Who Can Recover My Judgment?
I am a judgment broker, and not an attorney
I am a judgment broker, and not an attorney. This article is my opinion, and not legal advice. When you ever want legal advice or a strategy to use, you should contact a lawyer. As a judgment referral expert, often I am asked "Who can enforce my judgment?" Everyone does not have the legal authority or ability to enforce your judgment. You do not want to risk allowing someone attempt to purchase or recover your judgment if they are not qualified or permitted to.
In most states, a judgment can be sold to, and recovered by, everyone that says they are a judgment buyer or a judgment enforcer. In some jurisdictions, only a lawyer or a collection agency may recover a judgment for another person. When someone wants to purchase or enforce your judgment, be sure doing so is legal in your state. Who might enforce your judgment? Your options are attorneys, judgment assignees, collection agencies, or even yourself.
If a lawyer enforces your judgment, that's legal in every state. Attorneys will require you to sign their retainer agreement, and then will attempt to recover the judgment for you, on your behalf, and you keep the judgment in your name.
If a judgment debtor has lots of assets and your judgment is large, it is easy to find a contingency attorney, and most will charge about one third of what they collect. In some states, even when you hire a contingency attorney, one still has to pay all court-related expenses.
When your judgment debtor does not seem to have assets, it will be difficult to find a contingency collection lawyer, and when you do retain one, they will most likely charge 50% of whatever they collect.
Most often, when a judgment doesn't look easy to collect, attorneys will require you to pay all the costs, and pay per hour, to try to enforce your judgment. For typical judgments, most lawyers require that you pay them a retainer, all expenses, and then per hour, usually ranging from $100 to $450 per hour. In all judgment enforcement expenses and actions, including paying a lawyer, there are not any refunds even if no money is recovered.
When a collection agency tries to recover your judgment, that's is legal in nearly all jurisdictions. Collection agencies will have you sign their paperwork, and then attempt to recover your judgment on your behalf, and you retain ownership of your judgment. Most collection agencies have few enforcement tactics they may legally use to attempt to recover judgments. Collection agencies are usually known for only writing collection letters, calling, and warning about putting a judgment on the judgment debtor's credit report. Most collection agencies do not successfully recover judgments.
When a judgment assignee (also called a judgment enforcer) tries to recover a judgment they purchased from you, that is legal in most jurisdictions. Most often, judgment enforcers charge you nothing out of your pocket, and pay you after some of the debtor's money is collected. For average judgments, usually you get paid an average of 50% of what is enforced, after it's recovered. Certain judgment recovery specialist buy a judgment outright (for cash upfront) for a tiny percentage of your judgment's face value.
When one assigns your judgment to a judgment recovery specialist, you do not own the judgment any longer. You no longer have a say about if or how your judgment will be recovered, because you have outsourced and sold it. It is important to pick a judgment recovery specialist carefully, a referred enforcer or buyer is usually best. Some original judgment creditors complain if judgment enforcers get no results, yet often the reason they are slow is that a judgment debtor has no assets showing. Judgment recovery specialists only get paid for success.
If you want to try to enforce a judgment on your own, that's legal in nearly all states. You spend all the time and money and do all the work. If you are successful, you can keep whatever is left after the costs. The downside of recovering a judgment by yourself is, you have to study and spend with no guarantee of success, and learn a bunch about things you might not ever do again. The good part is, if you get frustrated or tired of spending money; as long as the judgment is still valid, you can then decide to choose a judgment recovery specialist to try to recover your judgment.
by: Mark Shapiro
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