How to Start a Judgment Recovery Business

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How to Start a Judgment Recovery Business Business Overview:

If you’re looking for a highly lucrative but largely untapped business opportunity, you should learn how to start a judgment recovery business. Every day civil judgments are being awarded in courts all over the world, but what many people don’t realize is that 80% of all judgments awarded in courts are never paid. What this means is that when one person (the plaintiff) sues another person (the defendant) in a small claims court, and wins the case, 80% of the time they never receive the money awarded. The reason this happens is because courts cannot collect the money for the judgment winners; the collection of the money awarded is actually up to the judgment winners themselves. Many powerful enforcement tools are available to the winner to help them collect their winnings, yet most judgment winners do not know how about them. Therefore with no pressure to pay up from the courts, the defendants, in 80% of the cases, are able to walk away without ever paying the judgment. With a judgment recovery business you help judgment winners to collect the debt that is rightfully theirs by utilizing the various collection methods available. In most countries the defendants’ wages can be garnished, property can be taken and sold, bank accounts can be frozen and turned over, drivers’ licenses can be suspended, and much more. With this business you will make full use of the array of enforcement tools available to help your clients to get their money. Having done so, you then charge your client a percentage of the money won. The percentage charged by judgment recovery specialists varies, but successfully retrieving an awarded $6,000 USD for your client could easily earn your business as much as 50% ($3,000). Therefore you can potentially make huge profits if you target higher-end clients seeking to retrieve big money awards. Indeed, the profit making potential behind this business idea is truly huge because judgment recovery is a largely untapped service. Despite recent figures showing that $200 billion USD (including $41 billion USD in uncollected child support payments) is owed in the USA alone, judgment recovery is a fairly low-competition business. Many entrepreneurs haven’t yet realized or tapped into the potentially massive opportunity presented by the mass of unpaid debt that is currently left outstanding. Therefore, if you start this business it is unlikely that you will face much competition, at least locally. What’s more, you can easily run this business from the comfort of your own home, and you can do so safely and with peace of mind because the actual garnishing of money from defendants will be done for you by local sheriffs or levying officers. You will contact these authorities and utilize them for your client to help them obtain their winnings, but you won’t have to personally confront defendants in order to do so. So if you’re looking for a lucrative and freedom-enhancing business opportunity, this could well be the business for you.

A Day in the Life of a Judgment Recovery Business Owner:

This article brought to you by Business Ideas! If you enjoyed this article, make sure to subscribe to the Business Ideas Newsletter to get ideas sent straight to your email inbox.As a judgment recovery business owner, your day will begin with a check of your schedule to review which cases you have to work on today. You will then set out to recover the debt owed by the defendant to your clients. To do this you will make use of one of more of the various methods available to you. For example, you can have defendants warned that their wages may be garnished, that their property can be taken and sold, that bank accounts can be frozen and turned over, and that their driver’s license can be suspended (among other possible measures). If such warnings were to prove ineffective, you would set about actually enforcing these measures in order to obtain the owed money. While you will be taking action to retrieve money for judgment winners from defendants, it is important to know that you will never have to personally confront defendants. Instead, you will be contacting the local sheriff’s departments, or levying officers, and they will do all the garnishing for you. Having successfully collected the money on behalf of your client, you will then charge your client a percentage of the money won.

About Your Customers:

Your customers will be individuals who have won lawsuits, but have been unable to collect the money owed to them by defendants.

What You Need to Start:

  • Training in judgment recovery (courses are available locally in most places)
  • Access to a local courthouse so that you can go through civil records for a list of potential clients
  • Access to public records databases to help you locate and assess a debtor’s assets
  • Accounting software
  • Business license

The Good:

  • You’ll be helping judgment winners to retrieve money that is rightfully theirs.
  • There’s a huge market of potential clients for this business—80% of all judgments awarded in courts are never paid.
  • Despite the huge market, this business is relatively uncompetitive.
  • Due to the huge market and relative lack of competition, you can potentially make huge profits if you target the right types of clients.
  • You can start this business at a low cost.
  • You can start and run this business from the comfort of your own home.

The Bad:

  • Starting a judgment recovery business will require you to invest in training in judgment recovery methods and procedures.
  • You will need to be very proactive with your marketing, as many potential clients won’t know that judgment recovery services even exist.

Resources:




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