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A court recovery specialist is a person who specializes in collecting statutory damages after a court has issued a payment order. The court issues the order but does not take responsibility for its execution, leaving the plaintiff in one case the task of collecting the money. This can be challenging and some people may prefer to go to someone who specializes in this profession to get the money. In some regions, you may need a license to work in this area.
The bankruptcy recovery specialist has access to a number of tools to track down creditors and force them to pay. These experts can search legal databases for address and employment changes to locate someone, and can take steps such as filing liens against property and taking debtors to court to recover money, along with any interest. While individual creditors can also do this, the Judgment Recovery Specialist has the advantage of having experience in this area and being familiar with all of the options for recovering debts.
Typically, the creditor assigns an interest in the debt to the bankruptcy specialist. Some companies can pay in advance, which allows people to convert a court order into cash, making the specialist the new creditor. In other cases, the company accepts payment at a later date, committing to deliver part of the recovered funds in the event of success. People who are self-employed as crash recovery specialists are often reluctant to pay up front because they want to keep costs low.
In addition to tracking down debtors, this job may also include looking for creditors. People can monitor court records for pending judgments and reach out to people who have been unable to recover funds from their debtors. Depending on the jurisdiction, the judgment can last up to 10 years and creditors may be willing to forfeit their interest to settle the matter after several years without collection.
When people meet with a crash recovery specialist, it’s wise to carefully review the terms of the contract. Once people assign their interest on a debt to another party, the process is not reversible. Individuals should consider what might happen if the expert recovers only part of the money, and also determine the percentage of the judgment, including interest, that the expert will retain. It may be a good idea to make one last attempt to collect the money before you hand over the debt.