A judgment recovery specialist is a lawyer who focuses on obtaining legal damages after a court has issued a payment order. The court issues the order but does not take responsibility for its enforcement, leaving the money collection to the plaintiff in the case. This can be difficult, and some people may prefer to seek help from someone who specializes in this field. It may be necessary to have a license to work in this field in some areas.
The judgment recovery specialist has a variety of tools at his disposal for tracking down creditors and forcing them to pay. These experts can search legal databases for address changes and changes of employment in order to track down a person, and they can take steps such as filing liens against property and taking debtors to court in order to recover the money, as well as any interest. While individual creditors can do this as well, the judgment recovery specialist has the benefit of experience and familiarity with all of the debt collection options.
The judgment recovery specialist is usually given an interest in the debt the creditor. Some companies may pay in advance, allowing people to convert a court order for payment into cash, effectively making the specialist a new creditor. In other cases, the company accepts it on a pay-as-you-go basis, agreeing to turn over a portion of the funds recovered if the case is successful. Because they want to keep costs low, people who work as freelance judgment recovery specialists are often hesitant to pay up front.
This work can include looking for creditors as well as tracking down debtors. People can look up outstanding judgments in a court’s records and approach people who haven’t been able to recover funds from their debtors. The judgment may last for up to ten years, depending on the jurisdiction, and creditors may be willing to give up their interest to settle the case after several years of failure to collect.
When meeting with a judgment recovery specialist, it’s a good idea to go over the contract terms thoroughly. The process of assigning one’s interest in a debt to another party is irreversible. People should consider what will happen if the specialist only recovers a portion of the money, as well as the percentage of the judgment that the specialist will keep, including interest. It might be a good idea to try one more time to collect the money before handing over the debt.