Possible Judgment Scenarios
What happens when win your judgment? Usually, not much happens for many reasons
, starting with the economy. Although the majority of judgments are never recovered, there are some nice things which can happen after you get a judgment:
1) The judgment debtor might pay you off completely, or nearly in full, soon after you win the judgment. Or, the debtor may repay you in full when time period; especially when they see, with legal court procedures, when serious attempts are being made to recover your judgment.
2) Your judgment gets settled for an amount between 1% to 99%, usually ranging from 11% and 60% of what is owed. Settling may happen right after your judgment, or when many years pass. Settlement offers that originate from judgment debtors, do not always end up with a judgment owner being repaid.
3) Your judgment debtor has some available assets, and someone else or you quickly collects some cash on the judgment. Quickly often means within about a year.
4) The debtor or the debtor's estate, eventually gets some assets, and someone else or you eventually collects some money on the judgment. Eventually might mean liens are carefully recorded and maintained, and there's equity in something the debtor inherits in the potentially distant future, or your judgment debtor has good luck in the future.
This article is my opinion and is not, legal advice. I am a judgment broker, and not an attorney. When you ever want a strategy to use or legal advice, you should contact an attorney. Often, nothing (that collects any money for you) happens after you get your judgment, for reasons that include:
1) Your debtor is now, or later broke or poor, or has no findable available assets, which makes judgment enforcement difficult at best. Often, money spent on poor debtors is lost, or produces only modest results.
2) Your debtor files for bankruptcy protection, loses their assets, dies, or hides and/or moves. At worst, these can make judgment enforcement impossible. At best, they increase the expense and hassle to recover a judgment.
3) You let the judgment expire. This can be on purpose, if you believe there's no reason to renew the judgment; or accidental, when someone forgets or cannot renew your judgment in time.
4) You don't do anything with your judgment, or don't try to recover it, or do not agree to have someone else attempt to recover it, in exchange for a large share of what might be collected. Judgments don't enforce themselves. Most often, somebody must invest money and time to recover anything on a judgment. Most judgment owners are lucky to recover any money from a judgment.
by: Mark Shapiro
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