How To Stop A Judgment Collection Business

The economic mess (or sometimes the laws in certain states) have discouraged many judgment enforcers. Many have closed down and ended their judgment business. Unfortunately, some did not closed down their business correctly. You should take care when closing a judgment recovery business, and to attempt to make the most of it.

Part of most decisions to end a judgment business is the amount of time and money gets spent by failing to making progress on enforcing judgments, and dealing with Original Judgment Creditors (OJCs) asking you how come you aren't making progress. As flustered as you might get, when quitting a judgment recovery business, one has to return every judgment by re-assigning them back to the OJCs.

If you recovered something on the judgment, pay your OJC their share at the same time that you assign it back. What do you do if you are short of money and cannot afford to pay one or more OJCs their fair share of what was collected? There is not a easy or good answer for this type of situation, and one shouldn't flake out on this problem.

When you're short on money, maybe send your OJC what you can, and your IOU for the rest, and pay the OJC when you are able. In my opinion it is best to re-assign their judgment and owe your OJC something, than to avoid return the judgment and owe the OJC something.

What if you paid money attempting to enforce their judgment, can you ask to be paid back prior to returning the judgment? In my opinion, you should ask your OJC politely, to be compensated for anything you spent with lasting value, as an example affidavits of identity, recording liens, judgment renewals, getting a judgment debtor examination served (in states where that creates a personal property lien), etc.

Unless your purchase contract specifies that you'll will be compensated for the costs, I do not recommend insisting strongly on being repaid, especially when the costs which do not give the OJC a residual value. Of course, every judgment, situation, OJC, and enforcer is different. If you paid money attempting to recover their judgment, perhaps ask to get repaid. Consider reaching a compromise when appropriate.

When you change email addresses, addresses, or phone numbers, make sure to let the OJCs know. Running away from your obligations is not a good idea, it is better to try to solve your problem by assigning back the judgments.

Even when you receive too many emails and calls from angry OJCs, tell each of them all the same facts: You are winding down your judgment business and you are going to assign back their judgment soon, and to please be patient.

If they react badly, tell them you are doing the best you can, and you'll return their judgment soon, and provide them a time estimate. Your estimate should be twice as long as you think it will take you to get done.

Each judgment needs to be individually assigned back to the OJCs. All assignments must be notarized, and you can't notarize your own documents.

After you mail out a returned judgment, email or call the OJC, and tell them you mailed their assignment back to them. When you are ablen, it's best to first get the assignments court stamped to prevent complications for you, and hassles for the OJCs.

Take your time, assigning back judgments requires thinking about the situation related to each judgment. One idea is to return judgments in small groups, perhaps 10 judgments at a time. After the factors are considered, bring all 10 to the notary, and perhaps then have the court to endorse the ten assignments of judgments.

When you write, call, or email the OJC, you could also refer them to a judgment referral company that will find an expert to enforce their judgment. You might get paid referral fees fee for this, putting a positive side to shutting down your business.

Assuming it is not expensive to keep your web site up, even if you exit the judgment business, you might want to leave it up (perhaps taking your phone number off, or getting a Google Voice phone number to record messages) and forward the judgment leads to a judgment broker who will pay you for the leads.

http://www.JudgmentBuy.com - Judgment Enforcement. Referring Judgments Nationwide. The easiest, fastest, and best way to be the most money for a judgment. Mark D. Shapiro, an expert on judgments. I pay for leads, and offer the best quality free judgment referral leads for enforcers, collection agencies, and contingency collection attorneys.

Related Articles - quitting the judgment business, exiting the judgment business, leaving the judgment business, closing a judgment business,

Email this Article to a Friend! Receive Articles like this one direct to your email box! Subscribe for free today!