What happens when you walk away from the court house with a judgment and no offer of payment? What if you try to contact the person you sued and they are unwilling or unable to pay you? Is the judgment you hold in your hands worthless?
Recovering a judgment is all about assets and they are not so easy to find. It is a balancing act of figuring out what the debtor has and whether it is worth the taking. Do they own the car they are driving? Do they own the house they live in? Do they have a job or a bank account? For the average person these are not easy questions to answer but for a specialist in the field that knows where to look and how to weigh the options it is doable.
An example is a debtor that drives a car. The first issue is whether the car is in the debtors name or does it actually belong to a friend or family member. The next issue is whether money is still owed on a loan for the car and how much. Then you must also know the value of the car and if it exceeds the exemption amount allowed the debtor by Washington state law. With this knowledge you must then decide if the vehicle is worth the cost associated with seizing it and executing a sheriff’s sale. You must take all of this information and decide if the car will pay off in the end.
Finding assets can be tricky and time consuming but when your check comes in the mail and justice is done it is worth the effort. A judgment recovery professional can make the process all the easier and more efficient.