintances, friends, relatives or whatever you can sleuth out to get a current address.
Depending on the amount of money, small claims court may be a viable solution. Generally, cases involving a small amount of money usually less than $10,000 are addressed in this setting. Before filing your suit, familiarize yourself with the court. With a small claims court there is no jury. If you are looking for a jury trial, you'll have to go to a civil court.
The person being sued is the defendant; the person doing the suing is the plaintiff.
For higher amounts of money you'll need to look into a higher court to get the matter resolved. But whatever your decision, make a concerted effort to gather any and all evidence in your favor. It could be checks, photographs of property damage, receipts and other forms of correspondence, contracts, etc. If there were witnesses, get notarized statements from these individuals in regard to what they observed.
When a suit is filed, the defendant has a certain time to respond for a counter claim. There is a statue of limitations and the plaintiff should file suit before that window of opportunity disappears. Also you have to select the location or venue in which you want to file your claim. In most cases it will be the court that is closest to your home, but it could be a court closes to the address of who you are suing.
Next you'll need to fill out the plaintiff's claim form and pay the filing fee to the court clerk. Filing fees are generally based on the amount of the claim with higher monetary claims costing more. Once the form is filed your hearing will be scheduled and the opposing party will be served with a copy of your claim.
Serving this copy is best done by a licensed registered process server. A certified letter is the least desirable because if it is not signed for, it will not count as having been served. When your proof of service is at hand, present it to the court clerk.
At the date of your hearing follow the instructions given by the bailiff and the judge. You'll tell your side of the story first and then the opposing party will tell their side. The judge will consider the evidence and render a decision. If the served party does not show up at their appointed time, the decision will be found in your favor.
Once you have a court ordered judgment that is found to your favor, then the real drama begins. Every day thousands of judgments are rendered, however the court does not enforce the collections of these judgments. The court has no authority to collect an award and leaves that matter entirely up to the plaintiff. Many have the misguided notion that the court will collect money for them if the win their case, but that is simply not true.
Resorting to an attorney for collecting a can be cost prohibitive since attorneys often charge a large retainer and many consider the hourly fee structure outrageous. They feel that the lawyers literally have a license to steal.
If payment is not forthcoming, there are other options available. One can take matters into their own hand, purchase an authoritative and professional debt judgment collection manual and follow through in the process of getting their money back. The methods are easy enough to follow and not complicated. This is not rocket science. No higher math skills are needed.
One can purchase a judgment recovery course for under $50 in order to implement all what it takes to get your judgment satisfied. It is a learn-as-you- go worthwhile skill that can even turn into a part-time business that you can work from the comfort of your home. Many people have been awarded judgment by the court and do not know how to collect them.
If you decide to enter into the business aspect of judgment processing, the plaintiff who won the appeal will assign their rights, title and accrued interest over to you. Judgments are public record and you'll have no problem getting leads. With about 100 letters of solicitation one can expect about 30 or 35 judgments to work on. What is nice about this business is that there is no confrontation and no need to talk to anyone. It's all investigative skills and paperwork.
The other cost effective avenue for judgment enforcement is to resort to a judgment recovery specialist. They will generally collect the money due to you and split the proceeds 50 50. For larger claims in the $20,000 and upward amounts, the fees can be as low as 35 percent
For a more hands off approach and paperwork non-involvement, hiring a professional is the pragmatic choice that many make. After all, half a loaf is better than no loaf. A survey of small claims processing businesses indicate that they win 50 to 60 percent of their cases.
The judgment recovery business also will go after and reclaim interest and expenses associated with collecting the debt. About a 10 percent interest is the average interest in the U.S. that accrues to unpaid judgments each day they are outstanding.
The recovery specialist will investigate and locate where the debtors assets are, his employer and any attachable property and file the legal documents to freeze those assets or arrange to garnish their wages in order to legally satisfy the debt. They can seize personal property or assets, file a lien against real property or an income execution as the situation demands.
When assets are seized, an enforcement officer will take charge and be armed with a Transcript of Judgment and an Information Subpoena that details and identifies the assets. The enforcement officer can then seize the assets and sell them at an execution sale thereby applying the proceeds of the sale to satisfy the judgment.
Beware of the statue of limitations for your state. If the applicable statute of limitations expires prior to you filing your judgment claim or to you having resolved your dispute, one is barred forever from pursuing that awarded claim.
When the debtor pays off the judgment, the creditor will prepare and sign a Satisfaction of Judgment for the benefit of the debtor. This way any lien of judgment can be removed by the clerk and the county record book kept accurate. Judgment recovery is a source every plaintiff with an outstanding judgment should get familiar with.
Author Bio: George Evergeht is a published author and writes for a variety of internet sites, magazines and newscasts as well as for Judgment Enforcement
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