Most people have dreamed of owning their own home based business. There are endless choices of home-based businesses ideas in the marketplace. It’s hard to choose the right one which will make the most money and have the least overhead costs. Often it’s difficult to come up with the start up capital. The really big franchises require at least $100,000 in assets before you can even apply.
A little known type of home business gaining recognition is called “claims recovery”. Often, when a plaintiff is awarded a judgment in small claims court, the money doesn’t find it’s way to the party to whom the claim was awarded. Your prospective clients are the individuals or small businesses to whom the judgments were awarded. The easy part of small claims court is exhibiting the evidence to get the judge to make a ruling in your favor. The hardest part of this process is collecting the award.
Most people who are the recipients of these judgments just don’t know the proper way to get the defendant to pay. There are many legal methods to seize the owed money but this isn’t common knowledge.
Most of the techniques used to recover judgments are performed through the court system. These methods are: garnishing paychecks, seizing bank accounts, and placing personal property liens on real estate, boats and automobiles.
Working in the claims recovery field, you would offer potential clients your services which would be recovering the claims. Your commission on the amount recovered usually equals 50% (or another agreed upon amount) plus you would subtract the expenses incurred while filing the paperwork.
Where do you locate local judgment holders? This lucrative information is kept on file in the public records at the local courthouse. In many states and counties, courts may list these public records online.
Here are some examples of different types judgments to pursue: your client is owed payments by someone who hasn’t repaid a loan or mortgage, the client is a landlord and their tenant hasn’t paid rent, your client sued a car repair business in small claims court, your client bought a new car and it was defective, your client purchased defective merchandise in a business or store, or your client may be owed back pay from an employer.
There are hundreds, if not thousands of potential clients to whom judgments have been awarded and never collected. To learn more about how to file the necessary court proceedings, there are many courses and books on the subject.