|
Are you a collection agency?
NO, JUDGMENT ENFORCEMENT AGENCY IS NOT A COLLECTION AGENCY.
A traditional collection agency may contact the debtor with numerous letters and phone calls. They may even place a black mark on their credit report. But, they RARELY collect.
Furthermore with the passage of the FDCPA (Fair Debt Collection Practices Act), the debtor has the right to just tell a third party debt collector to cease all communications where pre-judgment debt has been alleged. This is one of the reasons why collections agencies are not successful. We (JEA) have your judgment "assigned" to us, and as the legal assignee of record, are not affected by many provisions of the FDCPA relevant to pre-judgment debt.
We can move against the judgment debtor legally, through the court system, then locate assets and seize them to the enforce the judgment.
I thought my judgment was an order for the debtor to pay? Isn't the debtor breaking the law by not paying?
Unfortunately it is not against the law to owe money. The judicial process only adds more interest to the total sum of the court decision, in the event the debtor does not pay promptly. You the creditor will have to collect from the debtor.
How long does it take to get paid?
It all depends on the difficulty in locating the judgment debtor and in uncovering assets. Some debtors are pretty adept at hiding their assets. Some judgment debtors are "legal entities" and employ alter ego tactics as well. They appear to live or conduct business without any "normal" means of support. We will do our best to get results in the first few weeks, but it could take months or years (rarely) in a difficult case. Just keep in mind that judgment enforcement is a detailed process.
Must I pay any of the expenses incurred in enforcing my judgment?
No. In fact, we purchase the judgment from you, usually on a 'future pay' basis. At the time that we purchase your judgment, we've neither had the opportunity nor the legal right to investigate the judgment debtor. We can only do that after filing an 'Assignment of Judgment' with the courts. We then investigate the judgment debtor, and in accordance with the laws of your state, we then proceed with our enforcement efforts. Only after our investigation can we actually determine the value of the judgment. In most cases, the expenses incurred in enforcing the judgment are either added to the judgment and recovered from the judgment debtor, or they are deducted from the amount actually recovered. Either way, you have no upfront expense.
Why shouldn't I use an attorney to collect a judgment?
You most certainly can, most attorney's have a retainer fee of $100 to $350 per hour.
How about using a collection service?
A collection service may contact the deadbeat and irritate him to death! They may even place a black mark on his credit report. But, they rarely collect! And with the passage of the FDCPA (Fair Debt Collection Practices Act), the debtor has the right to just tell a third-party debt collector to cease all communications. We, as the legal assignee of record, are not affected by the FDCPA. We can investigate the debtor, locate his assets and seize them to enforce the judgment.
How does the process work?
First, we will review your case. If approved, we enter into a purchase contract specifying the terms of the assignment of the judgment. Then the assignment is filed with the court by our office. After we receive approval by the court, we can then act on our own behalf and take the steps necessary to enforce the judgment.
Can you guarantee that you will collect the money judgment?
There are no guarantees, except that we will make our strongest effort. We use every strategy to collect, including pursuing assets of spouses. If your debtor files for Bankruptcy, not all is lost. When appropriate, we will fight the debtor's bankruptcy in order to get the judgment non-discharged.
|
