With our present economy, it is more difficult than ever to earn enough money in the judgment recovery business. Of course, it is also a lot more difficult to make a living in most businesses in these tough times.
The most common way to make income in a judgment recovery business is to purchase judgments for cash upfront, or on a future-payment basis; and then enforce the judgments. This article discusses additional (and related) ways for people in a judgment recovery business to create more cash flow.
This article is my opinion and is not, legal advice. I am a judgment evaluation expert, and not an attorney. When you ever need legal advice or a strategy to use, please retain an attorney. Every company depends on the quantity and quality of the work you get done. Here is a list of other choices, for people in the judgment recovery business, to possibly create alternate sources of income:
The popular judgment business model obvious; you purchase judgments for cash upfront, or with a future pay basis; and later attempt to enforce them yourself. Another spin on this, is to retain a lawyer to recover them, or outsource some judgments to a collection agency.
The next potential cash flow stream is to find judgment leads, check out the creditors; and then refer the judgments to a judgment broker, who will pay you when the judgment is later collected. A benefit of referring judgment leads to a judgment broker, is they take any type of potentially recoverable judgment lead, worldwide.
The next potential income stream is to purchase judgments outright, with the goal of settling them quickly at a deep discount, or working out a payment plan. This eliminates the expenses and hassles of conventional enforcement procedures. The goal is to make less income on every judgment, with a lot less work, and be paid a lot quicker, and then go on to another judgment.
Purchasing judgments for cash upfront is usually not easy, as most judgment owners dramatically overestimate the cash upfront value of their judgments. It's worth spending a bit more than a judgment is actually worth; to avoid having to deal with the original judgment creditor in the future, as is often the situation in a contingency future-payment purchase.
The next cash flow path to consider, is to learn to be a registered process server. In certain states, that is very easy to qualify for, while other states make it more difficult to become a process server. Although you cannot serve legal paperwork that you're a party to, you may serve papers for other people. The really time consuming and potentially riskier part of process serving is serving witnesses, defendants, and debtors. The more paperwork intensive, yet more predictable process serving jobs are employer and bank levies. Becoming a process server gets you access to more database vendors, exposes one to additional judgment situations, and may lead to extra income.
An possible cash flow business is to become a legal document preparer (also known as a legal document assistant). Doing this, you don't offer any legal advice, but you may help people fill out the court's or the sheriff's legal documents.
Additional choices are becoming a court researcher or a court runner. If you are close to your County Recorder or Secretary Of State, one could begin a company offering to go to the clerk window there and pulling records or filing paperwork, for those who are not close to such offices. None of these options are easy income, however all of these have the potentially to add more cash flow.
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Get your judgment recovered: http://www.JudgmentBuy.com - Judgment Recovery. The easiest and fastest way to start recovering enforceable judgments. (Mark D. Shapiro 408-840-4610) Free, no obligation judgment evaluations.
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