If you’re into litigation and have a judgment that’s not being paid, an asset search may be the start to finding the solution. An asset is anything of value that is owned and can be turned into cash. An asset search is the research, analysis, and documentation of various types of records to determine the assets owned by an individual, group of individuals, or organization. The goal of the asset search is to determine the true wealth position of the debtor and use that information of valuable assets for garnishment or seizure.
What does an asset search reveal?
There are a wide variety of assets that can be searched and it takes great skill to find valuable information in a set of data. Each class of assets requires a specific search process. An asset search not only reveals assets but can also find assets that have changed classes potentially poised to be hidden. Most asset recovery companies will look to reveal these core assets:
- Bank account records
- Real estate deeds and property ownership
- Vehicle & vessel ownership
- Corporate ownership
- Intellectual property
- Accounts receivable
How will an asset search help your case?
Conducting an asset search for pre-litigation helps to identify the assets available and the likelihood of recovery. Similarly, an asset search can tell you if the debtor even has enough assets available to pay the judgment and if it’s worth it to proceed. If there are assets available, an asset search will tell you about any current litigations. You may not be the only person attempting to collect a judgment from the debtor. If you’re not, you’ll have to wait until that case is closed. Lastly, the asset search is important post-judgment because it provides a snapshot of what assets the debtor had prior to the lawsuit. This way, they can’t claim to not have any assets since you’ll already have the proof.
Why hire a private investigator for asset searching?
Asset searching is a tedious and very detail-oriented process due to the importance of the authenticity and validity of the search. Hiring a private investigator to assist you in an asset search can be very beneficial for you, your case, and for your legal team. Private investigators, like lawyers, have specific areas of practice. A private investigator specializing in asset searching will help you make sense of the asset documentation and can help you get an authentic and accurate picture of your debtor’s assets.
An asset search is a very valuable tool and should be conducted very carefully to ensure complete accuracy. If you have a judgment that is unpaid, an asset search may be beneficial to collect the unpaid funds. Ready to get started? Active Intel is a licensed investigative agency with one focus being asset search and asset recovery. Get started today with a private investigator or try our do-it-yourself option to perform our own asset search with the assistance of a private investigator.