Contingency Collections
When you can't enforce a judgment yourself, and you cannot afford to pay a lawyer
per hour to try to enforce a judgment, and you cannot sell the judgment above a tiny fraction of its face value; the right option is to find a contingency enforcement option. Contingency judgment collection is future payment. You do not get paid money up front, you get money later when and if, money is recovered from your debtor. Most often, there are no expenses to the judgment creditor. Most often, it takes a long time to get any money.
One contingency judgment recovery choice is to assign the judgment to a judgment recovery specialist. However, there are other options which do not require you to assign your judgment. Examples are a contingency lawyer or a collection agency. This article is my opinion and is not, legal advice. I'm a judgment referral expert, and not an attorney. When you ever want legal advice or a strategy to use, you should contact an attorney.
There is a wide difference with the collection agencies which recover judgments. Most collection agencies are old fashioned, and use just letters and the phone, to try to annoydebtors into making a payment. Some collection agencies also hire lawyers, and search for judgment debtor assets to levy. Certain collection agencies work just like judgment enforcers do, however you don't need to assign the judgment to them. Usually, if you have a contingency professional collecting your judgment, and nothing is happening, it is because the debtor has no available assets showing.
When a collection company is run and owned by lawyers, sometimes they are not permitted to pay court expenses or Sheriff expenses. This means even if they make you pay nothing up-front, and nothing per hour, you could need to pay some court fees, that are modest when compared to hourly attorney fees.
If you hire a contingency collection lawyer, there's two types of lesser-known fees you could face. Under some states and situations, you might have to pay the court expenses. Also, some attorneys have Quantum Meruit contract clauses where if you fire that lawyer, you might owe them for the expenses and time they invested to try to recover your judgment, even if no progress has been made.
Almost all judgment owners would like to get paid cash up-front for their judgments. Yet, for every real judgment buyer out there, there's a thousand times more contingency recovery professionals. And, if you do not have to assign a judgment, there isn't that much difference, because cash up front buyers must perform due diligence, that can take weeks; and certain contingency collection companies promise results, or they will return the judgment in fifteen days.
If the judgment debtor is broke, cash up front judgment buyers will pay you almost nothing, and most often no contingency recovery solutiongets you paid either. When your judgment debtor is average, a judgment buyer will pay you only a tiny percentage of the value listed on the judgment, and a future payment contingency professional may likely probably recover part or all of your judgment money eventually.
If your debtor is wealthy, cash judgment buyers often take a few weeks to diligently check into your judgment situation, because wealthy debtors can hire attorneys to fight collection attempts, or hide their assets. Future payment contingency experts can collect money in weeks, when your judgment debtor has lots of available assets showing. So if the judgment debtor is rich, you get cash quick, no matter which enforcement choice you make.
With future pay contingency collection solutions, you do not have to assign your judgment. That means you keep ownership, you don't have to pay anything up front, and usually nothing later. You do not have to go to court or spend any time, and get most or half of whatever may get collected.
If you want cash up-front, shopping a judgment does not work well because real judgment buyers all pay about the same. They always pay for judgments based on what your judgment debtor's circumstances are. Shopping a $5,000 judgment around to ten judgment buyers, might eventually bring a range of offers from $241 to $266.
With contingency collections, you can shop your judgment, however there is a problem as usually you get what you pay for. Someone that charges thirty percent to enforce the judgment may not try as hard as a solution charging you fifty percent. Sometimes, the best contingency rates come from enforcers that aren't very good at recovering judgments. They may attempt to get as many judgments as they can, and do not do much on ones that do not look really easy.
Most often, when good judgment recovery agencies charge you 33%, they make you pay certain court expenses, which isn't always their idea, it's often as per law. The 50% ones most often absorb the expenses. When the judgment debtor is rich, a judgment referral expert knows the best solutions. Contingency collection with a good collection company or attorney, is how many judgments really are collected. When your judgment debtor has assets, you can get paid quickly.
by: Mark Shapiro
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