Best Book On Collecting Judgments..
HOW TO COLLECT THE MONEY YOU WON! IS a book that is for sale on Jeffrey Taylors website but I would like to know if anyone has read it or used it?
Are their others that are equally as good or in your opinion better?
I have a number of judgments I would like to collect on and have sat on several for a couple of years now.
I am pretty savvy with most of the legal issues but would like to expand my knowledge ans see what I can do for myself.
Thanks for any input!
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I have not found any books that told me more than the "how to collect your judgement" from the court. Tell us your opinion.
Usually the hard part is obtaining financial information on the debtor. One good source is Accurint (a div of LexisNexis). [ Edited by uSonia on Date 06/19/2009 ]
Thanks!
I have used Merlin Data in the past but having more sources is much better!
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I may try that as I have about $650,000 in judgments outstanding.. I would be happy to get 50% at this point..
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With that amount outstanding. I would pay a collections agency to start collecting on it.
I would skip trace to see if any debtor owns real estate & then slap a lien on their property(ies), then hand over the rest to a judgment collector.
Liens are good in a rapidly appreciating market but right now I would be loath to try and enforce one currently.
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Start with a search for a bankruptcy filing by your judgment debtors. Try http://www.pacer.gov/ to see if a filing is on record.
If so, then your judgment would have been extinguished by the bankruptcy and is no longer enforceable.
check out Nolo, they have great legal reference,
If you can serve the debtor after the judgement, you can request a court examination of all their assets.
I like the Pacer site as I no longer have to go through an attorney to find out information there.
We have recorded in all the major counties here in Utah and I am looking out of state as well to see what is happening in other locations where they have had property in the past.
I suppose that a collection agency would be better than nothing and with my time at a premium could be the best overall bet.
FOr now it is just worthless paper unfortunately..
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There are people that will do asset searches for $50+, for that amount it might be worth that search, or do some contingency w/ them..
e.g., Pay them 1000 if they help you collect.
If the loan was not listed with the filing of bankruptcy and the bankruptcy is already discharged you can proceed collecting on it as there is no bankruptcy court order regarding your judgment. It is a burden on the debtor to prove that judgment should have been in the bankruptcy filing and should have been wiped off. So, it costs them again money and time to clean it up. In the mean time you can proceed to collect.
Well, you are right about the secured real estate. What I meant to say was that if there is no equity, you will not collect and just would just waste your time and money on this judgment. If attaching to real estate is the goal, then only target judgments of people that own real estate AND that real estate has enough equity.
If you are trying to collect actual cash, then target people that have got sizeble income and valuable employment. You can then receive through wage garnishments and by service writs on their banks.
Also, writing a letter to them that you are about to send notice to their employer and giving them the change to make a payment plan is a face saving measure that some people appreciate. They get embarrassed and start paying you directly.
With that size of a portfolio I would hire a virtual assistant to do the leg work, give instructions on how to search debtors, prepare 3 to 5 steps of letters increasingly threatening and provide a number the virtual assistants can answer to discuss settlement or payment plans. The virtual assistants can also research banks, employment, real estate equity of owner, etc. It will be a lot cheaper than 50%. More upfront costs for you, but more $$$ too.
I am considering purchasing the following:
http://www.judgmentcenter.com/Products.htm
Has forms on a CD, written by a former landlord turned judgment collector and a software guy.
And, of course, have handy the phone number of a knowledgeable attorney that works on collecting judgments and familiarize yourself with the local court rules.
Sorry, just catching up on this string. Short of handing to a debt collector, is there a straight forward way of wage garnishment on evicted clients who owe money? I own 15 units and have time to grunt out submission of legal docs with the market being so crappola.
Thanks!
I cam a across a course called Sierra Judgment Recovery, although I cannot attest to its quality.
Someone recommended Nolo, and they are a good source.