Asset Information and its importance in Judgment Collection
Information has always been valuable; however, in a digital age Information has become the most valuable commodity. Social media has made our personal data it's stock and trade and nothing could be more relevant in Judgment Enforcement. Two-thirds of judgments are never collected on meaning that there is so much money left out there on the table.
Information is the most valuable indicator of the collectability of a judgment. Information also plays a crucial role in Mediation. If an attorney knows the complete picture of a person or business' financial situation the likelihood that they will get a larger settlement offer becomes self-evident. Assets can be a tool to understanding the financial health of a business and can also be useful in forensic accounting as well. Information has the power to shed light on any situation to allow people in the legal community to make better dissections on whether to take a case or not.
Information also has the ability to allow us to make better decisions rather than learn from our mistakes. If an individual was going to sue a company for an illegal act, but did not know that the company was about to go under, then a victory in court would mean nothing as the company would more likely be dissolved leaving the Plaintiff with no money. Furthermore, a lot of time and money would have been saved if the Plaintiff decided to never take it to court in the first place. This is a perfect example of knowing the road in front of you, and asset information can be that guiding light for any individual or firm. If a company has massive tax liens and has declared bankruptcy several times in the past, it may be better not to take on a case against such a company.
In terms of Judgment collection, asset information could not be more valuable The court system leaves it up to the individual to collect on his or her own judgment while the court merely acts upon verifiable information that is obtained by the Plaintiff to collect on said judgment. This type of knowledge can lead to the collection of a judgment through exercising court and sheriff resources.
To give an example, an individual may sue a person for a bad car accident on a California Highway. This person may win in court; however, the Defendant may not pay on the judgment. What option does the Plaintiff have in this case? A good asset report would show how much are in the judgment debtors bank accounts and provide information on how to enact a levy.
Secondly, a good asset Report would show the Defendants Driver’s license number. Why is this important? In the state of California, a Judgement Creditor can suspend the Driver’s License of the Defendant if the judgment is not paid on.
Other examples of a good asset report would include other judgments, liens, bankruptcies, real property, valuable items, cars, planes and watercraft.
Our reports show not only all the valuable information that gets your judgment paid, but it shows you how to do use that information. Our reports also give you links to all the necessary forms to use that information. Thirdly, our reports show links to Sheriff’s forms that you can use to put that information into action.
The first step in California is to file a Writ of Execution. Subsequently, you may want to perform a bank levy based upon information obtained through our report. Our reports have links to all the necessary documents to perform such a levy. Please visit our website for more information.
In conclusion, Information has become one of the most valuable commodities in the twenty-first century. Our personal data has become the new gold rush of the modern age and more laws are being set in place to secure our data, however there are always new mousetraps. Please visit our website to see the other services we offer.