Our economy (and occasionally laws in some states) have demoralized many judgment recovery specialist. Some have closed down and stopped their judgment recovery business. Unfortunately, some did not ended their business properly. You should be careful when ending a judgment recovery business, and to try to make the most of the situation.
Part of most decisions to end a judgment business is the amount of money and time is used up by not making enough progress with enforcing judgments, and listening to Original Judgment Creditors (OJCs) asking you how come you aren't recovering some money. As flustered as one might get, when ending a judgment business, one must return all the judgments by assigning them back to your OJCs.
When you recover some money on a judgment, pay the OJC their share at the same time that you assign it back. What do you do if you're running low on funds and can't afford to pay the OJCs their portion of what was recovered? There is not a simple or easy solution for this kind of problem, however one should not flake out on this problem.
If you are low on funds, maybe pay the OJC something, and your IOU for the rest, and pay the OJC as you can. In my opinion it is better to re-assign the judgment and owe the OJC something, than to avoid return the judgment and owe the OJC money.
What if you paid money attempting to recover their judgment, could you request to be repaid prior to assigning back the judgment? My advice is to ask your OJC politely, to be compensated for anything you paid with residual value, as an example affidavits of identity, recording liens, judgment renewals, getting a judgment debtor examination served (in states where that creates a lien), etc.
Unless your purchase contract specifies that you will be repaid for the costs, I would not recommend insisting strongly on getting paid back, particularly when the expenses that don't provide the OJC a lasting value. Of course, each judgment, OJC, situation, and enforcer is different. If you paid money attempting to recover their judgment, perhaps ask to be repaid. Consider compromising when appropriate.
When you change email addresses, addresses, or phone numbers, make sure to let people know. Hiding from your business is a bad idea, it's best to try on solving your problems by returning the judgments.
Even if you get too many calls and emails from angry OJCs, tell each of them all the same thing: You're closing down your business and you're going to return their judgment soon, and to please be patient.
If the OJCs respond badly, tell them you are doing the best you can, and you will return the judgment soon, and give them a time estimate. Your estimate should be twice as long as you think it will take you to accomplish.
Each judgment needs to be individually assigned back to the OJCs. All assignments has to be notarized, and you cannot notarize your own documents.
When you mail back each returned judgment, call or email the OJC, and let them know you mailed the assignment back to them. If you can, it is best to first have the assignments court stamped to prevent complications for you, and hassles for the OJCs.
Don't hurry this, assigning back judgments requires thinking about the factors involving each judgment. One idea is to return them in small groups, perhaps 10 judgments at a time. After the details are considered, bring all ten to the notary, and perhaps then have the court to endorse the ten assignments of judgments.
When you call, write, or email your OJC, you could also refer them to a judgment broker that will find a recovery expert to enforce their judgment. You might be paid referral fees fee for this, putting a positive side to closing your judgment business.
Presuming it's not expensive to keep your web site running, even if you leave the judgment business, you should leave it running (perhaps removing your phone number, or getting a Google Voice phone number to record messages) and forward the judgment leads to a judgment referral company who will pay you for the leads.
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