Asset search and skip tracing is very important and there are several companies coming up with such services. This service is entirely legal though done covertly implementing different methods, techniques, tools and resources. The companies that provide such services are specialised in this field and have contacts at high levels to extract the bank details of a deceased or an absconding person even. It is a usual misconception that people have in mind that any verdict or judgement passed will automatically force the banks to disclose information. Well, the truth is far from that.
The State Laws:
It is the law of the state that governs the enforcement of the judgement issued and every Asset Search company providing Skip Tracing Services must abide by it. In some states a writ of such execution is required that are county to county basis. This writ directs the levying officer who is usually the sheriff of the county to serve it to the named institution. The ban then freezes the account and may also hand over the balance amount in the account according to the judgement. According to the law of the state the creditor may also request for an information after obtaining the judgement.
Debtor On Notice:
As a part of the Judgement Recovery Services the debtor is put on notice about such situation as it may result in the draining of an account even before the writ of execution is obtained and served. This enables the debtor to know that the account is has been frozen and act accordingly. Therefore, passing and issuing a judgement is not all to get your dues cleared from a person in hiding and this is where the asset search companies are required.
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