Our nationwide litigation support and judgment recovery platform was created to provide cost containment to law firms when it comes time to take remedial actions to collect a judgment. We conduct the due diligence on the claim and look to share in a percentage of the proceeds upon a positive outcome. This provides law firms the flexibility to offer their services on an hourly fee or switch to a contingency fee when the case looks questionable as to achieving a positive outcome.
There are a lot of “ifs” when it comes to collecting on judgment claims. There is no guarantee we can or will collect your judgment but here is how we go about the process of collecting and enforcing the judgments that are otherwise sitting idle. Below is an outline of our Four (4) Stage Platform.
Stage I: Free Preliminary, No Obligation, Case Evaluation
We review the case to determine if the company or the debtor is still operating as a going concern, confirm the current address and location of the debtor, telephone number, cell number and any information that will allow us to establish an expectation of a positive outcome. If we determine a positive outcome is not a plausible expectation we will make our findings known.
Stage 2: Amicable Collection
From time to time voluntary cooperation from the debtor to pay and satisfy the judgment without any enforcement actions can be accomplished. Any money recovered in Stage 2 will be subject to a contingency fee of 25% to 33.3% on claims under $100,000.00, claims over $100.000.00 fees are negotiable. These fees are based on a lump sum payment. Any recoveries made by way of an approved payment plan over time are subject to higher fees. Stage 2 will usually last no more than thirty days (30). If a positive outcome is not achieved the client can at their option proceed to Stage 3. Most clients skip stage 2.
Stage 3: Comprehensive Case Evaluation
There is a cost for the CCE and it will be presented separately for your consideration and approval. As a guide expect the cost to be in the range of $250.00 to $500.00 We conduct a comprehensive claim review and investigation from our central operations in Omaha, Nebraska. We work in collaboration with skilled and experienced correspondents and investigators. The searches will look for Real Estate holdings , Banking relationships, Employment, Personal Property, Financial Status and overall credit worthiness. We will also conduct field calls and site inspections. We are looking for the key elements of information that will allow us to achieve a positive outcome. We present our findings along with a call to action and a contingency fee for your consideration.
Stage 4. Seeking Further Assistance of the Courts
* No legal actions or post judgment remedies will be taken without the express consent and written authorization of the client.
With our findings in Stage 1 & 2, it will be possible to proceed with a vigorous and robust enforcement actions to seize, attach and sell property, garnish bank accounts and garnish wages (if we can confirm place of employment), file orders for debtor examinations and post judgment discovery.
The contingency fee for any recoveries in Stage 4 is to be negotiated and determined in advance. In addition the creditor/client is responsible for and agrees to pay all costs required to carry out post judgment remedies along with a litigation administration fee. Court cost and litigation administration fees vary state to state. These costs and fees will be itemized and presented to your offices for approval.
Again,* No legal actions or post judgment remedies will be taken without the express consent and written authorization of your offices or the client.
Collecting commercial debts is all about setting achievable goals and attaining quality outcomes with measurable results.Michael T. David