When you have a business that deals with mortgage and money issues, you might need to do a lot of work regarding that type of situation – dealing with money, and dealing with mortgage issues, so that you understand the various types of work that you will be doing. Working in judgment recovery is the same way. As a judgment recovery business owner, you are going to be dealing with judgments that revolve around paying money. Civil judgments are handed down in courts, and these judgments require the defendants to repay the debts that they were judged for. No matter what the court case was about, or what the outcome was, when anyone involved in the case is required to pay a settlement, pay the other defendants, or pay the state, that money must be obtained. The defendant can obtain it in any way, mortgage their house, borrow money, use credit cards, but they must pay back what they owe. However, even though they are legally obligated to pay back what they owe, it is estimated that this simply doesn't happen a lot of the time. Many times, these judgments go unpaid because the defendant is unwilling or unable to pay the money back. Judgment recovery businesses are businesses that help people get the money that is owed to them through court cases and through other reasons.
As a judgment recovery business owner, you might spend your day doing various things. Most of the time, the biggest thing you will do during the day is work on new claims that you will try to get collected. You'll do this by looking at public records, and seeing which claims have not been fulfilled. Then, you would figure out how to contact the people who have not had their claims fulfilled – either online, or through the telephone, or sometimes in person. You would need to contact them, and get them to sign a contract that would give over the judgment to your recovery business. As your own compensation, the contract would allow you to get a certain percentage of the money that is brought in.
A business owner who has a judgment claims business will then work on contacting the debtor, either by looking at their credit report, looking for job applications, or finding other ways to get their address and phone number. Then, the next step for you is going to be making sure that you get paid. You'll do this by working with the debtor or by working with a bank in order to get the property seized. Because the debt has been signed over to the business, the business owner has all of the rights that are affronted to someone who has had a judgment passed on them.
As this type of business owner, you will probably spend your work day dealing with several different cases that are at different points along the way. This is important because it will require you to be able to work with the way that the money is received, in order to get paid back.
