When Should An Assigned Judgment
I'm not a lawyer, I am a judgment broker
I'm not a lawyer, I am a judgment broker. This article is my opinion, and not legal advice, based on my experience in California. Laws are different in every state. If you ever need a strategy to use or legal advice, you should contact a lawyer.
When getting into the judgment enforcement business, many people don't learn about assigning back judgments. Assigning back judgments is as significant of a topic as any other topic in judgment enforcement.
Here are the most common reasons you may consider assigning back a judgment:
1) Your Original Judgment Creditor (OJC) is a pain in your rear end. I have seen that many times, OJCs being or becoming unreasonable, and contacting Judgment Enforcers (JEs) far too often and/or trying to micro-manage them.
After the OJC assigns their judgment to the JE, they should be, out of the picture. Some OJCs, even on very small judgments, ask JEs for daily status reports, and/or tell JEs how to recover judgments. When the OJC is a pain, think twice about if you want to keep that judgment.
2) The judgment debtor is broke, and doesn't seem to have any current, or projected future assets available.
3) The judgment debtor has went bankrupt. If the judgment debtor successfully discharges the judgment, it may not matter whether you return a judgment or not. Yet, it is generally a good policy to assign the judgment back, to prevent any (occasional and potential) future problems.
4) The judgment debtor absconds to another state or country. Unless your judgment and judgment debtor assets are large, it is usually does not make financial sense to hiring an attorney to collect judgments in other states. In that case, after assigning back the judgment, consider earning a referral fee by referring the OJC to a judgment broker.
5) If your judgment debtor becomes very sick, or kicks the bucket, with no money in their estate.
6) When your judgment debtor successfully appeals or vacates their judgment. In this case, it does not matter if you return your judgment or not, because the judgment you were assigned no longer exists.
7) You have recovered "enough". Sometimes after a wage garnishment, bank levy, or a Sheriff sale, you recover most, but not all, of the amount owed to satisfy the judgment. Most often, it's not cost effective attempting to recover the last few dollars.
8) You're exiting a judgment business, and doing the correct thing and returning your judgments.
When you assign back judgments, the concept and procedure is precisely the same as when you were assigned the judgment. The assignment paperwork remains the same, and the OJC's information and your information are swapped. You still have your signature notarized, and the assignment still has to be filed and stamped by the court.
Here is an example of the wordings for an assignment of a judgment, when a JE named Mr. Arnold Assignee had taken assignment of a judgment before, and now is assigning it back to a Mr. Paul Plaintiff, the OJC:
Paul Plaintiff 100 Fake Avenue San Jose, CA 95112
IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA IN AND FOR THE COUNTY OF SANTA CRUZ
Paul Plaintiff (Plaintiff) V. Dan Debtor (Defendant)
CASE NUMBER: 11-04-CV-999999 ACKNOWLEDGEMENT OF ASSIGNMENT OF JUDGMENT AND NOTICE OF ACKNOWLEDGMENT OF ASSIGNMENT OF JUDGMENT (CCP 673)
COMES NOW Arnold Assignee, and my address is 100 Fake Avenue, Milpitas, CA 95035, Assignee Of Record in this matter, and hereby provides the following in support of an ASSIGNMENT OF JUDGMENT:
1) THAT this original Judgment was awarded by this court on 03/29/2010.
2) THAT Plaintiff was awarded $25,000.00, and Court approved Costs of $500.00 (which totals as $25,500.00) on 04/04/2010, against Defendant: Dan Debtor.
3) THAT there have been no renewals since the entry of said Judgment by this Court and that Plaintiff has already received $0.00 payment on this Judgment from the Defendant.
4) THAT Arnold Assignee of 100 Fake Avenue, Milpitas, CA 95035, is the current Assignee Of Record.
5) THAT the last address of record for the Judgment Debtor(s) are: Dan Debtor, 444 Cheaters Lane, San Jose, CA 95122.
6) THAT I, Arnold Assignee hereby transfer, and assign all title, rights, ownership, and interest in this Judgment to the following person: Paul Plaintiff of 100 Fake Avenue San Jose, CA 95112
Signed this 32nd day of February 32, 2012 in the City of: Milpitas, California
Arnold Assignee - Assignee of Record
State of CALIFORNIA, County of SANTA CRUZ, before me, (Print Notary Officer Name, and Title)
The Signator personally appeared who proved to me on the basis of satisfactory evidence to be the person whose name is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity, and that by his/her/their signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal.
Signature - Notary Public in and for said County and State
by: Mark Shapiro
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