Asset Recovery Strategies
In any venture there will be circumstances where ligation is inevitable. When it comes to collecting on defaulted debt you are owed; there are some practices to systematize for good measure. If in the pursuit of a judgment, it is paramount to file the judgment lien certificate with the secretary of state as to ensure you are getting paid upon any sale of real property the debtor may have in that state. When it comes to personal assets it is important to run a cost analysis if their property has enough value as to offset the cost of working with the Sheriffs department and their specific fees for storage of the property. Garnishment of wages is an effective strategy to not only get that residual back but also instill in the debtor that you have the teeth to collect which will help with any settlement procedures. A mistake we come across from time to time is the debtor may have filed as a sole prop and is only doing a DBA in which case all those "business" assets can be collected on through subpoenas of accounts receivable and even so far as to take the cash right out of the register. Remember, when dealing with defaulted debt the goal is to be very aggressive in pursuits to ensure the debtor pays. Developing an effective workout strategy when it comes to acquiring notes is important for scaling purposes which is why it is important to bring in a company who knows how to build positive relationships with the clients to keep those monthly checks coming in.