Can I Use A Collection Agency Or A Judgment Enforcement Company?
You could use a collection agency or a judgment enforcement company to pursue your judgment. The real question is, will you be pleased with the results? The answer almost inevitably is no, you will not be pleased. Both the legal side and the collection agency side of the industry break down into the retail side and the commercial side. The retail side is someone like a friend of mine, who has the largest retail collection agency in the Rocky Mountains, employing over a hundred people. In order to feed that machine, they need to acquire about $50 million a month, at face value, of charge off credit card paper, or other similar product. They will work small accounts, accounts for a few hundred dollars, and they will try to get a realization rate of anywhere from 3% to 7% on that paper. They set up payment programs, and they try to stay out of court. That’s an entirely different product from what I do.
The commercial side is not as regulated as the retail side, in terms of what you can do to collect your funds. It’s much more free going to hunt down your debtor and your debtor’s assets. The typical collection agency or judgment enforcement company is traditionally known for skimming the cream and letting everything else sit. That’s not at all what we do. In fact neither collection agencies or a judgment enforcement company seldom recovers the kind of judgment, both in dollar size and complexity, that we go after, successfully. This is for a variety of reasons, which I will be happy to discuss with you if it pertains to your particular circumstance.
Do You Give Any Guarantees That You Will Be Able To Collect a Judgment?
We do not, nor can any lawyer, guarantee results on any matter that is entrusted to him or her. What we can do with you is step by step, assess your circumstances, what knowledge we have available, and what knowledge we can uncover. Once we have the facts with which to work, we can assess a list of potential assets upon which we seek recovery. With respect to each of those assets, we can discuss the hurdles of securing them, liquidating them, and applying them to your judgment. We can discuss with respect to each of those assets, the cost to do that, the time required to do that, and the most likely impediments or issues that could be raised by the debtor, however misguided, to attempt to slow us down, divert us, exhaust us, or stop us. We go for the low hanging fruit, the assets that have the greatest equity, and the assets that have the greatest value. Oftentimes, we also go for the assets that will cause the most difficulty for the debtor. With you, together we can evaluate the likelihood of success, asset by asset, and together make informed business decisions for your benefit. If you have other questions in your particular circumstance, give me a call.
Disclaimer: This website contains general information about legal matters. The information is not legal advice, and should not be treated as such. Quiat Legal makes no representations or warranties in relation to the information on this website.
For more information on Collection Agencies & Judgment Enforcement Companies, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (303) 471-8560 today.