Due to our economic mess, those in the collection business is really hurting, or aren't earning too much money these days. Lone judgment recovery specialists and sole practice contingency collection lawyers are suffering the most. The reason is because enforcing judgments is costly, and each judgment enforcement procedure costs money.
In a bad economy, there is not a way to economize if you are recovering judgments, besides cutting back on recovery procedures; or just accept the very rare judgments, which seem to be really easy.
Recovery companies and contingency collection lawyer companies may be hurting. However, they may try less expensive recovery or recovery procedures. Non-contingency collection lawyers are also hurting, because fewer people are able to pay them or keep paying them; however at least they are paid a retainer and they charge per hour. My articles are my opinions and are not, legal advice. I am a judgment referral expert, and not an attorney. If you ever need legal advice or a strategy to use, you should contact an attorney.
Due to the slide of our economy, judgment debtors are getting poorer. Everything related to judgment recovery depends on the courts and Sheriff; and they're increasing costs, and placing a lower priority on the processing of judgment enforcement-related procedures.
Because of the economy, cash up-front prices offered for judgment purchases are declining to an all-time low; as the value of every judgment relies totally on the judgment debtor's financial circumstance. Sadly, more and more judgment-related web sites are using bullpucky for advertising, marketing untruths like "We buy judgments for fifty percent cash upfront". They never do, and many have never paid more than 10%, even for slam-dunk judgments. Most won't return calls or emails, or make cash offers on judgments sent to them.
Some judgment owners attempt to list a judgment to sell on judgment marketplace web site, largely as a result of them providing judgment creditors with an imaginary hope that someone browsing their web site will purchase their judgment. When a typical judgment gets advertised at above a couple of pennies on the dollar, it's a complete waste of time to list the judgment anyplace.
Every day, more collection agencies and judgment enforcers leave the business, and another contingency attorney gives up their lone practice, and finds employment with a collection agency or with a collection department.
While the economy is declining, many judgment creditors ignore reality, and refuse to believe their judgment is difficult to collect, and they may:
A) Try to find a contingent solution, and shop around until they find the lowest price for a future-payment recovery, and sometimes get what they paid for, or the judgment owner will:
B) Try to locate a judgment buyer who will pay the most for their judgment, and that is a waste of time because the sale price depends just on the judgment, the jurisdiction, and most importantly, the debtor's situation.
It's really difficult to get more than a few pennies on the dollar for an average judgment. For more money, you will need a contingency collection solution. If your debtor has available assets, you don't have to assign your judgment, which is a big advantage if the company or person attempting to enforce your judgment has problems.
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/434800
Article Added on Tuesday, June 18, 2013
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