The Expert Podcast

If you have a judgment, should you run an asset search? This is a very common question we get at our agency. As a licensed private investigator, we receive many inquiries from people who have a judgment against a third party and want to know if an asset search will help them collect. This is a common concern. The first step is deciding whether you want to run an asset search, and many factors go into that decision. We’ll discuss the pros and cons of running an asset search versus not running one. That should be your first decision—how you will proceed with your judgment.

One of the first disadvantages of running an asset search is the cost. It will cost you money, and depending on the nature of your judgment, the amount involved, and how strongly you feel about collecting it, you might decide not to spend more money on it. You may think, “I don’t want to throw good money after bad.” That is the first con—having to spend money to get an asset search done.

Now, here’s the first pro. You could actually run an asset search yourself. An asset search is simply a research project that involves looking at certain records, documents, and activities to determine the holdings of the judgment debtor. This includes what they have in the bank, real estate, vehicles, and other assets. You can research all of these things. There aren’t many hard costs associated with an asset search—perhaps a few hundred dollars in fees for records. Most of the expense comes in the form of time.

A typical asset search takes about 20+ hours of research. That’s the average when our investigators do it. However, you could do the same thing yourself. Our website, ActiveIntel.com (see the link below), provides basic instructions on how to conduct an asset search. You can also schedule a live, one-on-one video consultation with an investigator like me for more guidance. The first advantage of doing an asset search yourself is that you don’t have to spend extra money—you only invest your time.

Deciding to conduct an asset search also involves ensuring you do it legally. Every state has privacy laws regarding obtaining records and personal information. More importantly, federal laws, including the Graham-Leach-Bliley (GLB) Act, regulate how private records can be obtained. You must do it the right way. You can usually obtain whatever records you need as long as you’re not breaking the law—no hacking, identity theft, or illegal activities. If you follow legal methods, you should be in good shape.

If you hire someone to conduct an asset search, ensure they comply with the GLB Act and do not violate privacy laws. Even if someone else performs the search for you, if they obtain records illegally on your behalf, you could also be held accountable. Remember, we are not attorneys and do not provide legal advice. We simply share what we observe as investigators in the field of asset searches.

Most of our work is for attorneys, so we see how they handle these cases and how they avoid legal trouble. One major advantage of conducting an asset search when you have a judgment is that it provides a financial snapshot of the debtor. If, a few years later, they claim to have no money, you can refer back to your initial findings. If they had assets before but now claim they don’t, you might uncover fraudulent transfers or hidden assets. This information can help in recovery efforts, such as obtaining a writ of garnishment.

If you have a judgment against someone, it means you have a legally recognized financial claim. You’ve won your case, and you are entitled to collect. Conducting an asset search helps you locate the debtor’s assets and attach your judgment to them.

If you have more questions about judgments or asset searches, click the link below to schedule a consultation with an investigator. We’d be happy to assist you. Thank you for watching!

Remember, you can access live, one-on-one consultations with licensed professionals, including private investigators, commercial insurance brokers, certified real estate title examiners, and civil court mediators. If you need expert guidance in any of these fields—or even from a licensed general contractor—visit ActualHuman.com to schedule a session. You’ll receive personal, undivided attention from an expert who can answer your questions and provide valuable information about your situation. We’d be happy to help.