Skip Tracing Can Be Profitable
December 21st, 2008 by jaggerstoneSkip tracing is the art of locating people or in some cases, assets, addresses, bank accounts of judgment debtors - people that owe money that has been awarded to a creditor in civil court. Judgment recovery is a business unto itself which involves manyskip tracing attributes. There are almost $230 billion in uncollected judgments on the books within the civil court system. It is estimated that as much as 80% of these judgments will go uncollected because individual judgment creditors either can’t locate the debtor or their assets.
Skip tracing tactics are invaluable in the judgment recovery field. Locating the place of employment of a debtor will all wage garnishments to be put in place to collect monies owed for every pay period of the debtor. Bank levies can be placed on bank accounts to collect the balance on hand once the bank receives a bank levy paid directly to the creditor. Liens can be placed on property owned by the debtor and the money collected once the property is sold or in some instances, debtors can be forced to sell the property in order to satisfy the court awarded judgment in full. Skip tracing skills are an invaluable source to utilize in the debt collection industry.