Recover More Than Your Judgment
I'm a judgment broker, and not a lawyer
I'm a judgment broker, and not a lawyer. This article is my opinion, and not legal advice. When you ever need legal advice or a strategy to use, you should contact an attorney.
After winning your judgment, the first thought you had was perhaps like "I want to collect the most that possible from that scoundrel". Your next thought may have been "How can I recover my judgment?" You may even have wished that it was possible to collect more money than what the law requires, because that scoundrel defrauded you.
Unfortunately, the law does not permit one to collect above what's owed for the judgment, which is some of the original amount of the judgment, the accrued interest, and any court related collection expenses that were approved and documented by a court.
Sometimes your judgment debtor ripped off other creditors too, and some other people or entities might also have judgments against your debtor. If your judgment debtor has money, and you are determined enough to recover your own judgments, perhaps you could attempt to enforce some judgments other people have against your same debtor?
The vast majority of judgments are never collected, and perhaps after you discover how to enforce your own judgment, you might enforce judgments for certain other judgment creditors of your debtor. Professional judgment enforcers do that all the time, they try to find more judgments for the same debtor.
After you go through the expense and hassle of finding your debtor's assets and location, you can use that information, to enforce other judgments that your debtor owes to other people.
At the same court you got your judgment at, or with some other information service, you can locate other enforceable judgments that your judgment debtor owes. Then you could contact some other judgment owners and offer to buy their judgments. If the creditors have a realistic interest in recovering any cash for their judgments, then you could present to the creditors an offer, to purchase their judgments.
What you should offer to pay the other judgment owners is your decision. Some states only allow outright cash upfront sales of judgments. The average price paid is half of the amount you recover, after you recover the money, with a future-payment basis; or a tiny percentage of the face dollar amount of the judgment (2-7% is an average) for a payment upfront purchase. Do not buy judgments for too much money cash upfront, for many reasons; including the debtor may go broke, and if the judgment debtor files for bankruptcy, you most likely won't get a dollar.
When the judgment purchase prices are agreed to, then you ask the other judgment owners to sign your judgment purchase agreement, and also a (must be notarized by them) "Acknowledgement Of Assignment Of Judgment" to transfer their judgment to you. Then, as the new judgment owner, you file your completed Acknowledgement Of Assignment Of Judgment with a court clerk. Then you will own the judgment, allowing you to use the same recovery strategies that you used on the original judgment.
Before you try to recover judgments from original judgment owners, make certain doing that is legal in your state. The ability to purchase any judgment and then try to recover it, depends on the particular court rules and statues in the debtor's pertinent state and jurisdiction.
Enforcing again, against the same judgment debtor, permits you to benefit from your first judgment recovery efforts. You can just repeat the steps, for any other judgments which you have purchased for the same judgment debtor. Imagine your happiness of not only recovering your own judgment, but also earning more money helping other creditors get back some of what's owed to them from the judgment debtor.
by: Mark Shapiro
Cheap Flight To Abuja, Flight To Nigeria, Hot Tips For Shooting Amazing Portraits Wallpapers As A Cost Effective Alternate To Paints Importance Of Earned Value Management & Forecasting Chef Wear Choosing The Right Action In Summer Season Why Do Lace Front Wigs Imply Better Convenience? Top Places To Invest Your Cash? Why To Have A Luxurious Holiday In Alaska Nature Saves Us, We Have To Save Nature Are You Paying Over Tax On Personal Property? Flexible Wires To Flex Or To Hi-flex? Skoda Fabia Scout Launched At Rs 6.79 Lakh