So after months of a protracted court battle, you have obtained a collection judgment for your client. You have sent a written discovery and followed the debt collection process.
You’ve basically played by the book. But there is a problem: there is nothing to collect upon. And you are pretty sure the debtor is hiding assets.
A mischievous debtor is every collector’s nightmare. Fortunately, there are simple tricks you can use to locate hidden assets and fulfill your mission. Here are some of these tricks:
Ask the right questions and look in the right places
It is crucial that you widen your search efforts to include every possible option for locating the debtor’s assets. From asset reports to private investigators to search engines, be sure to start by prioritizing the debt recovery tools at your disposal.
Asset reports, for instance, can help you get a listing of the debtor’s assets that are captured in the public record. These can include vehicles, real estate and other assets that are in the debtor’s name.
Sometimes, a simple Google search can yield the debtor’s name alongside a myriad of useful information regarding their assets. For instance, a finding could reveal a debtor’s recently acquired assets, employment information as well as recent funding opportunities.
Make social media your friend
These days, pretty much everyone has a social media presence. And with people living and sharing most of their lifestyles online, locating potentially hidden assets can be a lot easier than you think.
From Facebook and Instagram posts and photos, you can learn more about the debtor’s assets and spending activities as well as their close associates. LinkedIn too can be an invaluable resource for learning about their job and network. But, you may need to keep in mind the regulations set forth by Florida statutes when using social media to trace hidden assets.
Debt collection can pose considerable challenges for creditors and collectors alike. You may need to know how you can protect your rights and interests while tracing hidden assets and enforcing a collection judgment.