Judgment Recovery

[-SD-]

I am researching the process of Judgment Recovery as a method of making money on the side. If anyone has done this and actually made money or has experiences or advice to convey post up bors. Nobody post up hate unless you have realistically attempted this business. thanks bors

 

[JarheadChiro]

I do accident, hav waste, crime scene clean-up, on the side...

If you've got the stomach and don't mind working in protective gear, it's 50-75 an hr.

 

[heatherrae]

Hey Superdave! When I first got out of law school, I worked at a law firm where the owners also owned a collection agency. They would buy the bad debts and collect on them. There is lots to say about it, and, yes it was a profitable company. There is lots to know about the law in that area, and one of the reasons that the company was so successful was that the law firm would then sue on the bad debt.

Once paper gets so past due that it is sold to a third party, the other company has usually called, mailed letters, threatened suit, etc. We most often got the money from suing, getting a judgment, placing liens, garnishing wages, issuing property executions, etc.

If you have a lawyer or group of lawyers to use, it can be a profitable business. You have to know what you are doing when you examine the collectibility of a portfolio for purchase. Sometimes the docs are defective or whatever, and you can waste lots of money that way.

HTH

 

[-SD-]

Hey Superdave! When I first got out of law school, I worked at a law firm where the owners also owned a collection agency. They would buy the bad debts and collect on them. There is lots to say about it, and, yes it was a profitable company. There is lots to know about the law in that area, and one of the reasons that the company was so successful was that the law firm would then sue on the bad debt.

Once paper gets so past due that it is sold to a third party, the other company has usually called, mailed letters, threatened suit, etc. We most often got the money from suing, getting a judgment, placing liens, garnishing wages, issuing property executions, etc.

If you have a lawyer or group of lawyers to use, it can be a profitable business. You have to know what you are doing when you examine the collectibility of a portfolio for purchase. Sometimes the docs are defective or whatever, and you can waste lots of money that way.

HTH

Im speaking strictly about Judgments that have been awarded through lawsuits and the winner has not been able to collect. I think the process is that I would contact them in a letter and offer to have them assign the judgment over to me then I track down the debtor and assets to collect. So its not "debt collection" as everyone is familiar with.

 

[heatherrae]

Yes, postjudgment recovery can be very profitable. Wage garnishment, bank granishments, judgment liens, etc. Sometimes, though, the paper wont make money right off the bat. It was my experience that after 4 or 5 years, people start refinancing mortgages, etc, and your judgment liens start to get paid off. If you need any specific information as you go forward, let me know. =-)

 

[HumorMe]

I do accident, hav waste, crime scene clean-up, on the side...

If you've got the stomach and don't mind working in protective gear, it's 50-75 an hr.

What type of training do you have to complete before you can start a business like that?

Who calls you...the family, police, fire department, funeral home, etc?

$50-$75 an hour seems kind of cheap.

What about meth lab contaminated scenes?