When Judgment Enforcers find workable leads, they make sure they can find the debtor, then contact the original judgment creditor to purchase the judgment. Once a judgment has been purchased, the enforcer can begin to enforce the judgment on their own behalf.
Ideally a Judgment Enforcer wants judgments where the debtor and their assets are close to them. This is because when the debtor is close, it’s faster and cheaper to recover a judgment.
One way to find local judgments is to go to the local court house to look for them. It takes a lot of time to look at the records and screen out the cases that won’t work out. All too often, one cannot find either the debtor or the original judgment creditor. If either cannot be found, the judgment cannot be enforced.
Generally the best way to find local judgments is to get them from a judgment broker. Judgment brokers usually charge a small percentage of the net profit from enforcing a judgment. You pay nothing unless you have a profitable enforcement.
With leads from a judgment broker, the Judgment Enforcer gets the lion’s share of the net profits without having to share ownership and most of the net profit of the judgment with another Judgment Enforcer.
Another advantage of using a judgment broker is that Judgment Enforcers can refer judgments they do not want to enforce. This lets them receive a percentage of the profits without enforcing the judgment.
By referring and obtaining judgment leads from a judgment broker, a Judgment Enforcer can get two different streams of income coming to them at the same time.
The concept of a judgment broker is new, but it is catching on very quickly as it is good for the judgment recovery business.
Judgment Cooperative Partners
Another tool in a Judgment Enforcer’s toolbox is called a judgment coop. On a judgment coop, the Judgment Enforcer (closer to the debtor) takes an assignment from another Judgment Enforcer, with both enforcers sharing a percentage of any net profits.
The way judgment coops work are that only the person who owns a judgment has a right to enforce it or dig into a debtor’s private records to find assets.
The second Judgment Enforcer to take assignment is located close to the debtor. Often the second Judgment Enforcer domesticates the judgment to the state the debtor is currently in.
Once the assets of the debtor are seized to satisfy the judgment, ownership of the judgment is sometimes returned to either the first Judgment Enforcer, or the Original Judgment Creditor.
In a judgment cooperative there are no provisions for referring judgments to their cooperative partner, nor is there be a reason for doing so. Oddly enough, some Judgment Enforcers have heard that more than one state bar associates consider coops to be close to the unauthorized practice of law, however coops remain very popular.
Mark D. Shapiro – Judgment Enforcement Catalyst. http://www.JudgmentBuy.com – is a must-visit, for everyone involved with Judgments.
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