Civil cases usually have a dollar amount involved. So if a person wins, let's say five thousand dollars, the court does NOT send him or her a check in the mail. It is that individual's obligation to collect believe it or not. This is where judgment recovery comes into the picture (or article in this case:)). Now you may be wondering "What in the world is judgment recovery?" Well the the official definition is the collection of an outstanding judgment by a professional judgment enforcer. Depending on what state you live in, a judgment is good for anywhere between seven to twenty years.
The sad truth is that eighty percent of ALL judgments go unclaimed due to lack of knowledge and expertise in recovery procedures. Judgment Recovery is a relatively new industry that is growing quickly. Okay, now that you know WHAT judgment recovery is, here's HOW the process works:
1. The plaintiff wins his or her case and receives a court document stating the details, including the cash amount.
2. Plaintiff makes several attempts unsuccessfully to collect and gives up (The defendant moves out of town, is incarcerated,passes away,etc.).
3. Twelve months go by and a professional judgment recovery agent comes across the plaintiff's case file while looking through the court's database.
4. The plaintiff receives a letter stating that the judgment can and WILL be recovered at no cost to them upfront.
5. The excited plaintiff responds immediately and agrees to the terms of the collection process (The plaintiff will split the amount of the judgment specialist fifty fifty).
6. Let's say in this example that the plaintiff is owed ten thousand dollars, he or she will receive a check for five thousand dollars (The Judgment Specialist will also receive five thousand dollars for services rendered)
7. The professional judgment enforcer files a judgment satisfaction notice with the court.
There you go people, that is what judgment recovery is all about. With eighty percent of judgments uncollected, there is definitely a need for this particular service. Not paying anything upfront is a BIG plus. Judgment enforcement specialists tend to prefer pursuing cases that are at least a year old or more. The reason for this is because when because when people recently won a case less than one year ago, they are typically LESS patient and cooperative as far as the terms of recovery goes. In other words, they want it ALL or at least ninety percent of the judgment amount.
The world is constantly changing and it is more important than ever that we stay informed. Those individuals who fall behind will most likely be the ones NOT keeping track of current events. For example, ten years ago, there was only three or four court shows (Judge Judy, Judge Mathis, The People's Court, and Divorce Court). Now there are at least twice as many court shows on television (Judge Alex, Judge Hatcher, Judge Joe Brown, Street Court, etc.). The point I am getting at is society has become much more litigious.
This concludes my article on judgment recovery. I hope this content is useful to you. Thank you for stopping by! http://www.workwithcoryjames.com
