What is the Judgment Recovery Business?
by: Peter Gilboy
The Judgment Recovery Business is an opportunity for enterprising individuals to earn a very good living enforcing court money judgments. The general methods by which they collect court judgments are the same state to state. But some of the details of state laws make these collection methods just a bit different. As in any business, it’s best to know the details of your state laws.
The judgment recovery specialist “takes assignment” on judgments before he or she enforces them. That means that the judgment is actually transferred into the judgment recovery specialist’s name, usually through the same method by which any considerable asset, such as real property, is lawfully transferred. At that point the judgment recovery specialist is the new creditor, and is thereby standing in the original creditor’s shoes.
Once the judgment recovery specialist has “taken assignment,” he or she can then perform all the operations they are streamlined for: pulling credit reports, conducting investigations, bringing the debtor back into court for extensive examination, seizing property, putting liens on homes, garnishing wages, and so on. As you can imagine, these methods can be very powerful. If the debtor has assets, it the job of the judgment recovery specialist to locate these assets and seize them.
Judgment recovery is one of the least expensive businesses to start up. If you already have a computer, then the start up costs are little more than purchasing the best Judgment Recovery course you can find, then setting up other parts of your office, and getting access to crucial databases where you can uncover judgments and locate assets of the judgment debtor. Yes, the costs are minimal, but there are up front costs and continuing operation costs.
Because judgment recovery is a simple and relatively inexpensive business to start up, many people believe that they can go into business with almost no cost at all. This is a mistake, as with any business. Also, because there are websites touting the millions and even billions of dollars that can practically be picked off trees, many new people start a business with foolish and unrealistic expectations. They are then in and out of the business very quickly.
Questions: Is judgment recovery an inexpensive business to start? Definitely. Are the court money judgments out there to be collected? Absolutely. Is it “easy pickens?” Hardly. Whatever business you choose will take 1) time, 2) effort, 3) study and 4) growth in your experience. Whether we are cooks or cops, accountants or judgment recovery specialists, we get better as was learn. And much of what we learn is in the doing itself, and through the few good mentoring groups available. You want to make sure you are successful at judgment recovery. Laying the groundwork for your success begins by researching the learning opportunities available to you, and checking each and every one.
There are several judgment recovery courses that offer training and ongoing mentoring. Obviously not all courses are equal. If you are industrious and persevering, then by all means check out the judgment recovery courses available. Call the authors or the managers. See if they are available. Make sure you’re dealing with professionals who actually do the business, and who can offer excellent mentoring support.
Good luck!!
About The Author:
Peter Gilboy show you Step by Step how easy it is to have your own legitimate home based business collecting judgments. To learn how to have "Success as a Judgment Recovery Specialist," visit: http://www.judgmentrecoverycourse.com
March 2006
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