Picking Judgments You Can Recover
I'm not a lawyer, I am a judgment broker
I'm not a lawyer, I am a judgment broker. This article is my opinion, and not legal advice, based on my experience in California. Laws vary in each state. If you ever want legal advice or a strategy to use, please contact a lawyer.
When one is new to the judgment recovery business, they tend to take every judgment shown to them. Some new in a judgment business, is that even if they don't currently know how to, or have the resources, recover the judgment, they take assignment of it anyway. This way, they could work on it whenever they are someday ready, and perhaps also so that nobody else can get it.
Once one has gotten some experiences, wasting some days answering e-mails and calls from Original Judgment Creditors (OJCs) asking "what's happening on the judgment?", one becomes more selective on which judgments they will take. Some recovery specialists have turned into cash up front judgment buyers, mostly to avoid OJCs who contact them too often.
Theoretically, you should only accept judgments when there is some confidence that the judgment could be enforced within a year. That is up to six months to locate and pay to have the judgment debtor assets garnished, then waiting up to 6 additional months for the Sheriff to mail you a check.
If you are assigned a judgment, and you haven't any clear-cut path to recovering it, you should let the OJC know the reasons, and that this judgment is one that you will recheck every six months. If they strongly complain, consider assigning the judgment back.
In my opinion, there is not much current or future value to being assigned a judgment which you can't enforce. These are some guidelines on if you should take on or keep a judgment:
1) Is the OJC reasonable? Do they want to make unreasonable modifications to your paperwork, do they object to your rates? Do they strongly hint they will become a headache in the future? Then, don't accept the judgment.
2) Is the judgment debtor too distant from you? It is usually best not to take judgments if the debtor or the court which rendered the judgment, is farther away than one could conveniently fly or drive to.
3) Does the judgment debtor have some available assets showing? If not, remember that it is hard to recover what's not there.
4) Do you have enough resources (experience, contacts, cash, and time) to do and pay for what's needed to enforce the judgment?
5) Does your debtor have an ok credit score? Certain judgment enforcers have judgments assigned to them (which makes them the legal owner of the judgment), and then order credit reports on the judgment debtors, before filing the assignment with the court. When the debtor's credit report is bad, they don't file the assignment at the court, and give the judgment back to the OJC.
When you decide not to take a judgment, clearly explain your logic to the OJC. Give the OJC the real story, to minimize the odds of them wasting people's time by bouncing their judgment off a lot of other judgment recovery specialists. Better yet, make income and help OJCs, by referring them to a judgment referral company.
by: Mark Shapiro
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