Picking The Right Judgment Enforcement Solution
I am not an attorney, I am a judgment broker
I am not an attorney, I am a judgment broker. This article is my opinion, and not legal advice. If you ever need legal advice or a strategy to use, please contact an attorney.
If one owns a judgment, you have a chance of being paid. The possibility for getting any money for your judgment depends on the economy and the judgment debtor. There are many potential solutions, and you must determine the best solution for both your judgment and your comfort level.
Possible judgment solutions include doing nothing, recovering it yourself, finding a cash upfront judgment buyer for your judgment, a collection lawyer, a contingency collections lawyer, a judgment enforcer, or a collection agency. Here are some pros and cons of each solution:
Do nothing - many judgment creditors end up doing this. They don't recover the judgment, or find help to enforce the judgment. This is the easy option, but the results are nearly always nothing.
Enforce the judgment yourself - the pros are you don't have to give up any portion of the possible collection with anyone, and you do and control everything. The cons are you do, control, and spend for everything. Judgment recovery is expensive and time consuming, and with this solution, you assume all the financial risks. Judgment enforcement laws and procedures are somewhat difficult and expensive.
Find a cash up-front buyer - the pros are you are be done with your judgment and get some cash for it. The cons are you usually receive only a few pennies on the dollar, and if the debtor is really poor, it will be very hard to sell the judgment.
Locate a collection lawyer - the pros are you usually receive the work you pay for, as most collection lawyers do the work you pay for when you pay them per hour. The cons are there is no guarantee your money will be collected from your judgment debtor, so you could spend money and get no results.
Locate a contingency collections lawyer - the pro is they will attempt to collect your judgment without making you pay an up-front hourly fee. The cons are you sometimes have to pay the costs along the way, and the debtor must own a lot of assets to be interesting a contingency collection lawyer.
Find a judgment enforcer - the pros are they are nearly always pure contingency having no costs to you, and only get paid when they get your money, and will take many judgments that aren't right for a lawyer. The con is there are a bunch of flakes in the business. Getting a referral from a judgment broker helps you steer clear of those unreliable people.
Locate a collection company - the pros are they take debts and judgments almost everywhere. This can make sense, particularly for small claims judgments in states where the courts do not allow small claim cases to be assigned, or where assignees of record may not pay to have Sheriffs perform wage or bank garnishments. The cons are most don't work on judgments, and many collection agencies use the telephone and letters only, which doesn't often convince judgment debtors to pay.
Each judgment is different, and the solution with one judgment will probably not be the same with other judgments. Directory and referral services like state bars and judgment brokers, will increase the chances you will collect some money for your judgment, and save you lots of time.
by: Mark Shapiro
Best Choice For Bar Stools Give Your Staff The Training They Need With Spearhead Training. A Leading Tyre Brand Jk Tyre Be Safe With Fixed Ladders As Well As Portable Ones Steps To Take When Considering Becoming A Landlord How To Choose Cost Effective Flight Academies Discipline In The Workplace How To Begin A Fitness Program: The Top Tips From Stephen W. Carnes Car Hire Benefits The Prospects Of Attending American Entrepreneur Conference Employing Different Traffic Ideas To Get You More Income Sudden Laptop Turn Off, Reboot Displays Error Scrap Gold Is Helpful For You In The Time Of Trouble