Commercial Collections Blog

Tips For Collecting on Judgments

First, bank on the future by creating liens. An important step in any collection plan is to establish liens (legal claims) against the judgment debtor’s real estate and business property. Liens put you in the best position to get paid if the debtor declares bankruptcy or acquires, sells, refinances or transfers property.
Second, do your homework. The more you know about the business or person who owes you money, the more likely you are to get paid. So here’s your opportunity to be a private detective of sorts, and keep tabs on the debtor’s assets, lifestyle and projected financial situation.
Here’s a little test. Would you know if the debtor moved, expanded or sold a business, or refinanced real estate? Do you know whether or not the debtor cares about their credit rating? Do you know what could pressure the debtor into bankruptcy? If you can’t answer yes to every one of these questions, you’ve got work to do. Periodically write or telephone the person who owes you money.
And third, know when to call it quits. You’ve heard the warning, “Don’t throw good money after bad”. There is much you can do to collect on a judgment, but these efforts cost money. And although most judgment collection costs are recoverable, that won’t do you any good if you never catch up with the judgment debtor. So keep a sharp eye on how much you are spending on your attempts to collect accounts receivables.


Debt Collection News

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    March 19, 2018
    The debts already included the $150 water deposit activation fee charged by the town. Every year, the town writes off its 10-year-old unpaid accounts. Grifton attempts to collect these debts by using Tekcollect, a debt collection agency, to track down account owners and retrieve the funds for unpaid bills.
  • IRS releases its 'Dirty Dozen' tax scams

    March 19, 2018
    The scam artists then pose as the IRS, debt collection agency officials, or law enforcement, to call attention to the error and ask taxpayers to return the money to them. Phone Scams: Since October 2013, the Treasury Inspector General for Tax Administration (TIGTA) reports over 12,716 victims have ...
  • Financial Focus: Tax Season Equals Tax Scammers

    March 19, 2018
    Financial Focus: Tax Season Equals Tax Scammers ... Then the scammers call you, posing as a debt collection agency to tell you the money was deposited in error and tell you to forward the money to their “collection ... As an identity theft sidenote, you should have your credit card report checked.