How to Use Asset Searches to Recover Judgments and Debts

Are you looking to collect on a judgment or debt? If you are owed a debt or have won a judgment against a debtor, it can be a frustrating experience to try to collect the money owed to you. One highly effective tool that you can use to recover judgments and debts is an asset search. Conducting an asset search on your debtor helps you identify their assets and enables you to enforce a writ of garnishment to recover funds.

Tips for using an asset search to recover a judgment:

Define the scope of the search

The first step to conducting an asset search is defining asset classes to search for. The scope of the search will depend on the type of judgment and the nature of the debt. For instance, if you have a judgment for a significant sum of money, you may want to focus on high-value assets such as real estate, investments, or bank accounts. If you have a judgment against a business, you may want to search for business assets like inventory, equipment, and accounts receivable.

Use public records

Public records are one of the most effective tools for an asset search. Like it says in the name, these records are available to the public but may include a small fee. You can start by searching property records, corporate filings, and court records. These records provide vital information on the debtor’s assets, such as real estate holdings, bank accounts, and business ownership. Public records are typically available at the county level, while some states will provide a state-wide database.

Hire a private investigator

If you don’t have the expertise or time to conduct an asset search independently, you can hire a private investigator specializing in asset searches. These investigators specialize in finding assets and can provide you with a comprehensive report on the debtor’s assets. Working with a professional ensures you get the most accurate and up-to-date information about the debtor’s assets. Additionally, private investigators must be licensed by the state so their testimony and evidence can hold significant value in a court of law.

Be persistent

Recovering a debt through asset searches can be lengthy, and it may take time to locate all of the debtor’s assets. However, you can recover the debt and satisfy the judgment with persistence and the right legal strategies. It is essential to keep searching for assets and use every legal means until the debt is fully repaid. No one else will enforce your judgment for you; it’s important to take the matter into your own hands.

In summary, an asset search is an effective tool for recovering judgments and debts. By defining the scope of the search, using public records or hiring a private investigator, and being persistent, you can recover the money owed to you by a debtor. Remember to work with a lawyer when taking legal action to ensure you collect the debt legally and ethically. Finally, stay persistent until the debt is fully paid and all legal requirements are met. This article is not legal advice; if you need legal advice, contact a qualified attorney licensed to practice in your area.