Types of asset searches include: Bank Accounts, Asset Reports, Brokerage / Investment Accounts. They are detailed below.
Bank accounts are the primary way most attorneys want to collect on judgments. It is the fastest and easiest way. This also should be your primary way if you hold a legal judgment against someone or against an entity.
Industry experts report that 80 percent of all judgments go uncollected. This should come as no surprise as a civil judgment is nothing more than a piece of paper. There is nothing that forces the defendant to pay you immediately after you win the judgment.
Why Conduct a Bank Account Search?
First of all you will need to find assets and use the legal system to collect them. Locating bank accounts should be your first step.
Finding hidden assets is what will get you paid. Most private investigators are unable to locate bank accounts. Make sure you chose a reputable company that has experience in this type of investigation.
Asset searches in California can be a good start if your debtor lives in California. However, what if you and your debtor live in another state? Say Texas or Florida? Intelligence West is capable of locating assets in all 50 states within the United States.
Knowing the techniques and how to uncover the clues to locate assets is crucial in being successful. Intelligence West has developed highly guarded techniques and sources to obtain bank account information.
The owner has conducted numerous asset investigations for the F.D.I.C (Federal Deposit Insurance Corporation) in the early years of his career. He diligently investigated debtors who have defaulted on loans from banks and savings and loan institutions.
Asset searching is what we do all day every day. Finding a company that specializes in asset investigations is the key to recovering your judgment.
Bank accounts can be held in the following ways.
- Personal Name
- DBA – Doing Business As – Example: “John Doe d.b.a. John’s Tree Trimming”
- Family Trust
- Limited Liability Company
- General Partnership
Our sources can locate bank accounts in all 50 states encompassing the United States.
Brokerage / Investment Accounts
This type of search is known as a Brokerage/Investment Account search. This type of search will locate investment accounts held within the various brokerage houses within the United States. This will provide the name of the brokerage firm and the total value of each account held.
Brokerage Accounts are the most difficult to search. Most private investigation firms are unable to offer these types of searches. Our sources at Intelligence West have been extremely successful in locating these types of accounts. Our sources have discovered millions of dollars located in brokerage accounts. Brokerage/Investment accounts are usually where high dollar accounts are maintained.
The most comprehensive type of search is what we call an Asset Report.
This type of report will provide the following:
- Identify your subject – Providing name and name variations, Social Security Number, Date of Birth. If your subject is a corporation or other type of legal entity we will properly identify the entity.
- Provide current residential location of your subject. – Will also provide previous addresses and Post Office boxes within the last 10 years.
- Current source of income – Will tell you how your subject earns his or her living. If a legal entity, will provide a description of business operations.
- Professional Licensing – Does your subject hold a professional license? Is it current or has it been suspended?
- Associated corporations, limited liability companies, general partnerships and fictitious business names. Is your subject the president or director of a corporation? Is he recorded as a managing member or member of a limited liability company? Is he associated as a partner in a general partnership? Has he filed a fictitious business name?
- We provide current banking information on your subject – Where he or she banks and the types and balances of each account. We can locate bank accounts on a legal entity such as a corporation, limited liability company, trust, general partnership.
- Current real estate ownership – Including homes, commercial properties, vacant lots, farm land. We provide description of property and current value.
- We search public records for judgments, tax liens and bankruptcies – Find out if there are other judgments filed against your subject or legal entity. Has a tax lien been filed against them for unpaid state or federal taxes? Have they filed bankruptcy in the past?
- Included is a search for UCC-1 filings – Showing a secured interest a lender has on the subject’s personal or business property. We will tell you when it was filed and the name of the secured party.
- We search civil records in the higher courts – Will show if the subject or legal entity has been involved in any civil litigation.
- We search for vehicles or watercraft owned by the subject.
As indicated above this type of report is very comprehensive. This report will give you a good picture of how financially strong or weak the subject is in the real world. Is he a deadbeat? Or does he have deep pockets? Is your subject entity teetering on financial disaster? Do they make millions?
Why Conduct an Asset Report?
- To Determine if a Potential Defendant is Worth Pursuing in Court.
- Locate and or Confirm Assets in Divorce Proceedings
- Judgment Collection on High Dollar Judgments
- Determining the Net Worth of a Prospective Business Partner.
- Finding out the Solvency of a Potential Investor.
- To Determine Assets in a Child Support Matter
Is Doing a Bank Account or Other Type of Asset Search Legal?
Answer: Yes, there are laws that allow for the legal discovery of assets in the United State. Asset searches are mandated by a set of federal laws known as the Fair Credit Reporting Act (FCRA) and the Gramm-Leach-Bliley Act (GLBA). The following purposes are authorized under those laws:
- Debt Collection & Judgment Recovery
- Legal and or Litigation Purposes
- Insurance (Approval and Investigations)
- Fraud Prevention or Detection
How Long Does it Take To Conduct an Asset Search?
Answer: Our normal turnaround time in 7 – 15 business days depending on the type of search. We do not provide RUSH investigations. All investigations are conducted diligently and thoroughly in a timely manner but never rushed.
Do you provide judgment recovery services?
Answer: No. We simply locate assets. We can refer you to a company that offers judgment recovery services in your area.