At my work, far too often I hear complaints like "I assigned a judgment to Ed Enforcer, and now their web site is down and his telephone is disconnected". I have written articles before on the way to solve this kind of problem, yet the solutions are not simple. The customary solutions are to schedule a hearing and file a motion with the court, to either void the assignment of judgment, or for a resumption of rights for the creditor. My articles are my opinions and are not, legal advice. I'm a judgment referral expert, and not an attorney. If you ever need a strategy to use or legal advice, you should contact an attorney.
Many judgment owners do not have the time, funds, or patience it takes, to collect some money on the judgment. When your judgment is large and the judgment debtor is rich, is easy to locate a contingency collection attorney or a judgment buyer; or any other kind of contingency expert, including a collection agency or a judgment enforcer. Alas, few judgment situations are that way. Although the www has many false hopes of methods of getting fast cash for judgments, there are only a couple of real choices for judgment creditors having average judgments, which are all not quick ways to recover judgment money. .
1) Enforce your judgment yourself, however that is a hassle, costs money, and is time consuming.
2) Sell the judgment very cheaply, or waste your time trying to get more than that on a cash upfront basis.
3) Find a collection agency. In the past, most collection agencies used the telephone and the post office to perform most of their work, and didn't even attempt to do what was required recover judgments. Some attempted to transition into recovering judgments, and quit when the judgment debtors did not respond to only phone calls and letters.
There are a few collection agencies which have very successfully transitioned into enforcing judgments, and the best are owned by lawyers and/or use attorneys to recover judgments. The good news is you keep ownership of your judgment. The bad part is with few exceptions, most collection agencies aren't good at recovering judgments. Most do not accept judgments at all, or not from individual judgment owners, unless referred by a judgment referral expert.
4) Find a collection attorney. You retain ownership of your judgment. Usually, you will have to pay them by the hour. Most people having average judgments will not find a contingency lawyer or a good collection company to try to recover their judgment, unless they are referred by a judgment broker.
5) Assign your judgment to a judgment recovery specialist, which means you give up ownership of the judgment. Assigning your judgment means that you forfeit ownership of your judgment permanently. It is a one-way sale that cannot be undone except by finding and getting some cooperation from the person you assigned it to, or working and paying for a court order undoing that assignment to them.
Remember, judgment enforcement is most often a really slow process, and chances are overwhelmingly against a full recovery. When your debtor is poor, it actually doesn't matter that much what recovery option you take, or whether or not you get the judgment assigned back to you.
Although most judgment enforcers do the right thing, and return judgments they haven't any plan for recovering, not all do. In this economic situation, the problem of flaking judgment enforcers is getting really serious. I know about many instances where judgment recovery specialists won't release a judgment, even when they do absolutely nothing to collect it, not even recording a lien. This is not good, because anyone without a plan to recover a judgment should not keep it long term. Memberships in judgment organizations seem not to guarantee much.
There is one very good reason for a recovery specialist not to return a judgment, and that is if they are making progress, or have any plan to get progress in the future. Except for that single good reason, these are the top 4 reasons recovery specialists do not return judgments assigned to them:
1) After certain judgment recovery specialists exit the business, they don't care about their obligations. They don't return judgments, and cancel their telephone and move.
2) If judgment recovery specialists run out of money they cannot make progress on any judgment. Certain recovery specialists cannot even afford to pay the ten dollar notary fee needed to assign the judgment back to you. In this case, offer to pay the enforcer a modest sum to return your judgment.
3) If a judgment enforcers finds a day job, gets sick, has a death in their family, dies, files for bankrupt protection, goes to jail, etc. Sometimes any judgments assigned to them are the last thing they think about.
4) If enforcers take all judgments that come in, when they have no plans or possibility of enforcing them, and for some reason, they refuse to return judgments when asked.
Be careful about assigning your judgment to a judgment recovery specialist not referred by someone that knows their long-term history and performance.
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