Unclaimed funds consists of any asset, whether money or property, being held by businesses and other financial institutions that have gone dormant for a specified period of time. Once this dormant period expires the asset is then turned over to the State. Once the funds are in the custody of the State, it will hold onto them in perpetuity until the owners of the funds, or their heirs, come forward to collect them.
The Federal government, all 50 states, as well as U.S. territories like the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands all have unclaimed property laws that require companies and organizations to report and remit various unclaimed property types that have been unclaimed or dormant for a statutorily defined period of time. With so many variations with these laws, many companies struggle to implement a process to maintain unclaimed property compliance.
Locating these funds or property can be a challenging task when you don't have the time, resources, or expertise. As a skilled paralegal we have the knowledge and experience of how research various institutions to find these lost assets. And we know how to communicate with the Courts in order to reclaim your property.
How It Works
You may have gotten a correspondence from our company informing you that you have unclaimed assets from a previous bankruptcy or tax filing. If you would like more information on how the process works to recover your assets please contact us today.
Our Asset Recovery analysis provide the client with easily accessible detailed information about the subject’s assets. This provides the client to necessary information needed to make an informed decisions about how to proceed in recovering lost or unclaimed funds and property.